According to the Research Reports from China International Capital Corporation, after experiencing two weeks of continuous adjustments at the beginning of the year, the Hong Kong stock market initiated a rebound from mid-January, significantly outperforming the A-shares. This aligns with China International Capital Corporation's indication that the Hang Seng Index's 19,000 points is a key Resistance level where more aggressive participation is possible during downturns. However, the strength of the post-holiday rebound has exceeded the expectations of most investors. 1) What are the driving factors for this round of market movements? Enthusiasm for AI drives technology to lead the gains, with sentiment as the main driver. 2) What are the potential variables going forward? The interplay of tariff developments and policy expectations is mutually causal, with the AI technology trend being increasingly crucial. Internationally, the impact of Trump's gradual tariffs is relatively controllable in the short term. However, the easing of tariff pressures, along with the excitement brought by DeepSeek in the industry, may actually reduce the likelihood of heightened short-term domestic policies. In comparison, the development prospects of the AI industry are more critical, but it is still impossible to make a definitive judgment at this time.