长城基金曲少杰：港股市场有望持续走强，但需理性看待上涨节奏

Core Viewpoint - The Hong Kong stock market is expected to continue its strong performance in 2026, supported by reasonable valuations and improving corporate earnings [1][4]. Group 1: Market Outlook - The overall sentiment for the Hong Kong stock market in 2026 is optimistic yet cautious, with expectations of sustained strength while maintaining a rational view on the pace of growth [1][4]. - Despite a year of previous gains, the market's valuation remains relatively reasonable or even low, alleviating concerns over valuation levels for 2026 [1][4]. Group 2: Earnings Support - Three main factors are identified as supporting the positive earnings outlook for Hong Kong stocks: 1. Technology stocks, particularly those with strong AI capabilities and high technical barriers, are expected to show significant earnings potential [1][4]. 2. The consumer sector, despite showing signs of divergence, has bright growth prospects in the new consumption area, with companies maintaining strong fundamentals likely to continue high growth in 2026 [1][4]. 3. High dividend assets in the Hong Kong market are anticipated to provide effective support for stable returns [1][4]. Group 3: Catalysts for Strength - Three core drivers for the continued strength of the Hong Kong stock market in 2026 are highlighted: 1. A strong cycle driven by technological innovation, with the Hong Kong market poised to benefit from the AI and technology industry development [2][5]. 2. The ongoing trend of foreign capital inflow, as foreign investors increasingly recognize the long-term investment value of core Chinese assets, which is expected to bolster market strength [2][5]. 3. Record net inflows of southbound funds into the Hong Kong market in 2025, providing liquidity support for the market's continuation [2][5].