港股稀缺性资产研究系列1：AI应用的股市映射在港股

Group 1 - The report suggests that the Hong Kong stock market is expected to continue its bullish trend in the second half of the year, outperforming the A-share market due to the scarcity of assets related to current trends in AI applications and new consumption [1][5][6] - Historical analysis indicates that the current market conditions for Hong Kong stocks are reminiscent of the 2012-2014 period, where technological transformation drove superior performance compared to A-shares [3][8][10] - The report highlights that the AI application wave is accelerating, with Hong Kong technology companies having a first-mover advantage, which positions them to lead in the ongoing market uptrend [1][21][27] Group 2 - The macroeconomic environment is characterized by a weak recovery, similar to the 2012-2014 period, with AI applications emerging as a significant growth driver [21][23][26] - The report emphasizes that the current AI application landscape in China is expected to benefit domestic companies significantly, particularly in software and content applications [23][27][35] - The report notes that Hong Kong's technology sector has a higher proportion of software applications compared to A-shares, with 56% of the total market capitalization in Hong Kong's technology sector being in software and content, compared to only 24% in A-shares [35][42] Group 3 - The report identifies key Hong Kong technology companies that are well-positioned in the AI sector, including Tencent, Alibaba, and Meituan, which are expected to benefit from increased capital expenditure and cloud business revenue [43][44][46] - It is noted that the valuation of Hong Kong internet companies remains relatively low, with the Hang Seng Technology Index trading at a PE ratio of 20.7, indicating potential for upward valuation adjustments [51][52] - The report concludes that with strong earnings growth and improved capital inflows, undervalued Hong Kong internet stocks are likely to continue their upward trajectory [51][52]