这是港股重回强势的序幕吗？中证港股通互联网指数、恒生科技指数单日分别上涨5.33%、3.10%

Group 1 - The A-share market has been performing strongly in 2026, with the Shanghai Composite Index approaching 4200 points [1] - In contrast, the Hong Kong stock market has not returned to previous highs, although there was a notable increase on January 12, with the China Securities Hong Kong Stock Connect Internet Index and the Hang Seng Technology Index rising by 5.33% and 3.10% respectively [2] - The article explores whether this marks the beginning of a resurgence for the Hong Kong stock market [3] Group 2 - The investor structure is a key difference between the Hong Kong and A-share markets, with foreign investors accounting for 41% of trading in the Hong Kong market as of the end of 2020, making it more sensitive to U.S. dollar liquidity [4] - The sector composition also differs, with A-shares focusing on technology hardware, high-end manufacturing, and traditional consumption, while Hong Kong stocks are characterized by sectors such as dividends (finance, insurance), internet, innovative pharmaceuticals, and new consumption [7] Group 3 - Three reasons are identified for the weaker performance of the Hong Kong market compared to A-shares: 1. The strong sectors in the A-share market, such as commercial aerospace and AI computing, have not been the focus of the Hong Kong market [11] 2. Limited U.S. dollar liquidity and high U.S. Treasury yields have slowed foreign capital inflow into Hong Kong, despite a vibrant IPO market that raised 286 billion yuan in 2025 [13] 3. The macroeconomic environment has a more pronounced impact on Hong Kong stocks, with expectations for improvement in the real estate sector and consumer policies [14] Group 4 - Three potential catalysts for a stronger Hong Kong market are discussed: 1. The expansion of AI trading into downstream applications, supported by advancements in technology and the need for companies to monetize their investments [16] 2. The relationship between currency fluctuations and corporate profitability, with a strong renminbi historically correlating with higher returns in the Hong Kong market [21] 3. The trend of loose U.S. dollar liquidity, despite short-term market fluctuations, with expectations for two interest rate cuts by the Federal Reserve within the year [25] Group 5 - Investment strategies are suggested based on market conditions: - For aggressive strategies, focus on Hong Kong internet stocks due to their valuation advantages and the shift towards AI applications [30] - For allocation strategies, consider innovative pharmaceuticals, which are expected to see earnings realization [30] - For defensive strategies, dividend stocks are recommended as a hedge against market volatility [30]