Understanding Hang Seng Technology's Weak Performance from the Perspective of the AI Industry Chain【Fu Peng Says 19】

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Understanding Hang Seng Tech’s Weak Performance from the AI Industry Chain Perspective

Happy New Year, everyone. While skiing at Changbai Mountain Forum, I noticed that many are generally concerned about various market-related issues, which are worth in-depth discussion. These concerns are inherently interconnected and can be linked together. Just two days ago, during a one-quarter exchange with various institutions in Beijing, I focused on these issues as key communication points. Therefore, today I will systematically discuss related content with everyone. There is quite a lot to cover, so I will divide it into two parts.

The first core issue is the reason behind the widespread concern about the weak performance of the Hang Seng Tech Index. The essence of this issue is closely related to the current market structure of the US stocks, which extends to discussions about the AI industry chain. It also involves the recent decline in software stocks (especially the SaaS sector)—behind this decline, there is a market panic and skepticism about AI-driven software industries, as well as the capital allocation logic towards Asia-Pacific assets.