After recent hike, the HSTECH currently has a 12-month PE ratio of about 22x, which is actually below the average level since the index was launched, Jason Lui, Head of APAC Equity & Derivative Strategy at BNP Paribas, said. Additionally, there is still room for earnings recovery, supporting BNP Paribas' bullish outlook on the Hong Kong market until the end of the year. In the short term, Hong Kong stocks related to AI themes will continue to catch up with global trends. Related NewsUBS Expects Alibaba Group(BABA.US) 2FQ Core Biz to Slightly Beat ExpectationsHowever, by the end of the year, BNP Paribas may see a seasonal rebound in high dividend yield thematic stocks.Regarding the recent market focus on the AI bubble issue, Lui believed that the recent AI narrative is mainly driven by the US market, with less financing activity from Chinese companies. As Chinese AI firms adjust their strategies, they may be able to narrow the performance gap with the global market.