Alex Yao, Co-head of TMT Research in Asia at Morgan Stanley, indicated that considering the improvement of cost structure and weak competition in Chinese technology stocks, it is expected that there is still about 20% to 25% room for upward movement in technology stocks.

Previously, Alex Yao caused a stir by listing the Chinese technology industry as "not suitable for investment," and two years ago downgraded the rating of 28 companies including Tencent (00700.HK) and Alibaba-SW (09988.HK). However, he now believes that if the macro economy recovers, e-commerce companies will benefit from the cyclical recovery of consumption, and regards the stabilization of China's macro economy as the investment theme for this time.

He added that investors have been closely monitoring China's data to search for clues about the strength of the economic recovery, and currently the macro indicators show early signs of economic stability, which is also the main driving force behind the industry's rise this year, and is expected to be a key factor in future stock price trends.