Major indices in the Hong Kong stock market continued their upward momentum, with the Hang Seng Tech Index rising more than 2%. Among the index constituents, Zhipu AI shares surged over 11%, while BYD Company Limited and Xiaomi Corporation saw gains exceeding 5%. Minimax and Kuaishou Technology also advanced more than 4%.
Research from Everbright Securities suggests maintaining a "barbell strategy" for the Hong Kong market. While performance in June was relatively weak, the valuation appeal has improved significantly following the pullback. Amid multiple intertwined factors, the Hong Kong market may maintain a volatile pattern in the short term. The recommended strategy is to uphold the "barbell approach," seizing structural opportunities during market fluctuations: the defensive end should anchor on high-dividend sectors, while the offensive end should focus on the AI industry chain and non-ferrous metal resource sectors.
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