Zhi Tong Cai Jing·2025-09-15 01:55Group 1 - The Hang Seng Index opened down 0.3%, while the Hang Seng Tech Index fell by 0.11%. However, the semiconductor industry chain showed resilience, with Hua Hong Semiconductor rising over 4% and SMIC increasing by more than 1% [1] - According to CCB International, the current environment of accelerated domestic substitution and rapid development of the AI industry cycle is expected to benefit technology stocks, with large-cap tech companies having further upside potential due to the ongoing macro "weak recovery" [1] - China Merchants Securities (Hong Kong) believes that with the improvement in supply-demand dynamics, the Chinese economic cycle is likely to reach an inflection point, with capital expenditure and R&D in the tech sector gradually translating into corporate profits, becoming a new growth engine [1] Group 2 - Huatai Securities' chief macroeconomist Yi Yan stated that the liquidity environment for Hong Kong stocks remains ample, and the recovery in fundamental expectations provides significant support [1] - China Galaxy Securities' chief strategy analyst Yang Chao suggests focusing on three investment opportunities in Hong Kong stocks: high earnings growth sectors with low to medium valuations, sectors benefiting from policy support such as the AI industry chain, and financial sectors offering stable returns and high dividends amid domestic and international uncertainties [2]