The short-term volatility of the Hang Seng Technology Index has not changed the long-term logic. The market is focused on the practical effect of AI implementation.

Since 2025, technology and innovative pharmaceuticals have led a bull market in the Hong Kong stock market, with the Hang Seng Index rising by more than 30% at one point, and the Hang Seng Tech Index rising by over 50% at one point. However, since October, the Hang Seng Tech Index has experienced a sudden change in trend, with a maximum drawdown of over 15% in less than 2 months, and a "4 consecutive declines" in the past 4 trading days. However, in the view of many analysts, the current short-term adjustment of the Hang Seng Tech Index has not changed the long-term investment logic of leading technology stocks in the Hong Kong stock market; with the Tencent "Hunyuan" large model, Alibaba's Thousand Questions, and other technological applications gradually landing, the market is paying more attention to the specific effects of AI landing to promote internet companies to achieve secondary growth. In the long term, under the multiple driving forces of valuation advantage, financial support, and AI-boosted industry upgrade, the long-term investment value of the Hang Seng Tech Index is still worth looking forward to.