永明资产管理(香港)：对未来12个月的港股前景维持中性看法

Group 1 - The core viewpoint is that the application of artificial intelligence (AI) in mainland China is accelerating, benefiting sectors such as technology, healthcare, and non-ferrous metals, with continuous upward adjustments in profit expectations for the technology sector [1] - The semiconductor industry is also expected to benefit from AI-driven investments and domestic substitution demand [1] - Geopolitical risks are easing, and liquidity injections are favorable for the stock markets in mainland China and Hong Kong, maintaining a neutral outlook for the Hong Kong stock market over the next 12 months [1] Group 2 - In the ESG (low-carbon) investment sector, governments reached a consensus at the 30th United Nations Climate Change Conference to significantly increase investments in clean energy and low-carbon economies [1] - The International Energy Agency (IEA) predicts that total global investment in energy transition will amount to several trillion dollars, greatly promoting the development of renewable energy, energy storage technologies, and electric vehicles [1] - Low-carbon strategies are providing higher downside protection and relatively better returns compared to traditional stock strategies amid increasing volatility in the investment environment [1] Group 3 - The CEO of the company believes that the investment boom in artificial intelligence is not over and is not in a bubble phase, as the related industrial chain is benefiting from positive spillover effects [1] Group 4 - Looking ahead, the impact of tariffs on the global economy will continue to be a focal point for the market, with expectations of volatility due to market sensitivity to related news [2] - The company maintains a neutral outlook on global equities over the next 12 months, given that economic resilience exceeds previous expectations, while remaining cautious about sudden market news related to trade negotiations and geopolitical events [2]