金吾财讯 | 中国银河证券表示，港股的投资主线预计仍将围绕 AI产业链与高确定性防御资产展开，建议关注：（1）科技板块。海外大模型降速扰动会反复冲击情绪，资金更愿意给有真实订单、收入与盈利兑现的硬件，以及有 AI 商业化收入的应用标的。建议关注光模块/光纤、PCB、高速连接、AI 服务器/整机、国产 AI 芯片与晶圆代工、电力/备用电源/数据中心配套、大厂模型/Agent 进展等。（2）有色资源。建议关注铜、黄金、有色等。（3）医药板块。建议关注海外License-out、创新药临床数据、商业化兑现、AI制药等。（4）低波红利。公用事业、电信、能源、部分高股息金融相对抗跌。
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