---
title: "CITIC International: The 27,000 level in Hong Kong stocks faces significant resistance; technology stocks need new catalysts to rise"
type: "News"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/266112945.md"
description: "Zhao Wenli, Managing Director of the Research Department at Jianyin International Securities, stated that the Hong Kong stock market is currently experiencing fluctuations and is relatively weak, with significant resistance at the 27,000-point level. For technology stocks, it is recommended to choose leading technology stocks and pay attention to future capital expenditures and the description of strategic emerging industries in the 14th Five-Year Plan. In the short term, the Hong Kong stock market is influenced by the divergence in the Federal Reserve's interest rate cuts and the policies from the Central Economic Work Conference. The valuation repair of Hong Kong stocks is basically in place, and the performance of technology stocks needs new catalysts to drive growth"
datetime: "2025-11-17T03:25:03.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/266112945.md)
  - [en](https://longbridge.com/en/news/266112945.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/266112945.md)
---

> 支持的语言: [English](https://longbridge.com/en/news/266112945.md) | [繁體中文](https://longbridge.com/zh-HK/news/266112945.md)


# CITIC International: The 27,000 level in Hong Kong stocks faces significant resistance; technology stocks need new catalysts to rise

According to the Zhitong Finance APP, Zhao Wenli, Managing Director of the Research Department, Head of the Research Department, and Chief Strategist at Jianyin International Securities, stated that the Hong Kong stock market is currently in a weak oscillating state, with significant resistance at the 27,000 level. Regarding the deployment of technology stocks, Zhao Wenli suggested selecting leading technology stocks, paying attention to future capital expenditure efforts, and whether the 14th Five-Year Plan will provide new descriptions for important strategic emerging industries, as related infrastructure and digital economy development have clearer deployments that could impact investment intensity in a sector.

Zhao Wenli believes that in the short term, the Hong Kong stock market is influenced by two factors: first, there is significant internal disagreement within the Federal Reserve regarding interest rate cuts in December, and the previous government shutdown in the United States has led to a lack of credible data in the short term, causing a sharp decline in the likelihood of rate cuts. On the other hand, attention should be paid to the policy signals from the Central Economic Work Conference in mid-December.

He believes that the valuation repair phase of the Hong Kong stock market is basically in place, and the remaining story depends on whether there will be momentum for valuation expansion next year. The performance of Chinese stocks in the third quarter has been quite differentiated, and the performance of the announced technology stocks has not strongly driven stock prices. He believes that the market will pay more attention to outstanding technological innovations, and if there are no new catalysts, the current valuations are at a relatively reasonable level, making further progress more difficult.

If the performance of technology stocks falls short of expectations, it may increase downward pressure on the market, while better-than-expected performance would only provide a floor for the market. Unless the capital expenditure on AI by technology stocks or the growth of AI businesses significantly exceeds expectations, it will open up imaginative space for next year

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