Group 1 - The Hang Seng Index opened down 0.44%, and the Hang Seng Tech Index fell by 0.51%. The new energy vehicle sector continued its downward trend, with Xpeng Motors (09868) dropping by 2.6%. Meanwhile, the new Hong Kong stock LeMo Technology opened up 62%, trading at HKD 64.8, compared to its issue price of HKD 40 [1] - According to CMB International, domestic demand policies are being promoted, and the market is focusing on the "New Year Opening" expectations. After a consolidation phase in November, the Hong Kong stock market is expected to welcome a layout window for the year-end rally in December. Attention is shifting from external environments to internal policies, particularly the Central Economic Work Conference scheduled for mid-December, which is expected to further detail the "14th Five-Year Plan" and set the fiscal tone for 2026 [1] - China Galaxy stated that as the year-end approaches, market risk appetite is becoming cautious, and the Hong Kong stock market may continue its volatile trend. Suggested sectors to watch include: (1) cyclical stocks that may continue to rebound due to changes in supply-demand dynamics and rising downstream commodity prices; (2) defensive dividend stocks as market risk appetite declines; (3) the positive development of China-U.S. trade relations, which is beneficial for overseas sectors in the medium to long term [1] Group 2 - GF Securities noted that historical data shows the Hong Kong Stock Connect High Dividend Total Return Index is about to enter a period (from December to mid-January) where calendar effects are most significant. The probability of achieving absolute and excess returns during this period is relatively high, and the performance of returns is expected to be considerable. In the current market environment, focusing on the allocation opportunities in the Hong Kong Stock Connect high dividend sector may become an effective strategy for investors to enhance year-end and early-year returns [1][2]