此外，美联储降息背景下，港股市场流动性趋于宽松，非银金融板块有望展现向上弹性。中信建投证券 指出，当前"服务新质生产力+中长期资金入市+券商国际化机遇"三大逻辑尚未充分定价，未来将逐步 兑现至行业基本面，为证券行业带来中长期业绩弹性与韧性支撑。同时，保险板块亦具备业绩增长与估 值修复的双重机会，长端利率企稳回升有望带动上市险企估值修复，寿险2026年开门红新单增速或超预 期，财险非车险业务在"报行合一"推动下承保利润也有望较快增长。 场内ETF方面，截至2025年12月29日午间收盘，恒生ETF港股通(159312)换手23.47%，市场交投活跃。 成分股比亚迪股份涨近6%，吉利汽车涨近5%，理想汽车-W、中国石油股份等跟涨。前十大权重股合计 占比53.74%，其中权重股美团-W涨超2%，香港交易所等跟涨。拉长时间看，截至2025年12月26日，恒 生ETF港股通近1周累计上涨17.62%，居跟踪同标的指数ETF之首。 2025年接近尾声，港股持续磨底。但历史经验表明，重大的市场机遇往往在最悲观、估值最被压缩时悄 然孕育。展望2026年，机构对港股趋势态度乐观。光大证券认为，2026年港股市场将在估值修复、盈 ...

Communication Sector - North American tech giants are increasing capital expenditures, with Amazon planning $125 billion, Google raising to $91-93 billion, Meta guiding $70-72 billion, and Microsoft aiming to double its data center size within two years [2] - Operators are positioned as key players in the future 6G technology, with strong profitability, cash flow, and dividend levels, and technology maturity expected to improve during the 14th Five-Year Plan [2] - The communication ETF Guangfa (159507) rose by 4.49% [2] ChiNext Index - The latest VAT invoice data from the State Taxation Administration shows steady growth in high-end manufacturing, innovative industries, and digital-physical integration, injecting new vitality into economic development [3] - Recent expectations of a Federal Reserve interest rate cut and stabilizing international conditions may boost market risk appetite, with AI applications and tech sectors likely to continue performing well [3] - The ChiNext ETF Guangfa (159952) increased by 2.16%, while the Double Innovation 50 ETF Enhanced (588320) rose by 2.79% [3] Electronics Sector - Singapore's National AI Strategy is undergoing a major strategic shift, moving from Meta's model to Alibaba's Qwen open-source architecture for its Southeast Asian language model project [4] - Huawei launched the Mate 80 series and Mate X7, along with several new products on November 25 [4] - The AI industry is transitioning its value focus from computing power to application, marking a significant moment for industry intelligence upgrades [4] - The AI ETF Kexin (588760) has seen over 1300% growth in shares year-to-date, while the largest information technology ETF (159939) has a latest scale of 1.269 billion [4] Defense and Military - New fourth-generation equipment is expected to be a key focus for military weaponry development during the 14th Five-Year Plan, with an emphasis on unmanned systems and military AI [6] - The leading military ETF (512680) has a latest scale of 7.536 billion [6] Media Sector - The media and internet industry growth is driven by performance and AI empowerment, with a focus on AI applications and quality content production [7] - The largest media ETF (512980) has a latest scale of 3.185 billion, having attracted 279 million in net inflows over the past five days [7] Market Performance - As of November 26, 2025, the communication index led the market with a 4.64% increase, followed by the ChiNext index at 2.14% and the electronics index at 1.58% [5] - The defense and military sector saw a decline of 2.25%, while the media sector decreased by 0.82% [9]

Group 1 - Federal Reserve Chairman Powell indicated that the central bank may end its balance sheet reduction process in the coming months to prevent liquidity tightening in short-term funding markets, signaling a potential shift in quantitative tightening (QT) policy and strengthening market expectations for a rate cut this month, with a 95.7% probability of a 25 basis point cut in the October meeting according to CME FedWatch Tool [1] - As of October 14, southbound capital has seen a cumulative net inflow of 119.86 billion HKD this year, setting a new historical high for annual net inflows, despite recent adjustments in the Hong Kong stock market, which are viewed as short-term disturbances that may provide a buying opportunity for investors [1] - Huatai Securities noted that China has many high-quality technology companies, primarily listed in Hong Kong, with stable performance in overseas Chinese stocks in the first half of 2025, particularly in sectors like new consumption, innovative pharmaceuticals, and technology, suggesting that structural opportunities may still exist after market corrections [1] Group 2 - According to招商证券, AI remains a clear main theme in the Hong Kong stock market, with the internet sector expected to continue benefiting, while Guotai Junan Securities anticipates that the Hong Kong stock market may reach new highs in the fourth quarter, driven by the deepening narrative of "AI empowerment" and policy support, alongside foreign capital inflows [2] - As of October 15, 2025, the Hang Seng ETF Hong Kong Stock Connect (159312) rose by 1.60%, with the top ten weighted stocks accounting for 55.66% of the total, including Alibaba-W, which increased by 3.02%, and Xiaomi Group-W, which rose by 1.77% [2] - The Hang Seng ETF Hong Kong Stock Connect has seen a growth of 11.31 million HKD in scale over the past six months, leading comparable funds, with a share increase of 5 million units, also the highest among comparable funds, reflecting significant long-term allocation value due to the recovery of the domestic economy and AI industry trends [2]