霍慧敏表示，港股去年主要由估值正常化推动，预计今年盈利改善为上升带来动力。除看好AI板块， 亦会采用杠铃策略，平衡市场的不确定性和波动性，包括配置高息股。 新加坡银行预期，2026年新任美联储主席可能采取更鸽派立场，美国关税政策及地缘政治紧张局势等， 将使美元偏软，同时令黄金等避险资产需求保持强劲，预计年内国际金价有望升至4800美元。 新加坡银行中国股票策略师霍慧敏称，对香港和内地股票市场予"超配"评级。未来12个月基本目标为 28800点，对美股则持"中性"，标普500指数未来12个月目标为7000点。 ...

Group 1 - The A-share market has entered a new phase since the beginning of 2026, with the Shanghai Composite Index reaching 4120.43 points and trading volume exceeding 30 trillion yuan [1] - Analysts believe that the current market environment indicates a bull market, with a focus on improving the quality of listed companies and their business models to better face challenges [1][6] - There is a shift in market sentiment, with low-valued value stocks expected to be revalued further as investor risk appetite normalizes [2][4] Group 2 - Growth stocks have shown performance since the "924" market rally, with technology stocks being particularly highlighted [2][3] - The market is experiencing a structural trend where sectors benefiting from technological advancements, such as AI, are attracting investment opportunities [3] - International investors are increasingly interested in Chinese assets, with a notable shift in sentiment following profitable investments, such as the successful IPO of CATL [7][8]

Group 1 - The current market environment is characterized by a slow bull market, with the Shanghai Composite Index recently reaching 4120.43 points and trading volume exceeding 30 trillion yuan [1][5] - Analysts believe that the market's risk appetite has normalized since the "924" rally, leading to a revaluation of undervalued value stocks [2][3] - International investors are increasingly interested in Chinese assets, with a shift in sentiment attributed to successful investments like CATL's IPO, which boosted confidence [5][6] Group 2 - The market is experiencing a structural trend, with opportunities arising in sectors driven by technological advancements, particularly in AI [3][4] - There is a call for improving the quality of listed companies and enhancing their competitive advantages to better face challenges [4] - The outlook for the Chinese stock market is optimistic, with expectations of improved profitability and shareholder returns as competition in various industries optimizes [5][6]

Group 1 - The Hong Kong stock market rebounded last week, with the Hang Seng Index rising by 2.53% or 638 points, closing at 25,858 points, despite a decrease in trading volume [1] - The overall trading volume for the week was approximately 1.09 trillion HKD, and the market remained flat for November [1] - The market is experiencing volatility due to differing views on AI narratives and a tendency for profit-taking as year-end approaches, although long-term external liquidity conditions are expected to improve [1] Group 2 - Technology stocks are gaining attention due to significant investments in AI infrastructure, with the launch of Alibaba's Quark AI glasses and Ant Group's Lingguang App generating positive market reactions [2] - The innovative drug industry is seeing opportunities as major pharmaceutical companies engage in large-scale mergers to address patent cliffs, with Eli Lilly becoming the first pharmaceutical company to surpass a market value of 1 trillion USD [2] - China is positioned as a key player in the global biopharmaceutical market, with potential growth for certain Hong Kong-listed innovative drug companies as the industry evolves [2]

Core Viewpoint - The market is currently in a wait-and-see mode regarding the outcomes of the US-China trade negotiations and the upcoming meeting between the two presidents, which is expected to significantly influence future market trends [1] Market Sentiment - The meeting between the two leaders is anticipated to have a notable impact on market direction, with the Hang Seng Index expected to find substantial support around the 25,200 points level [1] - A positive outcome from the negotiations could lead to the index potentially reaching new highs for the year [1] Trading Volume and Trends - Current events are limiting market movement, resulting in low trading volumes, but a clear direction is expected to emerge following the announcement of the negotiation results, which will be crucial for Hong Kong stock performance in November [1] Economic Indicators - The expectation is that a certain level of agreement will be reached, although resolving all issues between the US and China will take time [1] - The Federal Reserve's recent interest rate cuts are factored into the market, and while there is speculation about Hong Kong following suit, the ultimate performance of the Hang Seng Index will depend on the progress of US-China negotiations [1] Investment Recommendations - It is suggested to consider high-dividend stocks, particularly Chinese telecom companies with growth prospects and oil stocks that have attracted ongoing interest from investors [2] - For those interested in technology stocks, it is advised to wait for the results of the US-China negotiations before making any investments [2]

Group 1 - Recent capital rotation into A-shares and significant rise in Hong Kong interbank rates have impacted investor sentiment, but the fundamentals of the Hong Kong stock market remain strong [1] - The target for the Hong Kong stock index is maintained at 28,000 points by mid-next year, with a positive outlook on gaming and video stocks [1] - Anticipated volatility in the market due to the upcoming expiration of the US-China tariff grace period, but the impact on Hong Kong stocks is expected to be limited unless there is a significant drop in US or global markets [1] Group 2 - The inflow of capital from the north has exceeded 1 trillion yuan, but the pace of southbound capital inflow is expected to slow down, while foreign capital continues to increase holdings in Chinese stocks [1] - Investment recommendations include allocating to high-dividend stocks for better resilience and income buffer, alongside growth stocks [1] - Criteria for growth stocks include low correlation with economic cycles, stable competitive landscape, and overseas growth potential, with a cautious stance on e-commerce due to its sensitivity to economic cycles and intense competition [1] Group 3 - Regarding the anti-involution concept stocks, any positive news may lead to short-term rebounds, but the upward potential is limited due to challenges in controlling production capacity and prices, as well as weak demand recovery [2]

Group 1 - The core viewpoint is that international investors are increasingly focusing on Chinese assets, particularly in the context of uncertainty surrounding US dollar policies and the search for investment opportunities outside the US [1][2] - HSBC has observed a flow of foreign capital into the Hong Kong stock market, although the overall scale is still below historical highs, indicating room for further foreign investment in Hong Kong stocks [1] - Investment from foreign capital is primarily concentrated in the artificial intelligence sector and high-dividend stocks [1] Group 2 - In the field of artificial intelligence, China has surpassed the US and Europe in research output, and while Chinese AI-related stocks have been revalued, their valuations still lag behind their US counterparts [1] - The pace of share buybacks in Asia (excluding Japan) is breaking records, with expected equity returns rising from approximately 11% last year to 12.5% by 2026 [1] - The People's Bank of China will provide refinancing tools for commercial banks in 2024 to support share buybacks by listed companies and major shareholders, leading to a positive outlook for high-dividend quality state-owned enterprises, Hong Kong insurance companies, telecom stocks, and real estate stocks [1] Group 3 - The impact of the US tariff war on China's capital markets has weakened, with Chinese goods accounting for only about 13% of total US imports, compared to 2018 [2] - Despite initial expectations that Asian stock markets would be most affected by the tariff war, the mainland and Hong Kong stock markets have remained relatively stable [2] - HSBC Private Banking maintains a high allocation to gold over the next six months, anticipating strong demand from global investors for risk diversification and hedging [2] Group 4 - HSBC forecasts a target price of 25,830 points for the Hang Seng Index this year, indicating potential for upward movement [4] - As the focus of US tariff policies shifts, risk sentiment in Asian markets is gradually stabilizing [4] - HSBC plans to increase holdings in Asian stock markets driven by domestic demand and supportive stimulus policies, including those in China, India, and Singapore [4]

Core Viewpoint - HSBC Private Banking predicts that foreign capital is flowing into the Hong Kong stock market, primarily focusing on AI and high-yield sectors [1] Group 1: Market Outlook - HSBC forecasts a target price of 25,830 points for the Hang Seng Index this year, indicating potential for further upside [1] - As the focus of U.S. tariff policies shifts, risk sentiment in Asian markets is gradually stabilizing [1] Group 2: Investment Strategy - HSBC plans to increase holdings in Asian stock markets driven by domestic demand and supportive stimulus policies, including China, India, and Singapore [1] - Currently, foreign capital inflow into the Hong Kong stock market is observed, but the overall scale is still below historical highs, suggesting room for further foreign investment [1] Group 3: Sector Focus - Foreign investment in Chinese assets is primarily concentrated in the artificial intelligence sector and high-yield stocks [1]