Core Viewpoint - The Hong Kong stock market, particularly technology stocks, has experienced a significant surge, driven by positive sentiment surrounding AI narratives and macroeconomic factors, including U.S.-China relations and anticipated monetary policy changes [1][14][26]. Group 1: Market Performance - The Hang Seng Index reached a nearly four-year high, surpassing 6200 points, with the Hang Seng Technology Index rising over 4%, marking its highest level since November 2021 [2][3]. - Major tech stocks such as Baidu, Alibaba, and Tencent saw substantial gains, with Baidu soaring nearly 20% at one point, and Tencent's market capitalization returning to 6 trillion HKD [5][6][7]. - Year-to-date, both SMIC and Alibaba have seen over 100% increases in their stock prices, while Baidu and Tencent have risen by 60% [9]. Group 2: Capital Inflows - Southbound capital has consistently flowed into Hong Kong stocks, with net purchases exceeding 57 billion HKD recently, and total net inflows surpassing 1 trillion HKD this year, setting a historical record [11][12]. - The sustained inflow of capital has been observed for 17 consecutive weeks, indicating strong investor interest in the Hong Kong market [11]. Group 3: Macroeconomic Factors - The recent surge in the Hong Kong market is attributed to several macroeconomic factors, including the positive developments in U.S.-China relations, particularly regarding TikTok, and expectations of a meeting between the two nations' leaders [15][16]. - The Hong Kong government is also taking steps to support technology companies, including facilitating financing for mainland tech firms and promoting second listings for Chinese companies in Hong Kong [19]. Group 4: Industry Trends - The return of the "AI narrative" in the Hong Kong market is evident, with technology sector growth outpacing other industries. The revenue growth for the Hang Seng Technology Index is projected to be significantly higher than that of the overall index [20][21]. - Major Chinese tech companies are expected to increase their capital expenditures in AI, with total spending projected to reach 32 billion USD by 2025, more than doubling from 13 billion USD in 2023 [26]. - The demand for AI-driven cloud services is driving revenue growth among domestic cloud providers, marking a shift in the market dynamics [26]. Group 5: Future Outlook - The market is anticipating the Federal Reserve's decision on interest rates, with a strong likelihood of a rate cut, which could further boost the Hong Kong stock market [28][29]. - Analysts suggest that Hong Kong stocks are particularly sensitive to external liquidity conditions, and a potential rate cut could lead to a rally in various sectors, especially technology and consumer goods [30].

Group 1 - The Hang Seng Tech Index continued its strong performance, increasing by 4% with significant gains in stocks such as Baidu Group (+19%), SenseTime (+15%), and NIO (+11) [1] - Market attention is focused on the upcoming interest rate decision on September 18, with expectations of a rate cut by the Federal Reserve due to recent negative economic data and dovish signals from officials [1] - The influx of global capital into Hong Kong stocks is expected to drive an upward trend, particularly benefiting the technology sector known for its high growth potential [1] Group 2 - Year-to-date, both domestic and foreign capital have been flowing into the Hong Kong stock market, with a net inflow of 60.822 billion HKD from southbound funds last week, marking the highest weekly inflow since May [2] - Short-term liquidity factors are easing, with expectations of a new round of increases in the Hong Kong stock market driven by abundant liquidity and the recent stabilization of the economy [2] - Historical analysis shows that during periods of preventive rate cuts by the Federal Reserve, growth sectors and interest-sensitive industries tend to benefit, with Hong Kong stocks expected to have greater elasticity [2] Group 3 - The Tianhong Hang Seng Technology Index (QDII) closely tracks the index and focuses on 30 high-growth technology leaders listed in Hong Kong, covering sectors such as internet, e-commerce, fintech, cloud computing, and biotechnology [3] - This index reflects the trends of China's technology industry upgrade and globalization [3]

港股9月17日午后持续冲高，截至发稿，恒生科技指数大涨超4%，恒生指数涨超1.6%。恒生科技指数成分股中，百度大涨近20%。 | < V | 百度集团-SW | ri Q | | | --- | --- | --- | --- | | | 09888 | | | | 132.700 今开 121.000 最高 135.400 最低 120.200 | | | | | 1723% 19500 央手 | 2.40% 总手 5348万 金额 68.98亿 | | | | 总值 3649亿 市盈TTM 12.10 市净 | 1.21 | 車を | | | 分时 五日 | 日 K 周Ｋ 月Ｋ | 更多, | | | 135.400 | 19.61% 卖 1 132.700 | | 5.2万 | | | 买1 | 132.600 | 1850 | | | 14:22 132.550 | 分时成交 ▼ | 50 | | | 14:22 132.500↓ | | 1900 | | | 14:22 132.600↑ | | 50 | | 413.200 | 14:22 132.600 | | 300 | | | 14:22 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]

Baidu and Alibaba are at the center of one of the most exciting rallies in Chinese tech shares in years, pushing the sector to heights not seen since 2021. ...

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 ...

消息面上，8月21日，昆仑芯官微曾发布消息称，公司在中国移动（600941）2025年至2026年人工智能 通用计算设备（推理型）集中采购项目中斩获佳绩。中银国际表示，在中移动采购AI推理服务器的招 标中，昆仑芯P800 GPU拿下1、2、3包70%至100%的份额，显示出昆仑芯在诸多方面已超越行业内不少 头部企业，尤其是在CUDA兼容方面。该行指出，之前因为主要只给百度用，而受限于百度大模型的能 力，昆仑芯的实力不太为外人所知；应给予昆仑芯500亿港币的估值。 百度集团-SW(09888)午后涨幅扩大近20%，截至发稿，涨18.2%，报133.8港元，成交额64.91亿港元。 此外，据招商局集团官微消息，9月15日，招商局集团与百度集团在深圳签署战略合作框架协议。根据 协议，双方将通过紧密合作，积极发挥各自优势，在科创产业、交通物流、综合金融、地产园区等领域 开展合作，构建双赢、可持续发展的战略合作伙伴关系，实现资源共享、优势互补、互利共赢、共同发 展。 ...

Core Viewpoint - Baidu Group-SW (09888) experienced a significant increase of over 17% in stock price following the announcement of a strategic cooperation agreement with China Merchants Group to advance AI applications in various sectors [1] Group 1: Stock Performance - Baidu Group-SW's stock rose by 17.24%, reaching HKD 132.8, with a trading volume of HKD 62.24 billion [1] Group 2: Strategic Cooperation Agreement - On September 15, Baidu Group and China Merchants Group signed a strategic cooperation framework agreement in Shenzhen [1] - The agreement aims to leverage the strengths of both companies in sectors such as technology innovation, transportation logistics, comprehensive finance, and real estate [1] - The partnership is focused on creating a win-win, sustainable development relationship, emphasizing resource sharing and mutual benefits [1] Group 3: Future Development Focus - China Merchants Group's Chairman, Miao Jianmin, highlighted that AI is a key focus for the group's future development [1] - The agreement aims to deepen collaboration in areas such as digital intelligence, equity investment, finance, logistics, and property management [1] - There is a particular emphasis on enhancing cooperation in cloud computing, AI large models, and innovative pharmaceuticals [1]

据介绍，招商局集团董事长缪建民指出，招商局集团与百度集团合作基础良好，人工智能是招商局集团 下一步发展的重点，希望通过签署协议，在数智化方面及股权投资、金融、物流、物业管理与租赁等领 域深化合作，尤其是加强云计算、AI大模型、创新医药等方面合作，推动双方合作不断迈上新台阶。 百度集团-SW(09888)午后涨超17%，截至发稿，涨17.24%，报132.8港元，成交额62.24亿港元。 消息面上，据招商局集团官微消息，9月15日，招商局集团与百度集团在深圳签署战略合作框架协议。 根据协议，双方将通过紧密合作，积极发挥各自优势，在科创产业、交通物流、综合金融、地产园区等 领域开展合作，构建双赢、可持续发展的战略合作伙伴关系，实现资源共享、优势互补、互利共赢、共 同发展。 ...

9月17日午后，港股三大指数集体上涨，恒生科技指数持续拉升，盘中突破6300点。A股同赛道规模最 大的恒生科技指数ETF（513180）跟随指数上行，涨超3.5%，持仓股中，百度集团、商汤、蔚来、中芯 国际、京东集团、美团等领涨，其中，百度集团涨超19%。 （文章来源：每日经济新闻） 国信证券在最新研报中指出，据相关报道，阿里巴巴、百度已开始采用内部自主设计的芯片训练AI大 模型。阿里巴巴在最新一期财报交流会中提到，面对全球AI芯片供应及政策变化，公司准备"后备方 案"。而百度旗下昆仑芯P800也同时在被内部和外部客户采用，在中国移动2025年至2026年人工智能通 用计算设备（推理型）集中采购项目中，基于昆仑芯的AI服务器产品，在3个标包中，分别拿下 70%/70%/100%的份额，均排名第一，中标订单规模达十亿级。 华泰证券此前表示，AI正在重塑百度的长期叙事。作为国内为数不多的集自研芯片能力、AI基础设施 服务能力与AI应用场景（广告、自动驾驶、工具应用等）为一身的互联网公司，百度体系内存在数个 被显著低估的业务资产，如自动驾驶业务、自研的昆仑芯业务、百度文库及百度网盘等具备AI功能或 属性的软件应用等 ...