HSBC Wealth and Personal Banking, along with HSBC's warrant division and E Fund (Hong Kong), hosted the "HSBC Golden Week Investment Seminar: Golden Opportunities in Volatile Markets - Asset Allocation and Leverage Outlook Amid Global Order Reshaping" on Saturday, May 2nd, at the HSBC Premier Elite Financial Centre on the 99th floor of the International Commerce Centre. The event featured several prominent speakers, including Mr. Li Jianfeng, Chief Investment Officer for Equities at E Fund (Hong Kong); Mr. Li Zhihang, Department General Manager of Channel Business at E Fund (Hong Kong); Ms. Chen Enyin, Co-Head of Listed Products, Capital Markets & Securities Services, Asia Pacific at HSBC; guest market commentator Hung Hom Solos; and investment blogger Northfall's School. They shared practical insights with over one hundred selected HSBC clients, discussing investment paradigms and hedging tools for the complex market conditions anticipated in 2026.

**E Fund's Li Jianfeng: Shifting to a "Safety-First" Paradigm and Seeking Systemic Scarcity** Mr. Li Jianfeng, Chief Investment Officer for Equities at E Fund (Hong Kong), presented on "The Era of Scarcity in Global Investment," offering a deep analysis of how international relations and technological transformation are driving structural shortages in resources and computing power. Mr. Li described the current environment as a fundamentally different investment paradigm. He noted that international relations are shifting from "efficiency-first" to "safety-first," compounded by the extreme demands of AI technological change, leading to structural scarcity in global supply chains, natural resources, safe-haven assets, and even computing power, electricity, and labor. Mr. Li pointed out that the AI revolution is pushing demand for computing power, electricity, and storage to its limits, causing severe shortages across related industry chains. He advised investors to re-evaluate traditional business models in this "era of scarcity" and avoid sectors potentially disrupted by AI.

**HSBC's Chen Enyin & Hung Hom Solos: HK Market Structural Divergence and Using CBBCs for Downside Risk Management** Ms. Chen Enyin, Co-Head of Listed Products, Capital Markets & Securities Services, Asia Pacific at HSBC, engaged in a dialogue with guest market commentator Hung Hom Solos. They discussed the high volatility seen in the Hong Kong stock market in the first quarter of 2026 and shared strategies for flexibly using leveraged products like Callable Bull/Bear Contracts (CBBCs) for downside protection and risk management. Ms. Chen reviewed the Q1 2026 performance of Hong Kong stocks, noting that factors such as international relations and corrections in technology and internet stocks led to cautious market sentiment, with the Hang Seng Index experiencing quarterly high-low volatility reaching 13%, indicating significantly amplified market swings. Sectors like "Energy + Property + New Energy Vehicles" generally outperformed the broader market. In contrast, sectors such as "Communication Technology + Discretionary Consumption + Some High-Valuation Tech Stocks," particularly internet and growth stocks, saw substantial adjustments, highlighting clear market divergence and a marked increase in investor demand for risk management and downside protection. Facing high volatility, Ms. Chen suggested that "by flexibly utilizing CBBCs for hedging and downside protection, investors can potentially capture structural opportunities in a high-volatility environment while managing overall portfolio risk more effectively." She emphasized three key advantages of CBBCs: 1) No "daily reset" issue, meaning returns are not eroded daily by significant market fluctuations, aligning more closely with directional views on the underlying asset. 2) Fixed and transparent call prices; the product is called when the price is reached. While call risk increases when volatility expands, the risk range is clearly visible. 3) Maximum loss is capped at the initial investment, facilitating upfront quantification and defining the worst-case scenario in advance. Guest commentator Hung Hom Solos (Alan Tai) added, "Against the backdrop of a multipolar landscape and monetary credit reshaping, gold and oil are no longer mere safe-haven tools but 'hard assets' within a portfolio to hedge against systemic inflation and fluctuations in international relations." He believes that after undergoing valuation reassessment, highly probable bottom anchor points have emerged for Hong Kong stocks, while the US AI sector is experiencing a harsh transition from sentiment-driven premiums to profit validation, warranting investor caution.

**E Fund's Li Zhihang & Northfall's School: Strong Gold Price Support, Focus on Asian Semiconductor Opportunities** Mr. Li Zhihang, Department General Manager of Channel Business at E Fund (Hong Kong), and investment blogger Northfall's School focused on "Gold" and "AI Applications," providing investors with practical forward-looking views amidst the changing landscape. Mr. Li stated, "Looking ahead, as AI technology accelerates iteration, computing power resources will become increasingly scarce. The semiconductor industry, as the core support for computing power, represents a traditional strength for Asia, particularly Northeast Asia." Investment blogger Northfall's School analyzed that recent fluctuations in gold prices represent a technical correction, not a trend reversal. "With global central banks continuing net purchases of gold, coupled with unchanged medium- to long-term drivers like international relations, gold prices still have room to rise." He anticipates that in the short term, gold will maintain high-level volatility, influenced by rising international oil prices, delayed expectations for Fed rate cuts, and a strong US dollar and Treasury yields, presenting a pattern of short-term consolidation with a medium-term bullish outlook, making phased investment suitable. Regarding the widely discussed topic of AI investment, Northfall's School emphasized that while this sector is a core theme in US stocks, it is currently in a phase of coexisting opportunities and risks. The AI computing power and semiconductor supply chain are experiencing high prosperity, with leading companies securing stable orders and some already entering a phase of delivering on earnings. However, the industry exhibits a structural imbalance of "strong hardware, weak application," with valuations for some leading stocks potentially elevated and not necessarily matching earnings growth rates. He reminded investors that while noting the resilience of computing power leaders, they should be wary of uncertainties like increased regulation and competition. The focus should be on targets with solid earnings support, avoiding盲目 chasing highs.