AI行情或扩散，“反内卷”基调正式形成，恒生科技有望突围

Group 1 - The Hong Kong stock market opened higher on August 27, with significant gains in automotive stocks, Apple-related stocks, and gold stocks, indicating a positive market sentiment [1] - The report from Caitong Securities highlights the support for domestic chips by DeepSeek-V3.1 and suggests that domestic computing power is entering a major upward phase, while the Federal Reserve's shift in stance may lead to a more favorable liquidity environment for AI stocks [1] - The report emphasizes that the AI core assets are still in the early stages of a market rally, with domestic computing power accelerating and the Hang Seng Technology Index nearing a critical point for investment [1] Group 2 - Expectations for a rate cut by the Federal Reserve in September have increased, which may lead to improved global liquidity benefiting the Hong Kong stock market, particularly the high-growth technology sector [2] - The Hang Seng Technology Index is currently undervalued relative to historical levels and is expected to respond positively to the easing of liquidity conditions, potentially leading to a "catch-up" rally [2] - Investors without a Hong Kong Stock Connect account can consider the Hang Seng Technology Index ETF (513180) as a means to invest in core Chinese AI assets [2]