2025年3月港股市场策略展望：港股估值快速修复，科技突围迎结构性机会

Group 1 - The Hong Kong stock market has shown a significant recovery in valuation, with the Hang Seng Index and Technology Index rising by 20.6% and 34.7% respectively since the beginning of 2025, outperforming major global markets [4][12][20] - The market's focus has shifted back to corporate earnings and macroeconomic conditions, with the expectation of a gradual return of foreign capital to the Hong Kong stock market, particularly in the technology sector [5][6][20] - The report anticipates a "Davis Double Play" for technology stocks, driven by a combination of capital expenditure expansion, AI-driven cost reduction, and a favorable application landscape, leading to a target for the Hang Seng Index to reach 23,000 points by year-end [4][6][20] Group 2 - The report highlights that the Chinese economy is showing signs of stabilization, with leading economic indicators and manufacturing PMIs rebounding, although the recovery remains fragile [5][23] - The government has set a growth target of around 5% for 2025, with a historic high deficit rate of 4%, focusing on infrastructure investment and the real estate sector [5][26] - The report emphasizes the importance of AI and technology in driving economic growth, with significant government support for emerging technologies and traditional industry upgrades [32][33] Group 3 - The report notes that the AI sector is expected to enter a new upward cycle, with significant contributions from major companies like Alibaba, ByteDance, and Xiaomi, which are increasing their investments in AI infrastructure and technology research [6][20] - The report suggests that the technology sector, particularly AI-related stocks, will likely experience a divergence in performance, with infrastructure stocks benefiting from increased capital expenditure [20][32] - The report recommends focusing on undervalued sectors and stocks that have lagged behind, particularly in technology and AI, as well as sectors benefiting from increased infrastructure spending [7][20]