今天（11月21日）上午，不论A股还是港股，都遭遇了比较大幅度的回撤。沪指一度跌了近90点，港股 跌得更凶，尤其恒生科技指数，跌幅一度超过3%。 如果从10月初的高点算起，恒生科技指数累计最大跌幅达到了20%。这可以说是超跌的市况了，下周能 不能反弹，我不敢下定论，但现在的市场情绪，已经达到或接近冰点。 简单分析一下，为什么港股最近跌那么厉害。 这一波回落，大致分为三个阶段。 打开百度APP畅享高清图片 第一阶段，从10月2日阶段高点，快速下跌到10月17日，恒生科技指数的阶段跌幅约为15%。这一波回 落，主要是前期市场情绪高涨之后技术修复。当然，期间肯定有外部环境因素在催化，但市场层面，我 认为还是正常的获利回吐。 第二阶段，是10月18日到11月13日，这是一个反复震荡，反复确认支撑位的筑底过程。 还有另一部分投资者，前期的仓位本来就不重，他们还有多余的"子弹"，那么此时的港股，或许已经等 到了抄底的机会。而且现阶段，抄底的资金并不少。 谁在抄底？首先是南向资金。刚刚说的第三阶段的杀跌过程中，南向资金每天都在大规模净买入港股。 其中，11月14日净买入128亿港元，昨天净买入近160亿港元。这些都是真金白 ...

Group 1 - The Hang Seng Index opened up 0.09%, and the Hang Seng Tech Index rose by 0.37%, with mixed performance among tech stocks, including Baidu Group up over 2% and Alibaba up 0.78% [1] - Huaxin Securities noted that the recent adjustment in Hong Kong stocks has been significant, leading to more reasonable valuations, with limited further downside expected. They anticipate that high-certainty sectors will continue to trend upwards despite low risk appetite towards year-end [1] - According to China Merchants Hong Kong, after a period of consolidation in October, pessimistic expectations for Hong Kong stocks are gradually being cleared. They believe that the supply-demand dynamics are improving, which may signal an economic turning point for China [1] Group 2 - GF Securities indicated that Hong Kong stocks may present a new opportunity for investment if the U.S. government shutdown ends and the Federal Reserve signals a dovish stance in December. They recommend a barbell strategy focusing on dividend stocks and tech growth for flexibility [2] - Galaxy Securities suggested that as the year-end approaches, market risk appetite may remain cautious, leading to continued volatility in Hong Kong stocks. They recommend focusing on sectors such as cyclical stocks benefiting from rising downstream commodity prices and dividend stocks for defensive positioning [2]

Core Viewpoint - The article emphasizes the importance of timely investment strategies in the current market environment, highlighting opportunities in fixed income products, gold, and undervalued technology stocks during the autumn season [1][24]. Group 1: Investment Strategies - The current market conditions suggest a need for careful investment, with a focus on "fixed income+" strategies that balance stability and participation in equity markets, allowing investors to avoid missing out while managing risk [3][24]. - Dollar-cost averaging through systematic investment plans can alleviate timing pressures, enabling investors to gradually enter the market and potentially benefit from price dips [6][8][9]. Group 2: Gold Investment - Gold prices have recently surged, reaching $3,600 per ounce, driven by a continued decline in interest rates, which lowers the opportunity cost of holding non-yielding assets like gold [10][11]. - Central banks globally are increasing their gold reserves, with gold becoming the second-largest reserve asset after the US dollar, providing strong support for gold prices [12][13]. Group 3: Technology Sector Opportunities - The Hang Seng Technology Index is currently trading at a low price-to-earnings (P/E) ratio of 21.80, indicating potential undervaluation compared to other tech indices, which may present investment opportunities [17][19]. - The index includes a diverse range of technology sectors, from software services to hardware, allowing investors to capture various technological advancements [20]. - Recent government policies aimed at promoting artificial intelligence and technology innovation are expected to benefit companies within the Hang Seng Technology Index [21].