DeepSeek has sparked a wave of artificial intelligence, benefiting the mainland China and Hong Kong stock markets. She Kangru, Director of Diversified Asset Investment at Schroders Global, said that besides being stimulated by Deep Seek, the market also needs to know whether the central government will introduce substantive measures to support the economy. It is expected that more substantive measures will be introduced at the March Two Sessions, leading to a more sustained overall market upturn. Currently, China's mainland and Hong Kong stock markets are rated "neutral". She Kangru said that MSCI China rose by 30% last year, and the Hang Seng Index has risen by 8 to 9% since the beginning of the year. If the Chinese government introduces more measures to support the economy, more confidence will be put into the Hong Kong and A-share markets. Currently, driven by the Deep Seek trend and IT stocks, the offshore Chinese market has more advantages. If China introduces substantive stimulus policies, it will be more beneficial for local companies, and attention will then shift to the onshore market, such as the consumer sector. Regarding Trump's imposition of a 10% tariff on Chinese imports, She Kangru pointed out that this is in line with Schroders Global's prediction, and many Chinese companies have already made arrangements to shift their production chains to Southeast Asia. Therefore, the impact of tariffs on investors is not too significant, and the overall market trend is not too pessimistic. Kanzhao Heng, Head of Stock Products in the Asia Pacific region (excluding Japan) at Schroders Global, said that the main regional funds of the bank are in a "underweight" position in Chinese mainland and Hong Kong stocks. Due to attractive valuations, they have slowly started to increase their positions over the past 6 months and have adopted a "bottom-up" strategy to select individual companies. Given the recent development of DeepSeek, they will focus on more AI-related companies on the fringes.