长城基金曲少杰：港股结构性行情有望重启

Core Insights - The recent quarterly report for the 2025 fund indicates a notable pullback in Hong Kong tech stocks during Q4, primarily due to downward revisions in earnings expectations, structural liquidity tightening, and internal fundamental divergence within the sector [1][3]. Group 1: Market Trends - The pullback in Hong Kong tech stocks is viewed as a short-term impact, with a positive long-term growth outlook for tech and internet companies in Hong Kong [1][3]. - The structural market conditions for Hong Kong tech stocks are expected to restart in 2026, with sub-sectors such as internet, AI, semiconductors, and cloud computing likely to maintain growth momentum [1][3]. Group 2: Sector Analysis - The Chinese technology sector is entering an innovation cycle, which is anticipated to drive strong growth dynamics across various segments, including internet, new energy vehicles, gaming, photo editing, wearable technology, advertising, music, smart driving, mobile phones, and social media [1][3]. - The integration of AI into these sub-sectors is expected to create a second growth curve, potentially unlocking significant growth opportunities [1][3].