当前互联网板块盘整持续，短期仍以谨慎为主

Investment Rating - The report suggests a cautious approach towards the Hong Kong stock market, particularly in the internet sector, while highlighting opportunities in high-dividend, stable businesses and high-growth small to medium enterprises [3][36]. Core Insights - The report indicates that the strengthening US dollar and macroeconomic risks are leading to liquidity contraction in overseas markets, causing funds to flow from Asia-Pacific and Europe to the US market. This has resulted in a volatile market environment for Hong Kong stocks, which are under pressure from external risk sentiment and reduced risk appetite [3][36]. - The report emphasizes the importance of monitoring policy developments that could accelerate economic recovery in Hong Kong, suggesting that the market is currently in a consolidation phase [3][36]. - In the US market, the focus is shifting towards potential tax cuts and deregulation under the anticipated second term of President Trump, which could benefit economic recovery [3][36]. Market Performance Summary - The Hang Seng Index and Hang Seng Tech Index experienced declines of -1.01% and -1.89% respectively during the week of November 18-22, 2024. In contrast, US markets saw gains, with the Dow Jones, S&P 500, and Nasdaq increasing by +1.96%, +1.68%, and +1.73% respectively [1][6]. - The software and services sector in Hong Kong has a PE-TTM of 22.6x, ranking in the 32.2% percentile over the past year, while the PS-TTM stands at 3.2x, in the 73.0% percentile [11][12]. - The Nasdaq 100 index is currently at a dynamic PE valuation of approximately 36.2x, which is in the 77.3% percentile historically, indicating a high valuation level [14]. Industry News - The National Data Bureau plans to establish a national data infrastructure by 2029, aiming for a coordinated and efficient data service system [30]. - A total of 112 domestic games received approval in November, with the total number of games approved in 2024 surpassing the previous year's total [33]. - TikTok has opened its US cross-border store, lowering entry barriers for merchants [33]. Stock Performance Highlights - In the software sector, companies like Kingsoft Cloud and Huya saw significant price increases, while others like Meituan and Baidu experienced declines [19][19]. - The report highlights specific stocks to watch, including Tencent (700.HK), Kingdee International (268.HK), and US stocks like Google (GOOGL.US) and Amazon (AMZN.US) [3][36].