如何展望后续港股走势？

Summary of Key Points from Conference Call Records Industry Overview - The Hong Kong stock market has benefited from previous overseas liquidity easing, leading to active investments in small and thematic stocks. The market is expected to accommodate 100-200 new AH shares and returning US stocks, supported by policies and liquidity injections [1][2][3] - The Hong Kong government and the Securities and Futures Commission (SFC) have increased their focus on the capital market, providing a stable foundation for the Hong Kong stock market, allowing it to remain strong even amid external disturbances such as trade wars [1][4][5] Core Industry Directions - Long-term optimism is noted in sectors such as the internet, smart driving, and new consumption. Companies like Pop Mart and Lao Pu Gold are showing global potential, while AI technology is enhancing valuations for firms like Xiaomi. The innovative drug sector also presents growth opportunities [1][6][7] Company Recommendations - Recommended companies include internet giants Tencent and Alibaba, which remain key holdings for many institutions. Xiaomi is highlighted for its strong alpha logic and performance, while new consumption brands like Pop Mart and Lao Pu Gold are recognized for their growth potential through technological breakthroughs and globalization strategies [1][6][7] Xiaomi's Market Expectations - There is high market anticipation for Xiaomi's new car launch, with expected large sales reaching 250,000 units and monthly sales of 40,000 units. This could significantly impact Xiaomi's stock price positively. The company is viewed favorably for its diversified development in automotive, IoT, mobile, and robotics sectors [1][8][10] Smart Driving Technology - Smart driving technology is advancing, with Chinese companies demonstrating strong competitiveness. The launch of Tesla's Robo TAXI is a notable example. Companies like Li Auto, Pony.ai, WeRide, and Hesai Technology are gaining attention in this field [3][11][12] New Consumption Sector - Despite some recent underperformance from new consumption stocks like Haidilao, the sector remains vibrant. Pop Mart continues to show strong performance, and other companies like Blok are also worth monitoring. The new consumption sector is expected to maintain long-term investment value [1][6][13] Web 3.0 Ecosystem - The Web 3.0 ecosystem is evolving, particularly with the attention on Bitcoin ETFs. Traditional financial institutions are entering the space, and the compliance of stablecoins is expected to create new growth opportunities. Companies like ZhongAn Online are highlighted as potential investments in this area [3][14][17] AI Applications and Opportunities - AI applications are gradually becoming commercialized, with expectations for more applications to emerge in the second half of the year and into 2026. The release of GPT-5 is anticipated to enhance market expectations [1][18] - The AI video sector is also gaining traction, with platforms like Kuaishou showing significant growth in AI-generated content. The potential for AR technology in this space is substantial, with projections for significant revenue increases [1][19]