Group 1 - The core viewpoint of the article highlights that software companies in China, such as Kingdee International, Meitu, Kingsoft Office, and Yonyou Network, are making steady progress in monetizing AI, with increasing contract values related to AI [1] - AI-driven demand is expected to significantly boost the growth of data centers, supported by advancements in domestic AI chip research, which will lead to increased orders [1] - The report favors companies with robust downstream demand and high recurring revenue, identifying Kingdee and Meitu as top picks in the software sector, both rated "Buy" with target prices of HKD 20.7 and HKD 13.5 respectively [1] Group 2 - In the data center and public cloud sectors, the report is optimistic about companies like GDS Holdings, Century Internet, and Kingsoft Cloud, all benefiting from strong AI demand, with performance exceeding expectations and rated "Buy" [1] - The target price for Mingyuan Cloud has been raised from HKD 3.7 to HKD 4, while maintaining a "Neutral" rating [1]

Group 1 - AI concept stocks in Hong Kong saw significant gains, with Baidu Group-SW rising 17.84% to HKD 133.4, SenseTime-W up 14.47% to HKD 2.61, and Kingsoft Cloud up 8.9% to HKD 8.93 [1] - The Hong Kong Chief Executive, John Lee, emphasized the importance of artificial intelligence in the 2025 Policy Address, focusing on advancing AI research, talent, funding, and application [1] - The Hong Kong government announced a HKD 3 billion "Frontier Technology Research Support Scheme" to attract top international researchers in AI and related fields [1] Group 2 - The Chinese government's "Artificial Intelligence +" action plan released in August provides policy support for the large-scale application and commercialization of AI [2] - Global investment in computing power remains strong, with Oracle's orders exceeding expectations at USD 455 billion, and Alibaba committing to a capital expenditure of HKD 380 billion in AI over the next three years [2] - Analysts from Haitong International and Daiwa have expressed optimism regarding the acceleration of AI applications, noting that leading companies like Tencent, Alibaba, and Kingsoft Cloud are beginning to see results from AI monetization [2]

值得一提的是，今年8月，国务院印发的《关于深入实施"人工智能+"行动的意见》进一步为推动人工智 能规模化应用和商业化落地提供了政策支撑。此外，全球算力投资高景气，甲骨文4550亿美元订单超预 期；阿里重申三年内AI资本开支达3800亿。海通国际表示，看好国产算力浪潮下AI应用落地持续加 速。大和研报则指出，AI变现已开始为腾讯、阿里、金山云等领先企业带来成果。 AI概念股午后涨幅扩大，截至发稿，百度集团-SW(09888)涨17.84%，报133.4港元；商汤-W(00020)涨 14.47%，报2.61港元；金山云(03896)涨8.9%，报8.93港元；万国数据-SW(09698)涨5.1%，报37.1港元； 阿里巴巴-W(09988)涨5.15%，报161.4港元。 消息面上，9月17日，香港特区行政长官李家超在立法会发表2025年《施政报告》。在产业发展和革新 方面，李家超重点提及人工智能（AI），包括推进AI科研和人才优势、强化AI资金优势、强化AI数据 优势、拓展AI应用等。李家超表示，政府早前宣布推出30亿港元的"前沿科技研究支援计划"，将会短期 内接受申请，支持本地资助院校吸引AI等方面的国际 ...

Core Viewpoint - Bank of America Securities reports that during a recent investor event, discussions with management from Chinese software companies and data center/cloud computing firms revealed steady progress in AI monetization and an increase in AI-related contract values [1] Group 1: Software Companies - AI agency and AI coding deployment are enhancing operational efficiency for software companies [1] - Companies like Kingdee and Meitu, which have a high proportion of subscription revenue, are expected to show greater growth visibility [1] - Bank of America Securities prefers companies with robust downstream demand and high recurring revenue, with Kingdee and Meitu being top picks, rated "Buy" with target prices of HKD 20.7 and HKD 13.5 respectively [1] Group 2: Data Centers and Cloud Services - AI development is driving strong growth in data center demand, supported by positive progress in domestic AI chip research [1] - The public cloud business is also experiencing robust growth due to AI [1] - Bank of America Securities is optimistic about companies like GDS Holdings, Century Internet, and Kingsoft Cloud, all benefiting from strong AI demand, with all performance exceeding expectations and rated "Buy" [1] - Mingyuan Cloud's target price has been raised from HKD 3.7 to HKD 4, maintaining a "Neutral" rating [1]

Core Viewpoint - The recent announcement by the National Development and Reform Commission (NDRC) regarding the normalization of REITs application processes is expected to accelerate IPO procedures and expand the market, positively impacting companies like GDS Holdings (09698, GDS.US) and Century Internet (VNET.US) [1] Group 1: Policy Impact - The NDRC's updated notification allows newly listed REITs to apply for asset injection six months post-IPO, facilitating quicker acquisitions within the first 12 months [1] - The Chinese government is keen on rapidly increasing the scale of REITs in the stock market, which is anticipated to lead to a larger initial asset acquisition for GDS Holdings [1] Group 2: Company Outlook - Both GDS Holdings and Century Internet are viewed positively by the firm, with a preference for Century Internet due to its ongoing REIT application process [1] - Century Internet is expected to pursue private REITs concurrently to mitigate risks associated with potential delays in the public REIT process [1] Group 3: Financial Projections - The firm maintains a favorable outlook on the fundamentals of GDS Holdings and Century Internet, assigning a target price of $67.12 for GDS Holdings, reflecting a 22.7x EV/EBITDA based on the SOTP method [1]

Core Viewpoint - The article discusses the recent surge in the A-share market, particularly focusing on the structural changes and opportunities within the data center and AI sectors, driven by significant capital expenditures from major companies like Tencent and Alibaba [5][9]. Group 1: Market Movements - A-share market has seen notable movements in the computing power concept stocks, with companies like Data Port and Ronglian Technology experiencing sharp increases, including a limit-up on Ronglian Technology [3][6]. - The computing power sector is compared to the previous liquid cooling sector, indicating it is on the verge of a breakout, with significant gains observed in related stocks [6]. Group 2: Capital Expenditure Trends - Major companies are ramping up capital expenditures, with Tencent and Alibaba reporting increases of 119% and 220% respectively in Q2 this year, and Alibaba planning to invest over 100 billion yuan in AI infrastructure and products [5][9]. - The report highlights that the capital expenditure (CAPEX) for major cloud service providers like Microsoft, Amazon, and Google is expected to grow significantly, with projected CAGR of 33.74% from 2021 to 2024 [9]. Group 3: AI and Data Center Dynamics - The rapid development of AI technology is reshaping the data center industry, with increasing demand for AI-driven services expected to be the main growth driver [6][9]. - The Chinese AI cloud market is projected to reach 22.3 billion yuan by the first half of 2025, supported by favorable policies aimed at avoiding redundant construction in the industry [7]. Group 4: Policy and Industry Outlook - The "East Data West Calculation" initiative is expected to provide a clear direction for the scalable and intensive development of data centers, combining low-cost resources in the west with high market demand in the east [9]. - The "dual carbon" policy context is pushing for a transformation in data centers towards greener practices, which may lead to increased capital expenditure pressures in the short term [10].

Group 1 - Chinese concept stocks showed strength in pre-market trading, with Baidu rising over 4% and Bilibili and Global Data increasing by more than 3% [1] - Luxury furniture company RH experienced a significant decline, dropping by 9% [1]

Group 1 - Evergrande Property (06666) resumed trading and rose over 28% as Evergrande and liquidators plan to sell shares, with potential transactions in preliminary stages [1] - Alibaba-W (09988) increased by over 5% and Baidu Group-W (09888) rose over 8% as both companies began using internally designed chips to train their AI models, replacing some NVIDIA chips [1] - China Merchants Energy (01138) saw a rise of over 5% after announcing plans to issue A-shares to raise no more than 8 billion yuan for fleet upgrades, with increased oil production expected to boost shipping demand [1] - Kangfang Biologics (09926) increased by over 4% after presenting excellent clinical data for its drug at WCLC, highlighting its global market value [1] - NIO-SW (09866) rose over 3% as it plans to publicly issue $1 billion in shares, with Goldman Sachs expecting the funds to support the company's product strategy [1] - WanGuo Data-SW (09698) surged over 15% as AI drives data center demand, with the company fully engaging in partnerships with cloud service providers [1] - Jiajian Ankang-B (02617) rose over 32%, with its market capitalization exceeding 50 billion HKD after receiving approval for a Phase II trial of its drug [1] Group 2 - Meitu (01357) increased by over 6% after announcing a partnership with Alibaba's Tongyi Laboratory to enhance its products with advanced AI models [2] - Robotics concept stocks mostly rose, with UBTECH (09880) up over 3%, ShouCheng Holdings (00697) up over 3%, Yuejiang (02432) up over 4%, and Jizhi Jia-W (02590) up over 6%, as domestic and international catalysts for humanoid robot commercialization are expected [2] - Bilibili-W (09626) rose over 2% as it revealed its new strategy card game "Three Kingdoms: Hundred Generals Card," with institutions optimistic about the company's growth potential with AI integration [2] Group 3 - Alibaba (BABA.US) rose 8.00% after the launch of the "Gaode Street Ranking," which attracted over 40 million users on its first day, becoming the largest food ranking in China [3] - XPeng Motors (XPEV.US) increased by 2.39% after receiving a special flight permit for its "land aircraft" (X3-F) in the UAE [3] - Trip.com (TCOM.US) rose 3.21% after forming a five-year strategic partnership with Cityline, marking its first collaboration with a major ticket supplier in Hong Kong and Macau [3] - NIO (NIO.US) increased by 6.21% after completing a $1 billion equity issuance, marking its second public financing plan this year [3] - Kingsoft Cloud (KC.US) rose 5.60% as Citigroup raised its target price to $20, citing strong AI-related demand from Xiaomi [3] - NetEase (NTES.US) continued to rise by 2.98%, reaching a historical high after launching its first sci-fi shooting mobile game based on the "Destiny" IP [3] Group 4 - Adobe (ADBE.US) rose 0.11% after launching its first AI agent product suite to help customers streamline workflows across various applications [4] - Hesai (HSAI.US) increased by 0.90% as sources reported its Hong Kong IPO priced at HKD 212.8 per share, raising at least HKD 3.62 billion with oversubscription nearly 120 times [4] - Tesla (TSLA.US) rose 6.04% as the Model Y L is set to launch in the domestic market on September 19, with orders extending to November [4] - Online real estate platform Opendoor (OPEN.US) surged 79.52% after appointing Kaz Nejatian as the new CEO, with co-founder Keith Rabois returning to the board [4]

Group 1 - Cloud computing stocks continue to rise, with notable increases in companies such as GDS Holdings (up 18% to HKD 39.6), Alibaba (up 6.56% to HKD 152.7), New Oriental (up 3.63% to HKD 7.13), and Kingsoft Cloud (up 3.14% to HKD 8.87) [1] - Oracle reported a future contract revenue increase of USD 317 billion for Q1 of fiscal year 2026, indicating strong demand in the cloud computing sector [1] - OpenAI has reportedly signed a five-year agreement to purchase USD 300 billion worth of computing power from Oracle, highlighting the growing collaboration between AI and cloud services [1] Group 2 - The four major North American cloud providers—Google, Microsoft, Meta, and Amazon—have significantly increased their capital expenditures, totaling USD 87.4 billion in Q2 2025, a 69% year-over-year increase and a 23% quarter-over-quarter increase [1] - Analysts predict that the demand for AI servers will continue to grow, with major cloud service providers expected to maintain double-digit growth in procurement to meet the needs for AI training and inference [1]

Group 1 - Cloud computing stocks continue to rise, with notable increases in companies such as GDS Holdings (up 18% to HKD 39.6), Alibaba (up 6.56% to HKD 152.7), New Oriental (up 3.63% to HKD 7.13), and Kingsoft Cloud (up 3.14% to HKD 8.87) [1] - Oracle reported a future contract revenue increase of USD 317 billion for Q1 of fiscal year 2026, indicating strong demand for cloud services [1] - OpenAI has reportedly signed a deal to purchase USD 300 billion worth of computing power from Oracle over approximately five years, highlighting the growing collaboration between AI and cloud computing [1] Group 2 - Analysts predict ongoing collaboration opportunities between OpenAI and Oracle in AI server infrastructure, driven by the demand from OpenAI's Stargate project [2] - Major cloud service providers (CSPs) like Microsoft, Google, Oracle, and Chinese internet giants are expected to maintain double-digit growth in AI server procurement to meet the increasing computational needs for AI training and inference [2] - In Q2 2025, the combined capital expenditure of the four major North American cloud providers reached USD 87.4 billion, reflecting a 69% year-over-year increase and a 23% quarter-over-quarter increase [1]