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 observed 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 Q1 exchange with various institutions in Beijing, I focused on these issues as key communication points. Therefore, today I will systematically discuss related topics with everyone. There is quite a lot of content in this session, which will be divided into two parts.

The first core issue is 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 stock market, which extends to discussions of the AI industry chain. It also involves the recent decline in software stocks (especially the SaaS sector)—behind this decline, there is market panic and skepticism about AI-driven software industries, as well as the capital allocation logic toward Asia-Pacific assets.

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