The Hang Seng Index opened 1% lower, while the Hang Seng Tech Index fell by 1.34%. In terms of sector performance, the assisted reproductive concept showed activity, with Jinxin Fertility, a stock related to the three-child policy, rising about 3% at the open. Meanwhile, the pharmaceutical sector led the declines, with ASCLETIS-B (01672) dropping over 5%.

Regarding the outlook for Hong Kong stocks, GF Securities noted that the Hong Kong market is more sensitive to external risks. With uncertainty around the Federal Reserve's future interest rate cuts, coupled with the peak of restricted share unlocks in December and pressure on fundamentals, the market is more vulnerable to liquidity shocks. The firm expects potential rebound opportunities in mid-to-late December or early January next year.

Everbright Securities believes that, compared to previous bull markets, the current index still has significant upside potential. However, under the government's policy guidance for a "slow bull" market, the duration of the bull run may be more important than the magnitude of gains. In the short term, the market may lack strong catalysts, and with some investors adopting a more conservative approach toward year-end, stocks are likely to consolidate.

Guosen Securities views the current short-term adjustment as creating room for a market rally in 2026. From a capital flow perspective, southbound funds recorded a net inflow of over RMB 110 billion into the Hong Kong market in November. Despite the market downturn, mainland investors continued to increase their positions, reflecting ample liquidity and a strong willingness to invest at lower levels. The firm predicts the Hang Seng Index could trade between 30,000 and 32,000 points in 2026.

Ping An Securities highlighted the growing economic impact of winter sports and tourism, noting that the "ice and snow economy" has become a new growth driver. This sector encompasses winter sports, tourism, equipment, and culture, forming a comprehensive economic system with long industrial chains, significant spillover effects, and high social benefits. As winter sports gain popularity in China, the "cold resources" are rapidly transforming into a "hot economy," driving rapid expansion in the industry. The firm recommends focusing on winter sports brands showing marginal improvements and leading companies with stable dividend payouts.