港股周报：关注流动性改善预期，或进入港股相关科技板块布局时机-20251214

Investment Rating - The report maintains a "Recommended" rating for key companies such as Alibaba, Tencent, Kuaishou, Ctrip, Bilibili, Xiaomi, NetEase, and Meituan, indicating a positive outlook for their stock performance in the upcoming year [26]. Core Insights - The report highlights the expectation of improved liquidity in the Hong Kong market, suggesting it may be an opportune time to invest in technology-related sectors [5]. - The report emphasizes the acceleration of AI application commercialization, with significant developments from major companies like Alibaba, Tencent, and others [5][25]. - The report notes that southbound capital has shown a net inflow of 12,878 billion yuan year-to-date, which is 173.09% of the total net inflow for 2024, indicating strong investor interest [5]. Summary by Sections Company Financials and News - The Central Economic Work Conference emphasized the need for proactive fiscal and monetary policies to stabilize economic growth [7]. - Alibaba has restructured its business into the Qianwen C-end division, which has quickly gained over 30 million monthly active users [7]. - Tencent has launched new AI features in its QQ platform, enhancing user engagement [7]. Hong Kong Market Overview - The Hang Seng Index and related indices experienced slight declines, with the Hang Seng Technology Index down 0.43% [5]. - Notable net purchases from southbound funds included Xiaomi, Meituan, and Beike, indicating strong market interest in these stocks [24]. Investment Recommendations - The report suggests focusing on platform-based internet companies with synergistic advantages in computing power, model capabilities, and application scenarios, including Tencent, Ctrip, Kuaishou, Alibaba, Bilibili, Xiaomi, Baidu, and Meituan [25]. - It also highlights AI ecosystem companies with model or application capabilities, such as JD Health, Huixuan Technology, KEEP, Fenbi, Zhihu, Fourth Paradigm, and Tuya Smart [25].