BOCOM International·2026-02-02 15:00Market Overview - The market is transitioning from strong expectations to a "data verification" phase as the Spring Festival approaches, with a focus on marginal improvements in fundamental data[3] - Southbound capital continues to flow into the market, supporting Hong Kong stocks, which are expected to experience a "stock-heavy, index-light" structural market[3] Key Variables for February - Attention will be on post-Spring Festival consumption data, including tourism, dining, and real estate sales, which may reflect the effectiveness of the "resident income increase plan" and domestic demand expansion[4] - The upcoming "Two Sessions" will provide insights into fiscal policies, particularly regarding long-term special bonds and "new productivity," which could influence market sentiment towards infrastructure and technology sectors[4] - The market's confidence in the Fed's interest rate cuts may be affected by resilient U.S. inflation data, necessitating close monitoring of the dollar index's impact on Hong Kong stock liquidity[4] Sector Focus - Consumer and internet sectors are expected to benefit from positive Spring Festival data, with a focus on policy-driven areas like hospitality and food and beverage[5] - Hard technology and overseas manufacturing sectors are promising, particularly in semiconductors and consumer electronics, as well as leading companies in engineering machinery and home appliances[5] - Upstream resource products, such as copper and aluminum, are anticipated to perform well due to a recovering global manufacturing PMI and post-holiday inventory replenishment expectations[5] Stock Recommendations - Cheung Kong Property Trust (778HK): Target price of HKD 5.92, potential upside of 15.9%, with a strong dividend yield over 7%[9] - NVIDIA (NVDAUS): Target price of USD 245.00, potential upside of 27.3%, driven by sustainable AI demand[13] - Hesai Technology (2525HK): Target price of HKD 269.66, potential upside of 35.0%, benefiting from L3 autonomous driving advancements[20] - Sangfor Technologies (1530HK): Target price of HKD 39.50, potential upside of 65.1%, with strong growth prospects from core products[27] - Midea Group (000333CH): Target price of HKD 96.20, potential upside of 23.5%, supported by robust market leadership and dividend policies[32] - GCL-Poly Energy (3800HK): Target price of HKD 1.54, potential upside of 37.5%, benefiting from developments in perovskite technology and commercial aerospace[38]