机构建议重塑港A配比，港股AI龙头成配置核心标的

Group 1: Market Outlook - The Chinese equity market is expected to enter a bull market at an annual level starting from Q4 2025, with a significant shift in market style from small-cap stocks to core assets [1] - The Hang Seng Technology Index has seen a substantial increase in total market capitalization, indicating a recovery in market confidence towards Chinese technology assets [3][4] - The valuation levels of Chinese technology stocks remain at historical lows, suggesting significant upside potential [5][6] Group 2: Policy and Economic Factors - Policy support in technology sectors, particularly in AI, 5G, and cloud computing, has increased, contributing to the rise of Hong Kong technology stocks [4] - The Hong Kong Monetary Authority injected a total of 116.614 billion HKD into the market, enhancing liquidity [4] - The gradual implementation of public fund reforms is expected to shift institutional investors' focus towards core companies rather than chasing industry trends [4][8] Group 3: Company-Specific Insights - Lenovo Group is positioned to benefit significantly from the upcoming bull market due to its mixed AI strategy and market advantages in AI PCs, enterprise manufacturing transformation, and edge computing [1][9] - Lenovo leads the global AI PC market and is expanding its smartphone business, achieving profitability and increasing market share in various regions [9][11] - Lenovo's infrastructure business has seen a 63% revenue growth, indicating strong demand for AI-related infrastructure [11] Group 4: Future Growth Potential - The widespread application of AI is projected to enhance the profitability of Chinese enterprises over the next five years, positively impacting stock valuations [6] - Lenovo's mixed AI strategy aims to create a comprehensive AI solution library, supporting enterprises in achieving intelligent applications [12] - Investment institutions recognize Lenovo's strategic positioning in AI as a key driver for future growth, with many giving "buy" or "hold" ratings [12]