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East Asian Securities: The valuation of Hong Kong Technology stocks still has room for revaluation, raising the Target Price for the Hang Seng Index to 26,000 points.
According to Zhitong Finance APP, Hong Kong stocks have recently significantly outperformed A-shares. Regarding the large gap in the performance of the two, Chan Wai Chung, senior investment strategist at East Asia Securities, pointed out that Hong Kong stocks have a higher weight in Technology stocks, while A-shares are not dominated by Technology stocks, making Hong Kong stocks more beneficial when speculating on the AI Concept.
Chinese Technology stocks are "siphoning" foreign capital from Emerging Markets, with AI narratives driving Global capital reallocation.
① How does the "siphoning" of foreign capital by China's Technology stocks have a profound impact on the market? ② Driven by AI narratives, how much space is there for foreign capital to flow back into China's Assets amid global capital reallocation?
Has the "singularity" of AI in China arrived in 2025? JPMorgan: An application explosion is imminent, DeepSeek ignites demand for computing power, and Alibaba may become the biggest winner.
JPMorgan believes that the development of GAI in China is currently at the beginning of the second stage. Alibaba is a key player in the IaaS value chain, expected to outperform peers in the second stage of GAI development, and has the potential to become a beneficiary in the third stage of applications. Additionally, Kuaishou may be underestimated, while Baidu acts as both a "shovel seller" and a "gold digger."
Amidst the divergence in technology stocks, new catalysts are emerging, and the logic of price increases in cyclical stocks may gradually attract market attention.
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The Mag 7 Stocks Are No Longer Magnificent. Where the Charts Say They Go Next. -- Barrons.com
"The trend of 'the East rises while the West declines' accelerates, China’s Magnificent 7 surpasses the American stock market's 'seven giants'."
This year, China’s Technology giants launched a frenzy with a surge of 439 billion USD in Market Cap, leaving their once-unrivaled USA counterparts far behind.
