On the afternoon of May 13, Hong Kong's technology stocks began a rebound, with the Hang Seng Tech Index rising by 1% and the Hang Seng Index currently up 0.37%.
Among the constituents of the Hang Seng Tech Index, JD Health and JD.com saw gains of nearly 7%, Meituan rose over 5%, Sunny Optical surged more than 4%, while NIO, Tencent, and Xiaomi also advanced collectively. Baidu, SMIC, and Tencent Music each fell over 2%.
Hong Kong semiconductor stocks also recovered, with Innovision leading gains of over 10%, followed by Ubot Holding and TankeBlue Semiconductor, each up more than 7%.
The Hong Kong stock market may continue to experience volatility. Over the past week, major institutions generally believe that Hong Kong stocks are constrained in the short term by factors such as global liquidity, exhibiting characteristics of "structural opportunities dominating, with consensus and divergence coexisting." Although the macroeconomic environment remains challenging, several authoritative institutions have begun actively positioning in investment themes with clear certainty.
Everbright Securities' view on May 9 suggests that Hong Kong stocks display features of structural repair and divergence in earnings expectations. While there are signs of stabilization in overall earnings expectations for Hong Kong stocks, structural differentiation is evident: the forward earnings of the Hang Seng Index have seen a slight upward revision since April 2026, indicating that earnings recovery is still in its early stages. After the impact of the annual report season (with significant downward revisions in earnings expectations for internet and new energy vehicle sectors among constituents), the forward earnings of the Hang Seng Tech Index have been revised downward consecutively, remaining in a stabilization phase without forming a substantial upward revision, reflecting that earnings constraints persist. The technology sector (particularly segments driven by overseas computing power trends and international expansion logic) and certain stocks in the high-dividend yield sector demonstrate strong earnings resilience.
In summary, Hong Kong stocks are in a phase of volatile consolidation, lacking momentum for a trend reversal in the short term, but there are optimistic expectations for medium- to long-term prospects.
In terms of sector allocation, institutions generally recommend adopting a balanced or "barbell" strategy, focusing on two key directions of certainty. On the defensive side, high-dividend, high-yield assets represented by sectors such as coal, banking, and telecommunications operators are recommended by institutions including Guosen Securities, Huatai Securities, and Everbright Securities, viewed as foundational holdings providing stable cash flow.
On the offensive side, the AI industry chain, particularly semiconductors (memory, equipment), AI computing power, and hardware, has become a favored growth theme for institutions such as Value Partners, Galaxy Securities, and Huatai Securities, due to clear industry trends and earnings visibility.
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