思博瑞陈颂超：预计港股到年底前维持区间波动 大市整理期是入市良机

Group 1 - The Hong Kong stock market is expected to maintain a range-bound pattern until the end of the year, with third-quarter performance of Chinese stocks meeting expectations, while fourth-quarter guidance may be impacted by high base effects. However, there is optimism for Chinese stocks in the coming year, suggesting that the current market consolidation period presents a good entry opportunity [1] - Chinese technology stocks are set to continue reporting earnings, with internet companies reaching an operational turning point and growth accelerating again. However, concerns arise as growth rates do not match high spending and costs, leading to profit pressure. Investors should focus on how tech companies utilize cash flow, particularly in capital expenditures rather than share buybacks, and monitor developments in cloud services, as AI in China is primarily reflected in cloud business [1] - The profitability compression in tech companies is a key factor to watch, as it reflects rational investment conditions. Compared to U.S. tech companies, AI infrastructure is not a bottleneck for China, and Chinese tech firms are relatively well-balanced, potentially attracting capital flows back to China. With domestic initiatives promoting AI development and a stabilization in internet regulation, along with reasonable valuations in hardware, there is a positive outlook for selectively increasing positions in the sector during market pullbacks [1] Group 2 - Chinese electric vehicle companies are also set to report earnings. Starting in 2026, the new energy vehicle purchase tax policy will shift from "full exemption" to "half exemption," leading to increased competition among major automakers. In the short to medium term, electric vehicle companies will face significant competitive pressure, but they are also evolving towards becoming technology companies [2] - Investors are beginning to shift their focus from delivery numbers to the ability of electric vehicle companies to apply accumulated technologies in new energy to robotics and other new technologies [2]