CITIC Securities: The primary uptrend of Hong Kong stocks is being established, with the internet and AI platforms still the main focus.

The CITIC Securities research report indicates that the Hong Kong stock market is transitioning from the previous period of valuation and sentiment repair to a new stage driven by profit verification and improved risk appetite. In terms of allocation, internet and AI platforms remain the primary focus, with high-liquidity technology leaders suitable as core positions in the main upward trend phase; innovative pharmaceuticals and new consumption continue to provide elasticity, but both need to shift from theme trading to performance realization, selecting leading companies and high-quality assets in high prosperity; dividend assets return to the position of core holdings, focusing on the sustainability of dividends and the quality of cash flow; new Hong Kong stocks focus on scarce directions such as AI, robotics, smart cars, innovative pharmaceuticals, and new consumption.