The artificial-intelligence boom still eludes the Hong Kong market, DBS Group Research analysts write in a note. Hong Kong stocks have underperformed global peers due to their lack of direct exposure to the AI infrastructure buildout, the analysts note. The Hang Seng Index also remains sensitive to China's weak consumption trend, and the global liquidity backdrop is tightening, they add. DBS lowers its 12-month target for the Hang Seng Index to 26000 from 28000, citing a softer fund-flow outlook, as investors may stick to AI infrastructure and hardware plays outside Hong Kong, limiting inflows. By contrast, tailwinds for A share companies will continue in 2H, supported by a stronger earnings trend thanks to greater exposure to upstream industries and hard-tech companies, and more supportive domestic liquidity, they say. (kimberley.kao@wsj.com)