2026 Hong Kong stock technology investment map: From computing power to terminals, the four major AI themes lead the structural market trend.

EB Securities released the 2026 Hong Kong Stock TMT Investment Strategy. The research report states that in 2026, the Hong Kong stock market will experience a "double-click" moment driven by valuation recovery, profit growth, and a return to the main themes. The establishment of the "Four AI Mainlines" analytical framework aims to help investors navigate through the fog and systematically grasp the structural opportunities of Hong Kong stocks in the AI era. It is recommended to follow the industry rhythm of "Computing Power Foundation -> Application Blossoming -> Terminal and Siasun Robot & Automation Realization" and select leaders in each mainline for allocation. Specific viewpoints suggest that the Hang Seng Index is expected to regain its upward trend, and the upward elasticity of the Hang Seng Technology Index is expected to surpass the broader market. The technology sector, as the area that gathers core assets of China's new economy, is expected to become the strongest theme driving the market rebound. The core value of this report lies in systematically integrating 60 Hong Kong technology companies into a complete investment map consisting of the "Big Factory Ecosystem -> AI Computing Power -> AI Application -> AI Terminal" four core mainlines to provide a clear navigation for capturing the opportunities of Hong Kong stocks in the AI wave. Mainline One: Internet Big Factories - Reassessing Ecological Value, Winning in the AI Era AI is driving internet giants from traffic competition to ecological capacity competition. Cloud businesses are accelerating due to AI demand (doubling capital expenditure, steady profit margins); advertising is monetizing instantly due to AI efficiency gains (15%-20% increase in click-through rates); and ecological entry points are facing reconstruction due to AIAgent. Investment should focus on giants capable of closing the loop between technology, data, and scenarios, such as TENCENT, which solidified its foundation and expanded into AI entry points, BABA-W with the greatest elasticity in cloud business, and Kuaishou which leads in commercializing video AI. Mainline Two: AI Computing Power Supply Chain - "Strong Reality" Fighting Against "Bubble Theory" Leading financial reports continue to exceed expectations, cloud providers' Capex intensity is ongoing while chip supply remains tight, global computing power remains strong in defiance of "bubble theory." There is a natural time lag between forward infrastructure investment and high return on investment, and substantial investments are reasonable and sustainable, with the belief that the AI industry cycle will eventually connect. Differentiated layouts between NVIDIA Chip & Google Chip & domestic chip manufacturers are focused, with the identification of three layers of deterministic opportunities: 1) Communication networking benefiting from global technology upgrades (optical modules/connectors); 2) Semiconductor manufacturing absorbing domestic substitution demand (wafer foundry); 3) Key equipment and materials meeting the power consumption and performance upgrades for computing power (packaging equipment, copper foil, GaN power supply). Mainline Three: AI Applications - Commercialization Validation Period, Focus on Implementation and Monetization AI application investments have entered the stage of "speaking with performance." Clear signals of commercialization acceleration are seen by the bank in key fields such as SaaS, content ecosystem, and advertising marketing: business tools evolving into "intelligent bodies" driving ARPU growth, AIGC reducing creation thresholds and costs, boosting user and income growth in sync; the "AI flywheel" of programmatic advertising is beginning to yield profits, closing the gap between valuation and fundamentals. Mainline Four: AI Terminal Side and Siasun Robot & Automation - Embracing the Hardware Singularity and Mass Production Turning Point 2026 will be the year to define AI hardware and the turning point for Siasun Robot & Automation to achieve mass production scale. Hardware manufacturers like Apple, Xiaomi are strengthening their AI soft power (such as Apple Intelligence, MiMo large models), driving terminal computing power upgrades; tech giants like OpenAI, Google are diversifying into hardware (AIPin, TPU), the bank starts from global giant strategies, penetrating core supply chain segments: optical, acoustic, motor, foundry, revealing how Hong Kong leading companies deeply intertwine with global innovation trends. A thorough mapping of the Siasun Robot & Automation industry chain from whole machines to core components, with upstream expansion + capital empowerment accelerating, humanoid robot systems such as Tesla Optimus, UBTECH ROBOTICS aiming for "mass production of tens of thousands" in 2026. Specific to investment targets: SUNNY OPTICAL: Global leader in mobile and automotive optics. Short-term attention is needed on the impact of storage price increases on Android optical business profitability. Highlights: 1) Increase in project share and category expansion for A customers; 2) Automotive lenses/modules growing rapidly with the penetration of intelligent driving. LENOVO GROUP: Global leader in AIPC market share (31.1% in 25Q3), valuation improvement awaits two catalysts: 1) Profit turnaround in the server (ISG) business; 2) Further release of AIPC demand. CONANT OPTICAL: Leading domestic manufacturer of resin eyeglass lenses, building core barriers with "high refractive index technology + C2M customization mode," benefiting from the rise in traditional optical glasses, steady growth of traditional main business, and construction of a second growth curve in AI/AR glasses. AAC TECH: Sound, light, and motor platform company, focusing on profit transmission due to storage price increases. Highlights: 1) Clear growth logic for A customers, with comprehensive capabilities in acoustics, motors, cooling, etc., accompanying the diversification and specification upgrades of A customer's mobile phones, tablets, computers, and Siasun Robot & Automation hardware; 2) Positioning in AI terminal, providing performance flexibility; 3) Siasun Robot & Automation dexterous hand system-level solutions and multiple designated points of sale Q TECH: Global leader in camera module supply. 1) As the core supplier to drone/action camera leaders, benefiting from high IoT growth; 2) Improvement in fingerprint recognition business structure; 3) Integration of TDK miniature drivers in the vertical chain. BYD ELECTRONIC: Global leader in precision manufacturing, 26-year growth realization depends on: 1) Apple business growth and profit margin improvement; 2) Volume increase of automotive suspensions and new intelligent driving products; 3) Progress in delivery of AI server orders. TCL ELECTRONICS: Continuous optimization of TV main business through "large screenization," additional growth provided by photovoltaics and internet business. The Thunderbird brand under it is laying out AI terminal hardware. XIAOMI GROUP: "People-Car-Home + AI" strategy opens up long-term growth space. Short-term pressures from storage price increases and competition need to wait for new car releases, storage inflection points, and other catalysts. COWELL: High purity target in the Hong Kong stock chain. 2H25 iPhone optical upgrades + company share increase driving business growth in 25; growth in 2026-27 is expected from iPhone foldable screens + potential main camera + wearable devices + Siasun Robot & Automation.