恒指一个月跌近700点，港股科技股多数回调，华虹半导体、蔚来跌超15%

Market Overview - The Hong Kong stock market has experienced continuous fluctuations and adjustments over the past month, with the Hang Seng Index declining by 2.63%, approximately 700 points, and the Hang Seng China Enterprises Index falling by 4.58%, over 400 points [1] - The Hang Seng Technology Index has also decreased by 4.83%, nearly 300 points, with notable declines in tech stocks such as NIO (-17%), Hua Hong Semiconductor (-15%), SMIC (-12%), and Li Auto (-10%) [1] Fundraising and Investment Trends - Since early October, 15 new thematic funds in Hong Kong have chosen to end their fundraising early, particularly technology-themed ETFs, which have rapidly increased their stock positions after establishment, indicating a "fast launch, fast build" characteristic [3] - This trend reflects institutional investors' consensus on the undervaluation of Hong Kong stocks and their proactive approach to seizing the market correction as a buying opportunity [3] Reasons for Market Adjustment - The market adjustment since early October is attributed to a combination of internal and external factors, with the Hang Seng Index dropping 5.85% and the Hang Seng Technology Index experiencing a deeper decline of 18.01% from October 3 to December 19 [5] - Key factors include: 1. Volatility in liquidity expectations due to hawkish statements from Federal Reserve officials, which have weakened interest rate cut expectations and affected global capital flows and valuations in the Hong Kong tech sector [5] 2. Concerns over the "AI bubble" in the U.S. impacting sentiment in the Hong Kong tech sector [5] 3. Increased pressure on the funding environment, with over HKD 1 billion raised from IPOs since new regulations were introduced, significantly impacting market liquidity [5] 4. Profit-taking from previously high-performing tech and consumer stocks, combined with external chip supply news affecting market sentiment [6] Long-term Outlook - Despite short-term pressures, institutions maintain an optimistic long-term outlook for the Hong Kong stock market, predicting a "slow bull" market in 2026 with attractive valuation ratios and improved liquidity as southbound and overseas capital returns [7] - Key investment themes for 2026 include technology and high-end manufacturing, with a focus on areas such as computing power, semiconductors, consumer electronics, and humanoid robots [7] - High dividend yield assets are also favored in a low-interest-rate environment, with institutions highlighting the stability of dividend-paying stocks [7] - Additionally, the innovative drug and biotechnology sectors are seen as having significant investment opportunities, driven by industry acceleration and favorable policy adjustments [8]