Haitong International's Zhang Yidong: Hong Kong Stock AI Market is Expected to Return to an Uptrend and Further Expand to a More Extensive AI Industry Chain.

Haitong International analyst Zhang Yidong released a research report stating that the uncertainty of the July lock-up will land as expected and transform into actual market volatility. Overall, the lock-up does not constitute systemic risk for the Hong Kong technology market, and the adjustment of the "summer cold wind" in June and July is entering a residual phase. Secondly, the risk of the July lock-up is gradually being realized, and key companies are entering fundamental pricing. After the lock-up, the pricing logic of AI large model companies will shift from the lock-up event, scarcity, and small float volume game to commercial realization and profitability quality verification. In August, with the easing of overseas macro liquidity and micro liquidity shocks, coupled with the strengthening of the southbound connection capacity of the mutual market, the AI market is expected to return to an upward trend and further spread from AI scarce assets to a more extensive AI industry chain.