的技术性支撑，后续弹性的关键在于经济修复动能的持续性

Market Overview - The Hang Seng Index rose by 87 points or 0.4% to close at 19,663 points on November 19, marking a slight rebound for the second consecutive day[1] - The Hang Seng Tech Index increased by 1.2%, closing at 4,395 points, while market turnover dropped to approximately HKD 121.9 billion, the lowest since November 4[1] - The volatility index for the Hang Seng Index fell by 6.1%, reaching a one-month low, indicating reduced market activity[1] Sector Performance - The materials sector led gains with a 4.0% increase, driven by significant rises in companies like Ganfeng Lithium (up 11.7% to 13.3%) and China Gold[1] - Brokerage stocks benefited from high A-share financing balances, with China Merchants Securities rising by 6.3%[1] - Consumer sectors, including automotive and appliances, also saw positive performance, although Xiaomi's stock fell by 1.7% after earnings, while Trip.com rose by 5.8%[1] Macroeconomic Indicators - China's fiscal revenue in October reached CNY 2.19 trillion, a year-on-year increase of 5.5%, with tax revenue growth turning positive for the first time this year at 1.8%[2] - Non-tax revenue surged by 39.6% year-on-year, totaling CNY 285.5 billion, indicating strong growth in this area[2] - Government expenditure in October accelerated to CNY 1.97 trillion, with a year-on-year growth rate of 10.4%, supported by infrastructure spending[2] Investment Outlook - The Hang Seng Index is expected to find technical support around the 19,500-point level, with future performance dependent on the sustainability of economic recovery momentum[8] - The report suggests that while the market faces short-term pressures, there is potential for recovery driven by infrastructure investment and consumer policies expected from the upcoming Central Economic Work Conference[8]