The market's attention on Hang Seng Technology is mainly focused on two issues.

The market's focus on Hang Seng Technology is mainly on two issues: first, whether AI narratives can truly profit growth; and second, whether the current undervaluation adequately reflects pessimistic expectations. Yu Kaijie, head of Morgan Stanley's Asian internet and telecommunications industry stock research team, told "Finance" that AI will continue to be a catalyst in the next 6-9 months, and the release of domestic chip production capacity in 2026 will improve the supply side. Wang Xinchun, fund manager of Jia Shi Fund, believes that AI applications will be implemented in more scenarios by 2026, and there is a huge potential for valuation recovery in Hong Kong stocks. Liu Gang, managing director and chief overseas and Hong Kong stock strategist at Zhongjin Company, warned of structural pressures from a more macro perspective. "An uptrend needs some opportunity. It could be easing of external situations, reignition of expectations for Fed rate cuts; or industrial catalysts, such as the regaining of trust by internet giants in AI narratives." "In the short term, we warn of risks, as the US-Iran conflict has triggered global stagflation concerns, and expectations for Fed rate cuts have cooled. In such geopolitical shocks, stocks assets usually come under temporary pressure." Li Zhao, head of asset allocation research at Zhongjin Corporation's research department, told "Finance" in an interview that historical reviews show that markets generally need 1 to 2 months to digest negative factors after such shocks, so risk control should be taken in short-term investments in Hang Seng Technology Index.