On May 11th, the Hang Seng Index opened 0.31% lower, while the Hang Seng Tech Index fell 0.48%. In the market, memory chip stocks saw significant gains, with Montage Tech rising over 14% and GigaDevice rising over 9%. The semiconductor sector strengthened, with HUA HONG SEMI up over 5% and SMIC up over 3%.

Regarding the future outlook for Hong Kong stocks, Galaxy Securities believes that the narrative of Hong Kong stocks' value-for-money appeal will not disappear but will shift from a comprehensive valuation recovery to structural defense and left-side positioning. Hong Kong stocks are currently in a contradictory phase where valuations have a bottom, but external liquidity pressures persist. The market is currently in a phase of short-term volatility and differentiation. If external pressures ease in the medium term, the room for valuation recovery in Hong Kong stocks remains considerable.

Industrial Securities believes that recently, the domestic computing power chain is experiencing a catch-up rally relative to the North American computing power chain, with the AI theme spreading within the computing power chain. Hong Kong-listed internet stocks, due to their inherent trading attributes related to domestic computing power, show a high positive correlation with the former. This indicates that within the AI theme, besides the diffusion from North American computing power to domestic computing power, the Hang Seng Tech Index is also one of the important main lines of diffusion. Furthermore, from the perspective of overseas mapping, cloud providers represented by Hong Kong-listed internet stocks are also expected to be a direction for subsequent catch-up rallies in the domestic AI theme.

Zheshang Securities stated that it maintains the view of short-term volatility and long-term optimism. Gold is experiencing short-term policy expectation fluctuations due to the new Federal Reserve Chair's inauguration, coupled with geopolitical risk disturbances in the Strait of Hormuz, keeping prices in a range-bound consolidation pattern. However, its long-term allocation logic has not fundamentally changed. On one hand, global central banks, as the core allocation entities for gold, continue to maintain a net purchasing trend, providing solid demand support. On the other hand, the trend of marginal weakening in U.S. dollar credit continues, and the process of international monetary system diversification is accelerating. Additionally, the sustainability and stability of the petrodollar system face uncertainties, with potential changes in its future operation and restructuring path, further strengthening gold's long-term safe-haven and reserve value.

CICC Research believes that real estate is not an outdated asset. As population aging deepens and urbanization nears completion, China's real estate cycle has entered its "second half." The prevailing view is that real estate will become a low-return asset, but cross-country data shows that over the past century, real estate has significantly outperformed bond assets in most economies, with risk-adjusted returns close to those of equity assets. More importantly, population aging and slowing urbanization do not necessarily correspond to a continuous decline in real estate returns. Linear extrapolation of real estate prospects based on phased performance or a single demographic variable may underestimate its long-term allocation value. In a more diversified and balanced asset allocation framework, real estate should still be regarded as an important asset class with stable returns and diversification value.