EB Securities: Hong Kong stocks may welcome a "double click" from Davis in 2026, focusing on four major AI themes is recommended.

EB Securities released a research report stating that by 2026, the Hong Kong stock market will experience a "Davis Double Click" driven by valuation recovery, profit growth, and the return of main themes. The establishment of the "Four AI Main Themes" analysis framework aims to help investors navigate through the fog and systematically grasp the structural opportunities of the Hong Kong stock technology in the AI era. The report suggests following the industry rhythm of "computing power foundation application blossoming terminal and Siasun Robot & Automation cashing out", and selecting leaders in each theme for allocation. The main points of EB Securities are as follows: Investment Focus The Hang Seng Index is expected to regain upward momentum, with the resilience of the Hang Seng Tech Index likely surpassing the broader market. The technology sector, as the field that gathers core assets of China's new economy, is expected to become the strongest driving force behind the market rebound. The core value of this report lies in systematically integrating the diverse 60 Hong Kong tech companies into a complete investment map consisting of the "big factory ecosystem AI computing power AI application AI terminal" four core themes, providing clear navigation for capturing the opportunities of Hong Kong stocks in the AI wave. Theme One: Internet Giants - Reassessment of Ecological Value, Decisive in the AI Era AI is driving internet giants to shift from traffic competition to ecosystem capability competition. Cloud business accelerates due to AI demand (doubling of capital expenditure, steady profit margin); advertising monetizes instantly due to AI efficiency (15%-20% increase in click-through rate); and the ecosystem entry faces restructuring due to AIAgent. Investors should focus on giants with the ability to close the loop of technology, data, and scenarios, such as Tencent with a solid foundation and AI gateway expansion, BABA-W with the highest elasticity in cloud business, and Kuaishou leading in commercialization of video AI. Theme Two: AI Computing Power Industry Chain - "Strong Reality" Countering the "Bubble Theory" Leading financial reports continue to exceed expectations, with cloud vendors maintaining strong Capex intensity and chip supply tightness, creating a globally strong atmosphere in AI computing power that counters the "Bubble Theory". There is a natural time lag between advanced infrastructure investment and high ROI, high investment is rational and sustainable, and the bank firmly believes that the AI industry cycle will inevitably take off. Differentiated layout of NVIDIA chain & Google chain & domestic chain, the bank's sorting focuses on three layers of deterministic opportunities: 1) Communication network benefiting from global technology upgrades (optical modules/connectors); 2) Semiconductor manufacturing meeting domestic substitution demand (wafer foundry); 3) Key equipment and materials meeting computing power consumption and performance upgrades (packaging equipment, copper clad laminate, GaN power supply). Theme Three: AI Application - Commercial Validation Key Period, Focus on Implementation and Monetization AI application investment has entered the stage of "speaking with performance". The bank sees clear acceleration signals in key tracks such as SaaS, content ecology, and advertising marketing: the evolution of enterprise tools towards "intelligent entities" drives ARPU growth, AIGC reduces the threshold and cost of creation, pushing user and revenue growth in sync; programmatic advertising's "AI flywheel" starts to release profits, driving the convergence of valuation and fundamentals. Theme Four: AI End and Siasun Robot & Automation - Embracing Hardware Inflection Point and Mass Production Turning Point 2026 will be the year of defining AI hardware and the turning point for the mass production of Siasun Robot & Automation. Hardware manufacturers such as Apple and Xiaomi are enhancing AI software capabilities (such as Apple Intelligence, MiMo large models), driving an upgrade in end-side computing power; tech giants like OpenAI and Google are expanding into hardware (such as AIPin, TPU), the bank starts from the global giants' strategies and penetrates to the core links of the supply chain: optics, acoustics, motors, and contract manufacturing, revealing how leading Hong Kong companies deeply integrate with the global innovation wave. The bank systematically maps out the Siasun Robot & Automation industry chain investment from full machine leader to core components, upstream expansion + capital empowerment acceleration, Optimus of Tesla, UBTECH ROBOTICS, and other humanoid Siasun Robot & Automation entering a "ten thousand units mass production" industry space in 2026. Risk Warning: Risks of intensified competition in the AI industry, AI large model iteration and downstream application progress below expectations, downward risk of computing power demand for large model training and inference, risks of lower-than-expected downstream demand, intensified market competition risk, unexpected market expansion, risks of below-expected commercial progress, domestic and foreign policy risks.