Hong Kong Stock Tech Investment Comes at the Right Time, Guotai Junan Securities: AI Hardware Deployment Enters a Golden Period

In 2026, Hong Kong-listed tech sector is set to enter a configuration window driven by four forces—“policy + earnings + valuation + capital flows.” Guotai Junan Securities has released its current Hong Kong stock allocation strategy, believing that Lenovo Group (0992.HK), with its core layout in AI hardware terminals, will deeply benefit from industry tailwinds and is poised to see multiple positive developments on the horizon.

From the policy perspective, 2026 is the starting year of the “15th Five-Year Plan” period. The country has listed artificial intelligence and advanced manufacturing as strategic priorities for development, fully implementing the “AI+” action plan, and strengthening the efficient supply of computing power, algorithms, and data. As a gather-up place for domestically developed AI core assets, Hong Kong-listed tech becomes a direct beneficiary of policy dividends. As the key technology stock in Hong Kong, Lenovo’s strategic position will be further elevated amid deeper localization and substitution.

On the industrial front, Lenovo Group has entered the core competitive camp of the Hong Kong-listed AI industry chain. It focuses on “AI PCs” and places重点 on edge-side AI intelligent agent terminal devices, becoming a leading hardware terminal company in the AI application and ecosystem segment. Guotai Junan Securities believes that current AI technology is transitioning from the “arms race” stage to the “profitability is being demonstrated” stage. The commercialization and deployment of AI intelligent agents and multimodal applications are accelerating, and Lenovo’s AI hardware layout aligns precisely with industry trends. It is expected to fully capture market incremental gains brought by the普及 of AI terminals. At the same time, in 2025 China’s AI user base is growing at an exponential rate; the growth of application segments far exceeds that in overseas markets, providing broad market space for Lenovo’s AI hardware products.

In terms of the market environment, the fundamentals of the Hong Kong-listed tech sector are continuing to improve. Overall ROE has been steadily rebounding since the low point in 2022, and the momentum for earnings recovery is strong. On valuation, the Hang Seng Hong Kong Tech Index for the Hong Kong Stock Connect technology theme has a PE of only 21.75x, significantly lower than major global technology indices such as the Nasdaq 100. It is at a historical low level, offering global allocation value for money. Lenovo Group also benefits in tandem from the sector’s valuation repair trend.

Stronger capital support will further energize Lenovo’s development. According to Wind data, since 2026, Southbound capital has累计 net bought more than 197.8 billion yuan. The technology sector has been a major direction of inflows, and Hang Seng Index Information Technology sector has seen large net purchases in both the past 1 month and the 1st quarter. In addition, Hong Kong-listed tech ETFs have recorded net inflows of over 70 billion yuan for the year to date, providing ample liquidity support for Lenovo Group.

The analysis suggests that benefiting from the core AI hardware layout, the continued release of policy dividends, and the overall improving outlook of the Hong Kong-listed tech sector, Lenovo Group is entering a development opportunity with both earnings and valuation rising. In the wave of the AI industry paradigm shift, its growth potential is worth期待.

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