China Merchants Securities says recent A‑share volatility has risen partly from spillovers of overseas tech turbulence, with leverage in Korea and comments from Meta driving sharp moves. At the industry level it highlights domestic compute as a near‑term catalyst ahead of a major AI conference where Huawei will first demonstrate the Atlas 950 SuperPoD — billed as the industry’s largest super‑node. The recent Hong Kong rebound, led by Alibaba’s earnings preview, may reflect an oversold bounce; further upside depends on upward revisions to aggregate Hong Kong earnings and a higher AI revenue share at leading tech firms, to be tested in upcoming interim results.(金十数据)