智通财经网·2025-08-06 08:17Core Viewpoint - The Hong Kong stock market is expected to continue its bull run in the second half of the year, outperforming the A-share market due to the scarcity of certain assets and their alignment with current industry trends [2][4]. Group 1: Market Performance - Since late June, the Hong Kong stock market has shown relative volatility, with technology stocks lagging behind sectors like innovative pharmaceuticals [1]. - The overall increase in the Hong Kong stock market has been more significant compared to the A-share market since the beginning of the year, driven by sectors such as innovative pharmaceuticals, new consumption, and AI applications [2]. Group 2: Industry Trends - The current economic environment is characterized by a transition from old to new growth drivers, with significant changes in consumption patterns and the emergence of AI as a new upward cycle in technology [3][5]. - The AI sector is expected to significantly influence production and lifestyle, providing new economic growth momentum, particularly with the acceleration of large model technology iterations [5]. Group 3: Investment Outlook - The scarcity of Hong Kong technology and consumer assets, which are closely related to AI applications and new consumption trends, is expected to attract continued capital inflows from mainland investors [4]. - The expected net inflow of capital from mainland institutions into the Hong Kong market could exceed 10 billion yuan, supporting the upward trend of the Hong Kong stock market [4]. Group 4: Company Performance - Major internet companies are increasing their investments in cloud and AI infrastructure, with notable revenue growth in cloud services, such as Alibaba Cloud and Baidu Smart Cloud [6]. - The current valuation of Hong Kong internet stocks is relatively low, with the Hang Seng Technology Index PE (TTM) at 20.8 times, indicating potential for significant upside as the AI industry cycle progresses [6]. Group 5: Recommended Stocks - Recommended stocks include Tencent Holdings, Kuaishou-W, Bilibili-W, Tencent Music-SW, NetEase-S, NetEase Cloud Music, and Xiaomi Group-W, reflecting the focus on companies well-positioned in the AI and technology sectors [7].