AI商业化持续推进、国内消费有望修复，或形成支撑港股板块中长期成长动能

Core Viewpoint - The article highlights a decline in U.S. stocks and Chinese concept stocks, with expectations for Hong Kong stocks to face liquidity pressure due to a weaker U.S. dollar trend and external market sentiment [1] Market Performance - U.S. stocks fell overnight, with the Chinese concept index down by 0.94% - Hong Kong's three major indices opened lower, with the Hang Seng Index down 0.14%, the Hang Seng China Enterprises Index down 0.15%, and the Hang Seng Tech Index down 0.87% - Major tech stocks and AI application concept stocks collectively declined, while gold stocks led a rebound in the non-ferrous metal sector [1] ETF Performance - Popular ETFs showed slight declines, with the Hang Seng ETF (159920) and Hang Seng China Enterprises ETF (159850) experiencing minor drops - The Hang Seng Tech Index ETF (513180) opened lower and fluctuated downwards, currently down nearly 2% [1] Future Outlook - By 2026, a dual expansion of U.S. monetary and fiscal policy is expected, reducing the likelihood of a weak dollar trend seen in the first half of 2025, which may suppress overall liquidity for Hong Kong stocks - The upward momentum for Hong Kong stocks may rely on breakthroughs in AI and related technologies to drive expected economic growth [1] Risk Factors - Hong Kong stocks, as an offshore market, are susceptible to rapid declines due to external liquidity and sentiment fluctuations, especially during periods of declining global risk appetite - However, as liquidity eases and risk preferences recover, sectors may experience a rebound [1] Fundamental Analysis - Hong Kong stocks are currently at relatively low historical valuations, enhancing their attractiveness for investment after recent corrections - Continued commercialization of AI and potential recovery in domestic consumption are expected to support long-term growth momentum for the sector, with no substantial deterioration in fundamentals observed [1] Notable Investment Targets - Core broad-based Hong Kong stocks: Hang Seng ETF (159920) - AI and platform economy: Hang Seng Tech Index ETF (513180) - Core consumer assets in Hong Kong: China Consumption ETF (513230) - Global pharmaceutical industry representation: Hang Seng Pharmaceutical ETF (159892) - Chinese AI technology concept companies: Hang Seng Internet ETF (513330) [2]