Hong Kong's stock market opened higher on July 29, with the Hang Seng Index rising 0.7% and the Hang Seng Tech Index advancing 1.02%.

Internet and technology stocks showed strength, with Alibaba surging nearly 2%, while Xiaomi Group, Meituan, and Baidu Group each gained over 1%.

Regarding the outlook for the Hong Kong market, a few key perspectives have emerged.

Guotai Junan believes that short-term external volatility remains present. However, improvements in the micro-liquidity of Hong Kong stocks are redirecting market focus to the region's attractive valuations. A simultaneous replenishment by southbound funds and foreign capital could fuel a further upward trend.

The next catalyst is anticipated to be the mid-August interim results season. If a positive earnings inflection point is confirmed for heavyweight internet companies, the Hong Kong tech sector could shift from being driven by high odds to being driven by high certainty of success.

Offshore wind power and computing power were highlighted as specific sectors of interest.

Industrial Securities points out that the offshore wind power industry is facing a dual growth opportunity from both domestic and international markets. In Europe, a combination of policy shifts, energy security demands, and data center power needs could significantly expand long-term demand, driving installations into a high-growth trajectory. Chinese companies with strong products and cost advantages are well-positioned to accelerate their overseas expansion, leading to a boost in both performance and valuations. Domestically, the steady progress of offshore wind projects and accelerating construction starts should help the supply chain realize its profits step by step.

Dongguan Securities notes that, on the demand side, the continued scaling of AI training, reasoning, and agent applications is prompting overseas cloud vendors to further raise their capital expenditure plans. This sustains high demand for computing power infrastructure and spurs demand for memory, CPUs, power semiconductors, and semiconductor materials. Supply tightness and price increases are already appearing in some specific product segments.

On the supply side, critical areas such as semiconductor equipment, high-end GPUs, memory chips, and advanced packaging remain in an accelerated phase of domestic substitution. The push for a self-reliant and controllable industrial chain continues to intensify.