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 [2][64][71] - The software industry in A-shares has shown significant improvement in labor productivity, with per capita income rising from 750,000 yuan to 870,000 yuan over the past five years, indicating a market pricing in this transformation [1][59][61] - The report highlights that the "anti-involution" trend is crucial for the recovery of PPI, with a notable decrease in losses among struggling companies, suggesting a positive shift in profitability [1][55][57] Group 2 - The report suggests that the AI sector remains a top priority for 2026, driven by the need for domestic hardware localization and the expectation of more AI applications being implemented [2][84] - The materials and industrial sectors are expected to benefit from the "anti-involution" trend, with upstream metals and certain industrial enterprises likely to see continued gains [2][84] - The innovative pharmaceutical sector is noted for its stable performance, with potential for growth if new business development projects are released [2][84]