“年关”已过

Core Viewpoint - The Hong Kong stock market, particularly the technology sector, is experiencing a resurgence, with significant inflows and positive performance indicators suggesting a potential upward trend in 2026 [5][14]. Group 1: Market Performance - The Hong Kong Technology 30 ETF (520980) has risen nearly 2%, with a trading volume of nearly 200 million yuan, and has seen net inflows on 6 out of the last 10 days, totaling over 170 million yuan [1]. - The Hang Seng Technology ETF (513260) also increased by nearly 2%, with a trading volume exceeding 200 million yuan and net inflows of over 270 million yuan in the last 20 days, bringing its latest financing balance to over 140 million yuan and total assets to 7.453 billion yuan [3]. - Major technology stocks such as Kuaishou-W, Meituan-W, and Tencent Holdings have shown gains of over 2%, while SMIC and BYD have increased by over 1% [5]. Group 2: Investment Sentiment and Trends - The market sentiment for Hong Kong stocks has improved, with a significant reduction in short-selling positions among major technology stocks, indicating a potential shift in investor confidence [9]. - The anticipated appreciation of the Renminbi is expected to enhance the attractiveness of Renminbi-denominated assets, driving foreign capital inflows into Hong Kong stocks [12]. - The expectation of a shift in asset allocation towards Hong Kong stocks by mainland public funds is increasing, with many funds likely to raise their allocation to Hong Kong stocks in their benchmarks [11]. Group 3: Future Outlook - The outlook for 2026 suggests a continued bullish trend for Hong Kong stocks, driven by improved profitability and liquidity, with a potential "double boost" from rising profit expectations and valuation increases in leading internet companies [15]. - The first quarter of 2026 is expected to see a rise in risk appetite, supported by the end of seasonal capital tightening and the anticipated appreciation of the Renminbi [15]. - The report emphasizes the importance of monitoring policy developments and market conditions leading up to significant meetings in March, which could further influence market dynamics [15].