Everbright Securities: Hong Kong stocks may welcome Davis' double click proposal in 2026 to focus on the four main AI lines

The Zhitong Finance App learned that Everbright Securities released a research report saying that in 2026, the Hong Kong stock market will face a “double blow from Davis” driven by the triple drive of valuation repair, profit growth, and return to the main line. The “Four AI Main Lines” analysis framework was established to help investors overcome the fog and systematically grasp the structural opportunities of Hong Kong Stock Technology in the AI era. It is recommended to follow the industrial rhythm of “building a foundation of computing power → application blossoming → implementation of terminals and robots” and select leaders in each main line for configuration.

The main views of Everbright Securities are as follows:

Investment focus

The Hang Seng Index is expected to resume its upward trend, and the upward elasticity of the Hang Seng Technology Index is expected to surpass the market. As a field that brings together the core assets of China's new economy, the technology sector is expected to become the strongest main line driving the market rebound. The core value of this report is that for the first time, 60 Hong Kong stock technology companies were systematically incorporated into a complete investment map composed of the four core lines of “Big Factory Ecology → AI Computing Power → AI Applications → AI Terminals” to provide a clear navigation for capturing Hong Kong stock opportunities under the AI wave.

Main line 1: Internet giant - revaluation of ecological value, decisive victory in the AI era

AI is driving internet giants to upgrade from traffic competition to ecological capacity competition. The cloud business is being accelerated due to AI demand (capital expenses doubled, profit margins are stable); advertising is instantly monetized due to AI efficiency improvements (click rate increased by 15% to 20%); and ecological entrances are facing restructuring due to AIAgent. Investments should focus on giants that have the ability to close the loop of technology, data, and scenarios, such as Tencent Holdings, which stabilizes the basic market and opens up AI portals, Alibaba-W, which has the greatest flexibility in cloud business, and Kuaishou, a leader in commercializing video AI.

Main line 2: AI computing power industry chain - “strong reality” fights back against the “bubble theory”

Leading financial reports continue to exceed expectations, cloud vendor Capex continues to be strong and chip supply is tight, and the high global computing power boom is strongly counteracting the “bubble theory.” There is a natural time lag between advanced infrastructure investment and high ROI, and the high investment is reasonable and sustainable. The bank firmly believes that the AI industry cycle will definitely open up. The differentiated layout of Nvidia Chain & Google Chain & Domestic Chain focuses on three layers of deterministic opportunities: 1) communication networking (optical modules/connectors) that benefit from global technology upgrades; 2) semiconductor manufacturing (foundry) to meet domestic replacement needs; 3) key equipment and materials (packaging equipment, copper-clad plates, GaN power supplies) that meet the upgrading of computing power consumption and performance.

Main line 3: AI application - a critical period of commercial verification, focusing on implementation and monetization

Investment in AI applications has entered the stage of “talking about performance”. The bank saw clear signals of acceleration in commercialization on key tracks such as SaaS, content ecology, and advertising marketing: the evolution of enterprise tools to “smart” drives ARPU improvement, AIGC lowers creative thresholds and costs, and drives simultaneous user and revenue growth; the “AI Flywheel” of programmatic advertising has begun to release profits, driving the gap between valuation and fundamentals to converge.

Main line 4: AI end side and robot - facing hardware singularity and mass production inflection point

2026 will be the first year of AI-defined hardware and an inflection point for large-scale mass production of robots. Hardware manufacturers such as Apple and Xiaomi add AI soft power (such as Apple Intelligence and MiMO big models) to promote end-side computing power upgrades; technology giants such as OpenAI and Google lay out hardware (such as AIpin and TPU) across borders. Starting from global giant strategies, the bank penetrates to the core links of the supply chain: optics, acoustics, motors, and foundry, revealing how leading Hong Kong stock companies are deeply connected to the global innovation wave. The system has sorted out an investment map of the robot industry chain from machine leaders to core components. Upstream production expansion+capital empowerment accelerates, and humanoid robots such as Tesla Optimus and Preferred Choice will move towards “10,000-unit mass production” industry space in 2026.

Risk warning: Risk of increased competition in the AI industry, insufficient progress in AI model iteration and downstream applications, downside risk of computing power demand for large model training and inference, risk of downstream demand falling short of expectations, increased risk of market competition falling short of expectations, risk of market expansion falling short of expectations, risk of commercialization falling short of expectations, domestic and foreign policy risks.