Ge Long Hui·2025-10-17 03:46Group 1 - The core viewpoint is that the Hang Seng Technology sector is in the early stage of a macro liquidity recovery and an AI technology cycle, presenting high mid-term allocation value [1] Group 2 - The current fundamentals of Hang Seng Technology benefit from the explosion in application and content driven by new technological changes, with the AI technology cycle at its starting point [2] - The long-term logic involves competition for user numbers and engagement in a diminishing traffic dividend environment, which tests organizational capabilities [2] - High-quality companies are showing strong shareholder return capabilities post traffic dividend decline, with a focus on tracking EPS changes and policies, particularly in the consumer sector [2] Group 3 - The Hang Seng Technology sector is currently influenced by the Federal Reserve's transition to a liquidity easing phase, following the fastest and most extensive rate hikes since the 1980s [3] - The current price-to-earnings ratio (TTM) for Hang Seng Technology is at the 34th percentile of the past five years [3] Group 4 - Investment recommendations suggest focusing on AI-related sectors, particularly those likely to achieve performance realization first [3] - The AI hardware and computing power supply chain is expected to maintain high prosperity due to accelerated capital expenditure from global major companies [3] - The software application and content ecosystem are in the early stages of AI empowerment, with optimism for overseas software performance and other industry advancements [3] Group 5 - The e-commerce, local life, and advertising technology sectors are performing steadily under policy stimulus and operational efficiency improvements [3] - The acceleration of smart driving and mobility scenarios is anticipated to become a new growth driver for the industry [3] Group 6 - Recommended companies for investment include Tencent Holdings as a preferred choice, Alibaba and Baidu as mid-term elastic stocks, and Lenovo, Yueda Group, Trip.com, and Sunny Optical as stable slow-growth options [3] - Elastic stocks include Kuaishou, Horizon Robotics, Kingdee International, and Xpeng Motors [4]