Ge Long Hui·2025-07-24 03:56Group 1: Market Overview - The public fund holdings data for Q2 2025 shows a steady increase in the electronics sector and a significant rise in the communications sector holdings [1] - The initial market revaluation driven by DeepSeek was interrupted by tariff disturbances in April, but since May, the revaluation has been led by finance, consumption, and pharmaceuticals, pushing the Hang Seng Index back to 24,000 points [1] - Despite recent upward trends, the third quarter has brought expected negative pressures, though recent marginal changes indicate that the pressure is milder than market expectations [1] Group 2: Sector Analysis - The semiconductor sector saw a slight decrease in holdings, but strong demand for computing power has boosted PCB holdings [1] - In the consumer electronics sector, uncertainty regarding tariffs has led to a decline in supply chain holdings [1] - The communications and security sectors have seen an increase in holdings, with the optical communication industry benefiting from overseas demand for computing power [1] Group 3: Future Outlook - The Hong Kong stock market is expected to reach new highs in the second half of 2025, with three key sectors being promoted: semiconductors and components, consumer electronics, and communications/security [3] - The semiconductor sector is anticipated to experience clear demand growth, driven by the positive cycle of AI and increased capital expenditure from overseas model manufacturers [3] - Structural opportunities are expected to dominate the market, with a focus on sectors benefiting from AI applications and hardware [3] Group 4: Stock Recommendations - Recommended stocks in the semiconductor sector include Hengxuan Technology, Rockchip, Shenzhen South Circuit, SMIC A/H, and Huahong Semiconductor [4] - In the consumer electronics sector, attention is drawn to the trend of AI hardware upgrades, particularly in AI mobile hardware and wearable devices [4] - For the communications/security sector, recommended stocks include Lenovo Group, Zhongji Xuchuang, Ruijie Networks, Guangxun Technology, and Yiyuan Communication, focusing on the sustained demand for computing power [5][6]