On June 2nd, the Hong Kong stock market's Hang Seng Tech Index staged a significant rebound, consecutively breaching the 5000 and 5100-point psychological barriers.

The index's heavy-weighted component, TENCENT, saw its share price surge by over 10%, marking its largest single-day gain since January 25, 2021.

As market sentiment improved, an analysis was provided by Kong Rong, Deputy General Manager of the Research Institute and Chief Overseas Analyst at Guolian Minsheng Securities, on investment opportunities within the global technology sector.

Analysis of Recent Performance and Pressures

Kong Rong pointed out that looking back at the previous two years, the Hong Kong market experienced robust performance following a gradual bottoming-out process, with the Hang Seng Tech Index and the Hang Seng Index ranking among the top performers globally, even reaching the top three worldwide at one point.

This performance has, to some extent, raised the comparative base, creating pressure for this year's returns.

Core Reasons for Short-Term Underperformance

She further analyzed that the core reason for the Hang Seng Tech Index's short-term underperformance relative to global peers lies in the growing pains faced by its heavily weighted traditional internet platform companies as they navigate the competitive landscape reshaped by the AI era.

Their technological leadership and strategic focus are being scrutinized by the market. The index's trajectory is highly dependent on the share price performance of key constituents like TENCENT and Alibaba.

Despite these large companies having long-term technological accumulation, the emergence and listings of new model companies like Zhipu AI and MiniMax have led the market to perceive that these smaller, more nimble "AI-native" firms may possess stronger capabilities in rapid response, iteration speed, and innovation.

When the market feedback and data performance of the large companies' models are not impressive, investors tend to believe the new entrants have a chance to break through. Kong Rong believes this also explains the strong post-listing gains recently seen by companies like Zhipu AI and MiniMax.

The Core of Future Competitiveness and the Need for a Defining Moment

She emphasized that the core of a company's future competitiveness lies in its application scenarios, data resources, and capital. Taking overseas giant Alphabet as an example, before launching its powerful Gemini 2.5 and 3 series models, its stock price was once depressed due to doubts about its technological leadership.

It wasn't until it demonstrated competitive models that the market reignited confidence in its full-stack, self-developed capabilities, leading to an immediate reversal in its stock price logic.

"Key stocks in the Hang Seng Tech Index, such as TENCENT and Alibaba, need a similar 'Google moment'—where their model capabilities bring about a significant reversal and change in market expectations—for their future stock prices to potentially see a turning point," Kong Rong stated, adding that the market will be watching closely.

Today's Rally Leader

It is noteworthy that the leader of today's Hang Seng Tech Index rebound was precisely TENCENT.

On the news front, reports indicate that Tencent is accelerating the development of an AI agent embedded within its WeChat platform, with the project reportedly entering the prototype testing phase.

This AI assistant is expected to be deeply integrated into the WeChat interface via a right-swipe entry, potentially reshaping users' daily experience and evolving WeChat from a social tool into a "super intelligent assistant."