Zhi Tong Cai Jing·2025-08-07 02:00Group 1 - The Hang Seng Index opened up 0.29%, with the Hang Seng Tech Index rising 0.27%, indicating a positive market sentiment [1] - Technology stocks were active, with Alibaba rising over 2%, while new energy vehicle stocks showed weakness, exemplified by Xpeng Motors falling nearly 2% [1] - Apple-related stocks performed well, with Hawei Electronics increasing over 5% [1] Group 2 - Huatai Securities reported that the recent pullback in Hong Kong stocks is primarily due to adjustments in internal and external expectations, but the medium-term liquidity easing logic remains unchanged [2] - The report suggests focusing on sectors with improving sentiment and low valuations, particularly emphasizing technology stocks [2] - Short-term trading should revolve around interim report performances, with a focus on gaming and e-commerce leaders that have attractive valuations and improving sentiment [2] Group 3 - Guotai Junan noted that despite a relatively volatile market since late June, Hong Kong technology stocks are still more closely related to current trends in AI applications and new consumption, maintaining their attractiveness [3] - It is expected that major internet companies in Hong Kong will increase capital investment in AI infrastructure in the second half of the year, which may accelerate the progress of large model iterations and AI applications [3] - CITIC Securities highlighted that the behavior of funds determines the structure and mode of rising industries, with a focus on high consensus varieties rather than low-position varieties [3] Group 4 - Ping An Securities (Hong Kong) pointed out that the current Hong Kong market still has low valuations and increasing trading activity under the "profit-making effect," maintaining an optimistic medium to long-term outlook [4] - The report recommends continued attention to technology sectors such as artificial intelligence, robotics, semiconductors, and industrial software, as well as innovative pharmaceutical sectors supported by policy [4]