港股市场策略周报：AI仍是港股主线，继续推荐港股互联网与有色-20250915

Group 1 - The core view of the report emphasizes that AI remains the main theme in the Hong Kong stock market, with internet and non-ferrous metals sectors expected to benefit significantly [1][2][3] - The report highlights that AI cloud services are experiencing high growth, with domestic cloud providers seeing a surge in demand, leading to a notable increase in revenue [2][3] - The report indicates that self-developed chips by major AI companies like Alibaba and Baidu are becoming new catalysts for stock performance, showcasing advancements in AI hardware [3][4] Group 2 - The report recommends focusing on sectors such as innovative drugs, internet, and non-ferrous metals, citing strong fundamentals and favorable market conditions [5] - The Hong Kong stock market showed mixed performance last week, with the Hang Seng Index rising by 3.82% and the Hang Seng Tech Index increasing by 5.31% [6][10] - The report notes that the liquidity situation in Hong Kong is improving, with local ETFs seeing significant net inflows, indicating positive investor sentiment [18][21] Group 3 - The report details that southbound funds continued to flow into the market, with a net inflow of 608 billion HKD, primarily directed towards non-essential consumption and financial sectors [23][24] - The report mentions that the current forward PE ratio for the Hang Seng Index is 12.6 times, which is above the three-year median of 9 times, suggesting a relatively high valuation [27][33] - The report outlines that the financing demand for Hong Kong-listed companies in September is 21.8 billion HKD, with IPO and placement needs accounting for 4.5 billion and 17.1 billion HKD respectively [30]