On May 13, the Hang Seng Index opened 0.08% higher, while the Hang Seng Tech Index fell by 0.3%. In terms of sector performance, consumer stocks showed strength, with POP MART rising over 3% and SMOORE INTL gaining more than 2%. The nonferrous metals sector was active, with MMG surging over 4% and ZIJIN MINING advancing nearly 2%. The semiconductor sector weakened, with HUA HONG SEMI and SMIC both declining over 2%.

Regarding the outlook for the Hong Kong stock market, Industrial Securities believes investors should focus on structural opportunities in technology, growth, and dividends. For technology, with the AI narrative continuing, tech remains a main theme. However, it is noted that the current earnings valuations of the top tech companies are largely matched; further valuation expansion may require earnings growth or more ample liquidity support. For growth, against a backdrop of weak recovery prospects and diminishing valuation appeal, the effectiveness of a growth strategy may remain high. For dividends, in an environment of low interest rates and asset scarcity, coupled with companies' stronger willingness for dividends and share buybacks, dividend-yielding stocks still hold value as a core portfolio allocation.

Huatai Securities stated that sentiment and liquidity may be difficult to serve as drivers for a rebound in May, with fundamentally driven structural opportunities remaining the main theme. The institution believes that divergence between sectors will continue, suggesting a long-term view with short-term actions to position in two types of certain opportunities. One is the certainty of cash flow, such as coal and some nonferrous metals; low-volatility varieties with dividend attributes. The other is the certainty of industrial trends, with the AI supply chain currently being the direction with the highest visibility.

Guosen Securities noted that as the government continues to introduce policies to support new energy development, the profitability of new energy power generation is expected to gradually stabilize. According to a previous introduction by the National Energy Administration, 24 provinces (regions, municipalities) across the country have issued or formulated policies supporting direct green electricity transactions, with 99 green electricity direct transaction projects completed for approval, corresponding to a total installed capacity of new energy of 34.05 million kilowatts. On the other hand, due to the surge in electricity load for computing power driven by the large-scale application of AI, coupled with policy support, this also directly forms a dual benefit for the green electricity industry.