AI驱动科技主线行情，三大核心动能支撑四季度行情

Core Insights - The article emphasizes that the global technology cycle is currently being led by AI, which is rapidly penetrating various aspects of the economy and society [1] - China's economy is in a transitional phase, where technological innovation is crucial for upgrading industrial structures, making the tech industry a key focus for policy support [1] - The Hong Kong stock market is experiencing a profound value reassessment, driven by three main forces: transformation of the industrial landscape, global capital reallocation trends, and the restructuring of valuation systems [2] Group 1 - AI is accelerating its integration into the economy and society, marking a new wave of technological advancement [1] - The Hong Kong stock market is becoming a pioneer in the revaluation of Chinese assets, particularly in the AI sector, which includes core assets across the entire industry chain [1] - The market structure has fundamentally changed, with technology and consumer industries now accounting for a significant portion of market capitalization, altering the previous dominance of finance and real estate [1] Group 2 - Chinese assets are becoming a safe haven for international capital as it moves away from dollar-denominated assets, leading to a surge in high-quality company listings in the Hong Kong market [2] - The proportion of overseas funds allocated to Chinese assets remains historically low, indicating potential for significant inflows once market sentiment stabilizes [2] - The influx of southern capital has led to a continuous repair of Hong Kong stock valuations, which still have considerable room for growth compared to previous peaks in early 2018 and early 2021 [2]