EB SECURITIES released a research report stating that in 2026, the Hong Kong stock market is expected to experience a "Davis Double" driven by valuation recovery, earnings growth, and thematic resurgence. The firm has established an analytical framework around "Four AI Themes" to help investors navigate uncertainties and systematically capture structural opportunities in Hong Kong's tech sector during the AI era. The report suggests following the industry progression of "computing infrastructure → application expansion → terminal and robotics realization" and selecting leading players under each theme for allocation. Key insights from EB SECURITIES include:

The Hang Seng Index is poised for a rebound, with the Hang Seng Tech Index likely to outperform the broader market. The tech sector, which aggregates core assets of China's new economy, is expected to lead the market recovery. This report systematically categorizes 60 Hong Kong-listed tech companies into four core themes—"Big Tech Ecosystems → AI Computing → AI Applications → AI Terminals"—providing a clear roadmap for capturing AI-driven opportunities in Hong Kong stocks.

**Theme 1: Internet Giants – Ecosystem Revaluation in the AI Era** AI is transforming internet giants from competing on traffic to ecosystem capabilities. Cloud services are accelerating due to AI demand (capital expenditure doubling with stable margins), advertising is benefiting from AI-driven efficiency (click-through rates rising 15%-20%), and ecosystem gateways are being reshaped by AI agents. Investors should focus on giants capable of integrating technology, data, and scenarios, such as Tencent (expanding AI gateways), Alibaba-W (cloud business resilience), and Kuaishou (leading video AI commercialization).

**Theme 2: AI Computing Supply Chain – Strong Fundamentals Counter "Bubble" Claims** Persistent earnings beats from industry leaders, sustained cloud capex, and chip supply constraints underscore robust global computing demand, countering skepticism. The firm asserts that high infrastructure investment is justified by eventual high ROI, with opportunities in: 1) Networking upgrades (optical modules/connectors), 2) Domestic semiconductor manufacturing (wafer foundries), 3) Key materials and equipment (packaging tools, copper-clad laminates, GaN power solutions).

**Theme 3: AI Applications – Commercialization Validation Phase** AI application investments now hinge on performance. Accelerated monetization is evident in SaaS, content ecosystems, and ad tech: enterprise tools evolving into "AI agents" boost ARPU, AIGC lowers creation costs while driving user and revenue growth, and programmatic ad AI is narrowing valuation-fundamental gaps.

**Theme 4: AI Hardware & Robotics – Inflection Points in 2026** 2026 marks the dawn of AI-defined hardware and scaled robotics production. Apple and Xiaomi are enhancing on-device AI (e.g., Apple Intelligence, MiMo models), while OpenAI and Google are venturing into hardware (e.g., AI Pin, TPU). The supply chain—spanning optics, acoustics, motors, and OEMs—is critical. Humanoid robots like Tesla’s Optimus and Ubtech are approaching "10,000-unit mass production," supported by upstream capacity expansion and capital inflows.

**Risks**: Intensifying AI competition, slower-than-expected model iteration or adoption, declining computing demand, policy uncertainties, and commercialization delays.