映射到营收规模仅为其三分之一的汇量科技身上，260亿港元的市值规模中又有多大的泡沫？当前，AI技术究竟能为广告科 技公司支撑起多大的估值空间？ 这个国庆前后，全球AI应用资本市场经历了一场剧烈波动。 美股热门AI广告龙头AppLovin在9月29日创下712.36美元/股的历史新高后，近9个交易日回调超20%；随后港股汇量科技也同 步6个交易日回撤了21%。 这场波动引发市场深思：当AppLovin以1.45万亿人民币的市值体量直接超越多数巨头，赶追A股"八大股王"，并同步跑赢盈 利能力远超自身的小米集团、比亚迪股份等港股实业龙头时，巨大的估值差距是理性溢价还是泡沫信号？ AI广告双雄叙事：一方问鼎万亿，一方13月翻16倍 2025年是非常清晰的科技大年。从主线来看，高算力依赖的高性能芯片及CPO等硬件仍是核心，但随着AI技术持续在应用端 兑现业绩，市场的焦点也早已从硬件向软件应用端扩散。 AI广告赛道表现得非常凸显。回顾过去12个月，AppLovin的表现堪称惊艳，累计上涨超7.2倍，总市值一度突破2409亿美元 （约合人民币1.71万亿元），成功跻身"万亿市值巨头"行列。 而这背后，自去年三季度起，该公司 ...

Core Viewpoint - The Hong Kong stock market experienced a decline on October 8, with the Hang Seng Index falling by 1.07% and the Hang Seng Tech Index decreasing by 1.09% [1] Sector Performance - The electrical equipment and metals & mining sectors showed positive performance, while the passenger airline and healthcare technology sectors faced significant declines [1] Individual Stock Movements - Notable gainers included Shandong Gold, which rose by 7.56%, Jiangxi Copper, up by 6.14%, Zijin Mining International, increasing by 5.98%, and Laopu Gold, which gained 5.83% [1] - Conversely, Dazhong Public Utilities fell by 5.92%, and Huilyang Technology dropped by 7.33% [1] - Chifeng Jilong Gold surged by 14.71%, and CGN Mining increased by 9.78% [1]

公司名稱: 匯量科技有限公司 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 呈交日期: 2025年10月3日 | | | I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01860 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | USD | | 0.01 | USD | | 100,000,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | 0 | | 本月底結存 | | | 10,000,000,000 | USD | | 0.01 | USD | | 100,000,000 | 致：香港交易及結算所有限公司 本月底法定/註冊股本總額： USD ...

每经AI快讯，汇量科技(01860.HK)涨超5%，截至发稿，涨4.89%，报19.96港元，成交额2.75亿港元。 ...

Group 1 - AppLovin's stock price surged by 6.34% to a record high of $712.36 per share, with a year-to-date increase of 119.98% and a market capitalization of $240.96 billion [1] - Oppenheimer raised AppLovin's target price significantly by $240 to $740, reaffirming its "outperform" rating, indicating strong confidence in the company's non-gaming advertising business and long-term growth potential [1] - Huya Technology's stock rose over 5%, reaching HKD 19.96, with a trading volume of HKD 275 million, reflecting positive market sentiment [1] Group 2 - CITIC Securities noted that independent platforms like AppLovin AXON 2.0 and Huya Technology's Mintegral are leveraging algorithmic barriers to achieve synchronized revenue and take rate growth, expanding into new areas such as e-commerce and CTV [2] - Open Source Securities highlighted that global tech giants are increasing investments in AI infrastructure, driving continuous iteration of models and capabilities, which will accelerate the commercialization of AI applications across various sectors [2] - Recommendations to increase investment in AI applications, with a focus on Huya Technology, were made based on the expected high growth in programmatic advertising over the next five years [2]

Core Viewpoint - The AI concept stocks in the Hong Kong market showed a positive trend, with most stocks experiencing gains on September 30th [1] Group 1: Stock Performance - Huilyang Technology (01860.HK) increased by 4.47%, reaching HKD 19.88 [1] - Maifushi (02556.HK) rose by 4.33%, trading at HKD 51.35 [1] - Chuangxin Qizhi (02121.HK) saw a gain of 3.65%, priced at HKD 7.95 [1] - Fourth Paradigm (06682.HK) climbed by 3.15%, with a share price of HKD 65.5 [1] - Meitu Inc. (01357.HK) increased by 3.26%, now at HKD 9.16 [1]

Group 1 - AI concept stocks saw a majority increase in early trading, with notable gains from companies such as 汇量科技 (4.47% increase), 迈富时 (4.33% increase), and 创新奇智 (3.65% increase) [1] - DeepSeek announced a significant update to its services, reducing the cost of its API by over 50% due to a new model that lowers service costs [1] - The National Development and Reform Commission (NDRC) plans to support various enterprises, including private companies, to deeply engage in AI initiatives [1] Group 2 - Huatai Securities indicated that the reduction in model prices will attract more developers to create AI applications, potentially boosting demand for computing power and increasing the likelihood of Super Apps [2] - Zhongyin International believes that the commercialization inflection point for AI applications is approaching, driven by improvements in reasoning efficiency and cost-effectiveness of domestic chips [2] - The combination of advancements in model capabilities, data accumulation, and synthetic data technology is facilitating a shift from "single-point breakthroughs" to "systematic collaboration" in AI capabilities, paving the way for large-scale commercialization [2]

汇量科技(1860.HK)现跌8.24%报18.81元，暂成交5亿元，最新市值296亿元。消息面上，联交所最新权益披露资料显示，汇量科技于9月25日遭执行董事宋笑 飞在场内以每股均价20.1521港元减持19.2万股，涉资约386.92万港元。减持后，其持股比例由0.14%下降至0.13%。(格隆汇) | 股份代號: | 01860 | | --- | --- | | 上市法國名稱: | 匯量科技有限公司 | | 日期 (日 / 月 / 年): | 26/08/2025 - 26/09/202 | | 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | | | 持有權益的股份數目 佔已發行的有關事件的日 相關法 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 原因 | 股份數目 | | | （請參閱上述 * 註 有投票權股期(日 / 月 / 份權益 | | | | | | | | | 월 份百分比 年) | | | | | | | | | ( %) | | | DA20250925E0 ...

智通财经APP获悉，石四药集团(02005)、基石药业-B(02616)、汇量科技(01860)于2025年9月26日进行了 最新股东权益披露。 | 股票名称 | 机构名称 | 性质 | 变动前持股 | 变动后持股 | 持股比 | | --- | --- | --- | --- | --- | --- | | 石四药集团 | China Pharmaceutical | 好仓 | 8.84 亿股 | 8.85 亿股 | 29.99%(最新) | | (02005) | Company Limited | | | | 29.95%(前次) | | 石四药集团 | 曲继广 | 好仓 | 12.04 亿股 | 12.05 亿股 | 40.82%(最新) | | (02005) | | | | | 40.78%(前次) | | 基石药业 | Yang Jianxin | 好仓 | 7009.27 万股 | 7024.27 万股 | 4.76%(最新) | | B(02616) | | | | | 4.75%(前次) | | 汇量科技(01860) | 宋笑飞 | 好仓 | 219.24 万股 | 200.04 万股 ...

| 股份代號: | 01860 | | --- | --- | | 上市法國名稱: | 匯量科技为限公司 | | 日期 (日 / 月 / 年): | 26/08/2025 - 26/09/2025 | 格隆汇9月26日丨根据联交所最新权益披露资料显示，2025年9月25日，汇量科技(01860.HK)遭执行董事 宋笑飞在场内以每股均价20.1521港元减持19.2万股，涉资约386.92万港元。 减持后，宋笑飞最新持股数目为200.04万股，持股比例由0.14%下降至0.13%。 | 要格序號 | 大股東/董事/最高行政人員名 作出拔露的 賣入 / 费出或涉及的 每股的平均價 | | | | 持有權益的股份數目 佔已發行的有關事件的日 相關法國股 債權超權益 | | --- | --- | --- | --- | --- | --- | | | | 原因 | 股份數目 | | ( 調参閱上述 * 註 | | | | | | | 第) 份百分比 年) | | | | | | | ( 96 ) 19.19.152.15 | | DA20250925E00227 宋笑飞 | 192,000(L) | 1201(L) ...