[Brokerages: The fundamentals and valuation of Hong Kong stocks may be repaired in 2027] November 12th. Recently, a number of brokerages have held intensive 2027 annual strategy meetings, and their research and judgment on the trends and investment opportunities of the Hong Kong stock market in the new year have attracted much attention. Affected by internal and external factors, the Hong Kong stock market has shown a relatively obvious adjustment trend this year, and the trends of major stock indexes have clearly diverged. Looking forward to the market prospects in 2027, industry insiders believe that the fundamentals and valuations of the Hong Kong stock market are expected to usher in a resonance repair, and the impact on liquidity is expected to ease, but it is still facing pressure. Market opportunities will come more from structural profit improvements and the allocation effect brought about by global capital rebalancing. In terms of specific configuration, it is recommended to stick to the dividend strategy to cope with market fluctuations. After market liquidity is expected to gradually improve, then seize opportunities in growth sectors, and be optimistic about biotechnology, AI applications, the Internet, smart driving, embodied intelligence and other directions. (China Securities Journal)