智通财经网·2025-09-12 01:41Market Overview - The Hang Seng Index opened up by 1.74%, with the Hang Seng Tech Index rising by 1.97%. Notable gains were seen in tech stocks, with Alibaba increasing by nearly 6%, Baidu by nearly 4%, and JD Group by over 3%. Evergrande Property resumed trading with a rise of over 38% [1] Investment Outlook - According to China International Capital Corporation (CICC), the Hong Kong stock market's standout feature this year is structural performance over index performance, with continuous rotation of main themes. Investors should focus on structural advantages in the Hong Kong market, driven by profit trends, while also considering themes reflecting U.S.-China relations [1] - Citigroup raised its year-end target for the Hang Seng Index by 7% to 26,800 points, with expectations for further increases to 27,500 points and 28,800 points in the first half and by year-end of next year, respectively [1] Liquidity and Economic Factors - Open Source Securities indicated that the opportunity for Hong Kong stocks to catch up with A-shares may be approaching, as A-shares enter a valuation digestion phase post-uptrend. The liquidity perspective is bolstered by dovish signals from Powell at the Jackson Hole meeting, suggesting a potential easing cycle in monetary policy. This, combined with a significant downward revision of non-farm employment data (a reduction of 911,000 jobs for the year ending March 2025), strengthens market expectations for Federal Reserve rate cuts [1] AI and Technology Sector - From an investment and profitability perspective, funds are seeking "outlets" in AI hardware and applications, positioning the Hong Kong internet sector as a potential beneficiary. Alibaba is increasing its investment in self-developed AI chips, enhancing its influence in core computing power. Oracle's post-market guidance for AI cloud business exceeded expectations, with a remaining performance obligation of $455 billion for Q1 of fiscal year 2026, reflecting a 359% year-on-year increase, indicating strong global demand for AI and cloud services [2] - Bank of China International noted that under the current environment of accelerated domestic substitution and rapid development of the AI industry cycle, technology stocks are likely to benefit from the revaluation of RMB assets. Despite a macroeconomic "weak recovery" landscape, large-cap tech companies still have room for growth, with absolute advantages in prosperity remaining evident [2] Strategic Investment Recommendations - Analysts suggest maintaining a cautiously optimistic strategic outlook on Hong Kong stocks. With improvements in supply-demand dynamics, the Chinese economic cycle is expected to reach a turning point, with capital expenditures and R&D in the tech industry gradually translating into corporate profits [3] - Key investment opportunities in Hong Kong stocks include sectors with high earnings growth but low to mid-level valuations, such as consumer discretionary, daily necessities, and utilities. Additionally, sectors benefiting from policy support, such as the AI industry chain and consumption, should be monitored [3]