$ETH Standard Chartered strategist: Hong Kong stocks will remain stock-picking focused as AI stocks are still underweight in indices. Standard Chartered Investment Director Zheng Zifeng said that Hong Kong stocks may maintain a "stock-picking over market-picking" pattern in the short term. The strategist noted that several AI-related IPOs this year have performed strongly after listing, but due to the outdated index weighting still dominated by traditional industries, their contribution to the broader index remains minimal. Global capital flows are under pressure from high interest rates, and capital continues to shift between major markets, particularly affecting Hong Kong stocks. Zheng Zifeng expects that a major shift in the market will only occur when AI-related stocks are heavily included in major indices with sufficient weightings. He also pointed out that a batch of large IPOs in the US in the second half of 2026 will further impact capital flows in Asian markets.