今天，显著下挫！

Market Overview - The Hong Kong stock market experienced significant declines on November 21, with the Hang Seng Index, Hang Seng Tech Index, and the Hang Seng China Enterprises Index dropping by 2.38%, 3.21%, and 2.45% respectively, influenced by the downturn in global markets and concerns over liquidity and AI bubble risks [4][6][9] - The total trading volume in the Hong Kong market reached HKD 285.7 billion, with net inflows from southbound funds amounting to HKD 10 million [4] Sector Performance - Major technology stocks such as Baidu, Alibaba, and Tencent saw declines of nearly 6%, 4.65%, and 1.77% respectively, reflecting the overall market sentiment [9] - The semiconductor sector also faced significant losses, with stocks like SMIC and Hua Hong Semiconductor dropping by 6.39% and 6.09% respectively [11] Gold and Lithium Sectors - The decline in interest rate expectations led to a drop in international gold prices, with COMEX gold futures falling to approximately USD 4040 per ounce, resulting in declines for gold stocks such as China Silver Group and WanGuo Gold, which fell by 6.25% and 5.61% respectively [13][14] - Lithium stocks were heavily impacted, with Ganfeng Lithium and Tianqi Lithium experiencing declines of 12.47% and 11.93% respectively, amid changes in trading fees for lithium futures [17][18] Analyst Insights - According to招商证券, the market's previous expectations of several marginal benefits are gradually being realized, which is shifting market sentiment towards optimism. The firm suggests focusing on AI and technology stocks, as well as sectors benefiting from overseas power shortages [20][21] - The report emphasizes the potential for growth in the electric power sector due to increasing demand driven by AI development, alongside opportunities in non-ferrous metals due to global easing and inflation expectations [21]