港股12月投资策略：11月的回调为2026年赢得确定空间

Group 1 - The report emphasizes that the adjustment in the Hong Kong stock market in November has created space for growth in 2026, with a focus on sectors such as AI, materials, and innovative pharmaceuticals [1][2][64]. - The AI sector is highlighted as a key focus for 2026, driven by the need for domestic hardware production and the expectation of more AI applications being implemented [2][64]. - The report notes that the "anti-involution" trend is crucial for improving efficiency and is expected to positively impact PPI recovery, with a significant reduction in losses for struggling companies [1][41][59]. Group 2 - The report indicates that the US economy is under pressure, with a high likelihood of interest rate cuts in December due to rising unemployment and declining real wages [1][9][17]. - It mentions that the software industry in A-shares has seen a significant increase in productivity, with per capita income rising from 750,000 to 870,000 yuan over the past five years [1][59]. - The report suggests that the weakening US dollar will benefit emerging markets, providing a favorable environment for stock performance in these regions [1][2]. Group 3 - The report outlines that the Hong Kong stock market experienced a slight adjustment of 0.2% in November, with notable sector differentiation, particularly in high-dividend stocks and innovative pharmaceuticals [2][64]. - It highlights that the performance of the Hang Seng Index is expected to improve in 2026, supported by upward revisions in earnings from sectors like metals and finance [2][64]. - The report also points out that the inflow of southbound funds into Hong Kong stocks remains strong, indicating robust liquidity and a willingness to invest despite market downturns [2][75].