In the morning session on November 28, the Hang Seng Index opened up 0.25%, and the Hang Seng Tech Index rose 0.43%; the semiconductor and electrical equipment sectors led the gains, with Tianchen Holdings up over 5%, and SMIC and CALB up nearly 2%; the automotive and home appliance sectors led the declines, with Seres down over 4%. As of this writing, the Hang Seng Tech Index turned lower, and the A-share market's largest Hang Seng Tech Index ETF (513180) in the same sector experienced slight fluctuations following the index. Among its holdings, Horizon Robotics, Hua Hong Semiconductor, Alibaba, and JD Group were among the top gainers, while Alibaba Health, JD Health, Li Auto, and Kingdee International were among the top decliners.

This week, the Hang Seng Tech Index showed significant signs of stabilizing amid fluctuations, and funds are actively positioning in the Hang Seng tech sector. Specifically, regarding investment tools, the Hang Seng Tech Index ETF (513180), the largest of its kind in the A-share market, is becoming a "hot favorite" sought after by capital. Data shows that this ETF has seen net capital inflows for 20 consecutive trading days, with cumulative net inflows reaching 972 million yuan over the past five trading days, demonstrating strong "capital attraction" capabilities.

Dongwu Securities believes that short-term risk factors for Hong Kong stocks are decreasing, but confirmation of a rebound still requires catalysts. From a medium- to long-term allocation perspective, the current position is attractive. Fluctuating expectations for a Fed rate cut in December have led to relative weakness in overseas markets, represented by U.S. stocks. If expectations for a Fed rate cut intensify, it would benefit the recovery of Hong Kong stocks. The narrative around the AI tech bubble in U.S. stocks has weakened, leading to a significant correction in Hong Kong tech stocks, which now present attractive allocation opportunities. In the short term, overseas macroeconomic and geopolitical risks remain unresolved, and a balanced allocation is still recommended, with dividends maintaining a relative advantage.

CITIC Securities stated that the "16th Five-Year Plan" proposal emphasizes building a modern industrial system and accelerating high-level technological self-reliance. Strategic emerging industry clusters such as new energy, new materials, aerospace, and future industries like quantum technology may receive new policy support. Looking ahead to 2026, Hong Kong stocks are expected to benefit from internal "16th Five-Year Plan" catalysts. Investors are advised to seize investment opportunities in AI-related sub-sectors, consumer electronics, and other tech directions.