每经记者：叶峰 每经编辑：肖芮冬 多只港股相关ETF早盘大幅上涨，港股通100ETF涨约4%，港股通50ETF涨约3%，但溢价均超3%。 此外，还有恒生港股通ETF、恒生ETF港股通等溢价超2%。 | 代码 | 类型 名称 | 现价 | | 涨跌 涨跌幅 ▼ | 溢折率 | | --- | --- | --- | --- | --- | --- | | 159788 | 港股通100ETF T+0 跨 | 1.410 | 0.054 | 3.98% | 4.90% | | 159712 | 跨 港股通50ETF T+0 | 1.334 | 0.038 | 2.93% | 3.27% | | 159318 | 跨 恒生港股通ETF T+0 | 1.428 | 0.037 | 2.66% | 2.65% | | 159312 | 跨 恒生ETF港股通 T+0 | 1.282 | 0.029 | 2.31% | 2.38% | 有分析认为，在海外流动性预期改善和AI叙事持续发酵的背景下，港股互联网板块有望迎来估值修复 行情。 ...

Core Viewpoint - The article highlights the potential investment opportunities in the Hong Kong stock market as it approaches a year-end trading window, with favorable policy support for the consumer sector and low valuation levels in various sub-sectors [1][5][11]. Group 1: Market Insights - Hong Kong stocks are experiencing a year-end trading window, with quality assets entering a high cost-performance zone due to macroeconomic improvements and profit expectations [5]. - The Japanese central bank's recent interest rate hike to 0.75% is expected to improve overseas liquidity expectations, which may positively impact global markets [3]. - The U.S. stock market is anticipated to remain volatile, particularly high-valuation assets, as it navigates between revaluation and sentiment recovery [7]. Group 2: Sector Analysis - The consumer sector is positioned for recovery, with multiple sub-sectors currently at historically low valuation levels, benefiting from policy support aimed at enhancing corporate profitability [11]. - Strong cyclical sectors such as non-ferrous metals, aluminum, chemicals, and machinery are expected to be key trading catalysts in the first quarter of 2026 [6]. - Industrial metals are projected to maintain a long-term positive trend despite short-term price pressures due to uncertainties in interest rates and the dollar [12]. Group 3: Economic Outlook - The overall economic growth in 2026 is expected to remain under pressure, but investment may stabilize at low levels, with gradual improvements in consumption and resilient exports [10]. - The market is likely to transition from a valuation-driven rally to one supported by corporate earnings, with a focus on modernization and capacity expansion as key trends [10]. - The trust in the U.S. dollar is declining, which may influence global economic dynamics and investment strategies [15].

Core Viewpoint - The recent debates surrounding AI narratives, tightening liquidity, and geopolitical disturbances have contributed to increased market volatility. The current market adjustment appears to have established a preliminary sense of space, with strong support expected around the market's central position in late September. Future improvements in overseas liquidity expectations, reduced domestic funding pressures, and further digestion of market sentiment may lead to a healthier market environment [1]. Group 1 - The market valuation is approaching a "reasonable" central level, suggesting that if there is an overshoot, it may be appropriate to increase positions [1]. - The focus for investment should be on mid-term themes, emphasizing safety margins, and paying attention to low-level domestic consumption, domestic computing power, and innovative pharmaceuticals [1]. - Continuing to hold large financial stocks is recommended to mitigate volatility [1].