Jin Rong Jie·2025-05-12 05:48Group 1 - The technology sector typically shows greater elasticity when risk appetite increases, particularly during May and June, which historically have a higher win rate for the sector [1][2] - The logic behind this trend includes the release of financial report risks in April, leading to increased market risk appetite, and the concentration of important technology industry conferences in May and June [2] - The Philadelphia Semiconductor Index has shown strong seasonal characteristics during May and June, often outperforming the S&P 500 during this period [2] Group 2 - Hong Kong technology stocks tend to lead A-shares in market movements, often starting to rise about a month before significant rallies in the A-share market [3] - The Hong Kong Technology Index has shown a year-to-date increase of 23%, outperforming the Hang Seng Technology Index, which has risen by 18% [8] Group 3 - The current price-to-earnings (P/E) ratio of the Hong Kong Technology Index is at the historical 18th percentile, significantly lower than the Nasdaq Composite Index's 35th percentile, indicating a potential undervaluation [7] - The upcoming period will see a series of corporate earnings reports and major events in the AI and consumer electronics sectors, which are expected to catalyze market sentiment [9]