On July 13, the Hang Seng Index opened 0.07% lower, while the Hang Seng Tech Index fell by 0.04%.
The semiconductor sector experienced declines, with GIGADEVICE (HKEX: 03986) dropping nearly 12% and Montage Technology falling over 3%.
Zhipu AI rose nearly 5% after JPMorgan Chase raised its target price for the stock from HK$2,000 to HK$2,400.
Regarding the outlook for Hong Kong stocks, Guotai Haitong suggests that as market shocks are gradually absorbed and the possibility of interim results forming a bottom increases, the market is expected to refocus on fundamental value assessments.
Guoyuan International notes that from a medium to long-term perspective, valuations in the internet sector are already at historically low levels, offering a high margin of safety. The continued development and commercialization of AI remain the core drivers for a potential revaluation of the sector.
Guosen Securities believes that the intensive reporting window for interim results in July and August will shift the market's pricing focus from style rotation to performance verification. Under the influence of multiple factors, the extreme market conditions seen in the second quarter are unlikely to persist.
Guangfa Securities indicates that with continued market activity, the performance of the securities brokerage sector is trending upward, while valuations lag behind, suggesting room for subsequent recovery. As funding pressures ease and incremental capital continues to enter the market, there is significant potential for valuation and positioning improvements in the brokerage sector, driven by enhanced performance benchmarks in public funds and increased profitability elasticity and growth trends from a stronger focus on technology and innovation.
China Merchants Securities expresses optimism that the tourism sector will maintain its high growth trajectory. Within the tourism industry chain, it recommends focusing on Online Travel Agencies (OTAs) and scenic spots closely tied to leisure and outbound travel, followed by transportation highly correlated with travel volume, and hotels driven by business travel demand.
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