AI引领科技周期向上，具有稀缺性的港股科技资产向上空间更大

Group 1 - The core viewpoint is that Hong Kong's technology and internet assets are more closely related to current trends in AI applications and new consumption, with better fundamentals compared to A-shares, thus maintaining strong attractiveness in a weak macro environment [1] - Active public funds are expected to increase allocation to scarce internet assets that are more aligned with the AI industry cycle, while insurance funds may continue to increase allocation to Hong Kong dividend stocks due to strengthened dividend regulation and a low interest rate environment [1] - The net inflow of southbound funds is expected to exceed 10 billion yuan for the year, supported by the incremental capital from domestic institutions, which may bolster the Hong Kong stock market [1] Group 2 - Hong Kong's technology leaders are widely distributed across the entire AI industry chain, benefiting from the technological advantages and the AI industry transformation [2] - In 2022, Baidu, Alibaba, Huawei, and Tencent accounted for nearly 95% of China's AI cloud service market share, with the Hong Kong-listed companies Alibaba, Tencent, and Baidu making up about 80% of that share [2] - The Hang Seng Internet ETF (513330) focuses on internet leaders and AI application ends, while the Hang Seng Technology Index ETF (513180) covers the entire technology industry chain [2]