海外研究联合报告：科技是港股下半年胜负手

Group 1 - The report indicates 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, driven by the scarcity of technology assets and the ongoing AI wave [1][9][17] - The report highlights that the technology sector in Hong Kong is well-positioned to benefit from the AI industrial transformation, with leading companies across the AI value chain expected to gain from the associated economic growth [5][26][27] - The report draws parallels between the current market conditions and historical periods of strong performance in Hong Kong stocks, particularly from 2012 to 2014, suggesting that the current economic environment and technological advancements are conducive to similar outcomes [17][18][19] Group 2 - The report identifies key companies in the Hong Kong technology sector, such as Tencent, Kuaishou, Bilibili, Tencent Music, NetEase, and Xiaomi, highlighting their growth potential driven by AI integration and market positioning [35][36][37][38][41] - Tencent is noted for its strong user engagement and advertising revenue growth, supported by advancements in AI technology and ecosystem enhancements [35] - Kuaishou's AI capabilities are expected to accelerate its business growth, with significant user engagement and revenue generation [36] - Bilibili's user base is growing younger and more engaged, indicating strong potential for monetization through advertising and gaming [37] - Tencent Music is transitioning into a comprehensive audio entertainment platform, leveraging its content IP and strategic acquisitions to enhance its market position [38] - NetEase is recognized for its robust game portfolio and efficient operations, with significant growth in user engagement and game performance [40] - Xiaomi is positioned to capitalize on AI applications across its ecosystem, with ongoing developments in automotive and consumer electronics [41]