AI驱动腾讯营收、净利双位数增长，降息预期下港股或迎流动性宽松

Core Viewpoint - The Q2 earnings season for Hong Kong technology stocks has commenced, with Tencent leading the way, showcasing double-digit growth in both revenue and net profit driven by AI advancements. The expectation of interest rate cuts may lead to increased liquidity in the Hong Kong market [1]. Group 1: AI and Capital Expenditure - AI remains a critical battleground for technology companies, with major firms expected to increase capital expenditures related to AI, particularly focusing on enhancing AI reasoning capabilities and model deployment in the second half of the year [4]. Group 2: Impact of Subsidies on Performance - Since Q2 2025, leading companies in Hong Kong have announced expenditures exceeding 10 billion on "food delivery wars," which is anticipated to impact the performance of related lifestyle service platforms in Q2 [5]. - However, the market's pessimistic sentiment regarding the impact of food delivery subsidies on performance may already be reflected in the valuations and stock prices of these companies [6]. Group 3: Coverage of Core Technology Assets - The index covers various technology sectors, including new energy vehicles, smart driving, artificial intelligence, and semiconductors [8]. Group 4: Index Performance - The Hong Kong Technology Index has shown a cumulative increase of over 106% since its base date of December 31, 2014, outperforming the Hang Seng Technology Index during the same period [11]. - Year-to-date performance of the Hong Kong Technology Index stands at 31.37%, while the Hang Seng Technology Index has increased by 25.01% [12]. Group 5: Capital Inflows - As of July 21, 2025, southbound capital has seen a net inflow of over 1.1 trillion into the Hong Kong stock market over the past year, with significant investments directed towards consumer discretionary, information technology, healthcare, and communication services sectors [15].