瑞银李智颖: 港股上行空间收窄 AI盈利兑现成牛市“试金石”

Group 1 - The Hong Kong stock market has shown strong performance this year, with the Hang Seng Index surpassing 25,000 points on July 21, marking a nearly three-year high, driven by sectors such as technology and new consumption [1] - Two main factors are driving the current rally in Hong Kong stocks: the AI boom attracting foreign capital back to the market, particularly in e-commerce and gaming sectors, and the active secondary listings of mainland companies benefiting Hong Kong's banks and exchanges [1] - The presence of leading companies provides foreign investors with convenient investment channels, with some H-shares trading at prices higher than their A-share counterparts, enhancing overall trading volume and activity in the Hong Kong market [1] Group 2 - Looking ahead, the potential for significant further gains in the Hang Seng Index is limited, although individual stocks may still present opportunities [2] - The ability of AI advancements to translate into profit growth for cloud computing, e-commerce, and gaming companies will need to be validated after the second quarter earnings reports [2] - Some companies involved in the food delivery market have seen their 2025 profit forecasts downgraded, but if competition in this area ceases, profitability could recover, positively impacting the overall performance of Hong Kong stocks [2] - Certain individual stock prices have been driven up significantly, suggesting that investors should consider taking profits to lock in gains [2]