春季攻势重燃 机构看好港股市场投资潜力

Core Viewpoint - The Hong Kong stock market has experienced fluctuations since the start of the Year of the Horse, but the technology sector, particularly semiconductors, has shown a strong upward trend, driven by AI advancements and upcoming earnings disclosures, suggesting a potential spring rally in the market [1][2]. Market Performance - From February 20 to February 24, the Hang Seng Index fell by 0.43%, the Hang Seng China Enterprises Index by 0.69%, and the Hang Seng Technology Index by 1.80%. However, since January 2026, the Hang Seng Technology Index has dropped over 4%, while the other two indices have seen gains [2]. - Various sectors have performed well, with telecommunications, energy, and industrials leading the market with increases of 2.62%, 2.48%, and 2.43% respectively. Consumer staples, conglomerates, and healthcare sectors have seen declines [2]. - Nearly half of the stocks in the Hong Kong market have risen since the start of the Year of the Horse, with notable gains from companies like Dachen Microline Group (over 100% increase) and others like Jiuyuan Group and Putian Communication Group (over 50% increase) [2]. Semiconductor Sector Strength - On February 24, the Hong Kong Semiconductor Index rose by 2.00%, with significant gains from companies such as Weizhi Holdings (up 13.79%) and Zhaoyi Innovation (up 11.91%) [3]. - The strength in the semiconductor sector is attributed to rising AI computing demands and breakthroughs in domestic equipment and components, leading to increased market confidence [3]. - Looking ahead to 2026, the semiconductor sector is expected to benefit from supportive domestic policies and a recovery in manufacturing profitability, potentially leading to improved demand for upstream components and equipment [3]. Investment Directions - Analysts suggest three key areas for investment focus: rising geopolitical risks in the Middle East may boost precious metals and energy sectors; consumer sectors are expected to rise as consumption policies take effect; and the technology sector remains a long-term investment focus due to its current low valuations and ongoing AI advancements [4]. - The technology sector has shown resilience, with new AI model stocks performing well, while traditional internet giants have faced adjustments [5]. - Current valuations in the Hong Kong technology sector are at historical lows, indicating potential for future gains, especially as liquidity conditions improve and the sector's fundamentals remain strong [5].