科技指数相关个股表现突出 快手-W(01024.HK)表现格外引人注目，截至午间收盘，涨6.56%，报90.15港元，盘中最高触及91.40港元。该股近期表现持续强势，5日 涨幅已超20%，年初至今涨幅更是高达120%。 阿里巴巴-W(09988.HK)涨3.95%，报184.00港元。该股年内涨幅已超120%，20日累计涨幅超35%，显示持续受到资金追捧。 百度集团-SW(09888.HK)涨4.50%，报139.30港元。该股5日涨幅达6.84%，20日涨幅达46.17%。 港股午间收盘，恒生指数涨1.45%， 恒生科技指数涨2.66%。 个股方面，天齐锂业涨超13%，赣锋锂业涨超10%，中芯国际涨超9%，蓝思科技涨超 8%，快手涨超6%，华虹半导体、比亚迪电子涨超5%，宁德时代涨超4%。 为何市场看好科技股？ 国信证券分析指出，港股互联网巨头估值正与海外同类公司快速收敛。当前腾讯与Meta、阿里与谷歌的估值水平已回到相似水位。 国泰海通则维持百度集团"增持"评级，上调目标价至176港元。报告指出，百度依托自研AI模型，加强赋能多项业务，深度思考模型文心 X1.1在多项指标上显著提升，基准测试整体效果已与 ...

Core Viewpoint - Alibaba's stock price reached a new high since August 2021, driven by strong growth in cloud computing and e-commerce, leading to a significant increase in its target price by Morgan Stanley [1] Group 1: Stock Performance - Alibaba's stock rose over 4% during trading, reaching HKD 184.8, marking the highest price since August 2021 [1] - The stock has accumulated a gain of over 125% year-to-date [1] Group 2: Analyst Insights - Morgan Stanley predicts that growth in cloud computing and e-commerce will support a higher valuation for Alibaba [1] - The target price for Alibaba's Hong Kong stock has been raised significantly from HKD 165 to HKD 240 [1]

摩通将对该公司2027和2028财年云收入预测上调2%和6%，主要原因是对于GenAI的采用及阿里云的变 现化更加乐观。将2027和2028财年中国电商集团经调整EBITDA上调2%和3%。 摩根大通发布研报称，上调阿里巴巴-W(09988)港股目标价45.5%，从165港元升至240港元，同时上调 其美股目标价，从170美元升至245美元，评级"增持"。 该行表示，阿里巴巴股价过去三个月跑赢同行平均水平，主要受惠于2025年第二季度云收入增长率好于 预期，以及管理层对其在外卖以及快商务方面的投资策略。在参加阿里巴巴上周在杭州的云栖大会后， 摩通对阿里云更加乐观，因为其在外部客户以及国内电商协同效应之下的未来收入增长机会。 ...

摩通将对该公司2027和2028财年云收入预测上调2%和6%，主要原因是对于GenAI的采用及阿里云的变 现化更加乐观。将2027和2028财年中国电商集团经调整EBITDA上调2%和3%。 该行表示，阿里巴巴股价过去三个月跑赢同行平均水平，主要受惠于2025年第二季度云收入增长率好于 预期，以及管理层对其在外卖以及快商务方面的投资策略。在参加阿里巴巴上周在杭州的云栖大会后， 摩通对阿里云更加乐观，因为其在外部客户以及国内电商协同效应之下的未来收入增长机会。 智通财经APP获悉，摩根大通发布研报称，上调阿里巴巴-W(09988)港股目标价45.5%，从165港元升至 240港元，同时上调其美股目标价，从170美元升至245美元，评级"增持"。 ...

Core Viewpoint - Alibaba demonstrates rapid advancements in AI technology and a strong strategic commitment to "All in AI" at the 2025 Yunqi Conference, solidifying its leading position in large language models and showing significant progress in multimodal models [1] - The company is optimistic about its sustained leadership in large model capabilities and the strong dual-end penetration ability under its open-source strategy, leading to an upward adjustment in revenue growth expectations for Alibaba Cloud, with a target price of HKD 205.34 and a "Buy" rating [1] Group 1 - Alibaba's CEO, Wu Yongming, highlighted two main points regarding AI development: rapid technological progress and the swift increase in global AI investment and user penetration [1] - AI technology has advanced from high school level to PhD level in less than three years, with a high certainty of achieving AGI and ASI in the future [1] - Global AI investment is projected to grow from USD 400 billion in the past year to over USD 4 trillion in the next five years, with AI chatbots seeing the fastest user penetration [1] Group 2 - Alibaba Cloud aims to become one of the few global super cloud computing platforms, with plans to significantly increase its global data center energy consumption by tenfold by 2032 [1] - The company has released three large language models and four multimodal models, maintaining a leading position in the LLM arena, with Qwen 3 max ranking third globally [2] - The new Qwen 3Next architecture shows strong technical potential, with training resources significantly lower than comparable models while achieving similar performance [2] Group 3 - The open-source strategy has led to a substantial increase in the Qwen ecosystem, with over 1 million service customers and more than 170,000 derivative models [2] - The usage of Alibaba Cloud's services has seen a 15-fold increase in the past 12 months, with the MoDa community becoming the largest open-source community in China [2] - The company’s open-source strategy is seen as a key to capturing model market share and enhancing application ecosystems, particularly in the B-end market [3] Group 4 - The company forecasts revenue for FY2026-2028 to be CNY 10084 billion, CNY 11391 billion, and CNY 12482 billion, reflecting an upward adjustment due to deeper AI strategy and model technology advancements [3] - Adjusted net profit estimates for FY2026-2028 are CNY 1412 billion, CNY 1878 billion, and CNY 2166 billion, driven by accelerated AI revenue growth [3] - The estimated market value of the company is CNY 35757 billion, corresponding to a per-share value of HKD 205.34 [3]

| 代码 | 名称 | | 涨跌幅 √ | 年初至今涨跌 | | --- | --- | --- | --- | --- | | 00981 | 中古国际 | (0) | 8.11% | 170.44% | | 01024 | 快手-W | | 7.74% | 122.92% | | 00285 | 比亚迪电子 | | 4.74% | 4.51% | | 09866 | 蔚来-SW | | 4.27% | 71.98% | | 09988 | 阿里巴巴-W | | 4.24% | 129.34% | | 09888 | 百度集团-SW | | 3.53% | 66.75% | | 01347 | 材料制体 | | 3.25% | 281.52% | | 01810 | 小米集团-W | | 2.69% | 60.72% | | 00700 | 腾讯控股 | | 2.64% | 64.97% | | 09618 | 京东集团-SW | | 2.38% | 7.33% | | 03690 | 美团-W | | 2.20% | -29.60% | | 09660 | 地平线机器人-W | | 1.98% | 171 ...

大和指，参加了9月24-26日在杭州举行的阿里云2025云栖大会，这是阿里云的年度旗舰技术盛会，该行 重新审视了其模型，并上调了对阿里巴巴云端收入和资本支出的预测，重申其为其首选股。 大和发布研报称，将阿里巴巴-W(09988)目标价由180港元，调高13.9%至205港元，维持"买入"的投资评 级。 大和将阿里巴巴2026-28财年的营收预测调高0.3-2.9%，0这主要得益於该行对云端业务前景更加乐观。 该行称，上调阿里巴巴目标价是基于中国电商集团2026-27财年平均上调至11.0倍，大和对阿里云长期 毛利率前景的预期比市场更乐观。 ...

大和指，参加了9月24-26日在杭州举行的阿里云2025云栖大会，这是阿里云的年度旗舰技术盛会，该行 重新审视了其模型，并上调了对阿里巴巴云端收入和资本支出的预测，重申其为其首选股。 智通财经APP获悉，大和发布研报称，将阿里巴巴-W(09988)目标价由180港元，调高13.9%至205港元， 维持"买入"的投资评级。 大和将阿里巴巴2026-28财年的营收预测调高0.3-2.9%，0这主要得益於该行对云端业务前景更加乐观。 该行称，上调阿里巴巴目标价是基于中国电商集团2026-27财年平均上调至11.0倍，大和对阿里云长期 毛利率前景的预期比市场更乐观。 ...

Core Viewpoint - Morgan Stanley has significantly raised Alibaba's target price for Hong Kong stocks to HKD 240, citing growth in cloud computing and e-commerce as key drivers for a higher valuation [1] Group 1: Cloud Computing Growth - Alibaba Cloud's revenue growth has accelerated for eight consecutive quarters, with a year-on-year increase of 26% expected in Q2 2025, driven by demand from generative AI in sectors like internet, autonomous driving, and embodied intelligence [1] - The adoption rate of generative AI in China is anticipated to surpass that of the previous Software as a Service (SaaS) wave, due to broader efficiency improvements and lower deployment barriers [1] Group 2: Future Projections - Over the next 12 to 36 months, generative AI is expected to transition from trial phases to agent automation, impacting areas such as marketing, service, coding, financial operations, and supply chain [1] - Service costs are projected to decline steadily, with higher conversion rates and throughput for most customer-facing channels [1] Group 3: Target Price Adjustments - The target price for Alibaba's U.S. stocks has been raised from USD 170 to USD 245, while the target price for Hong Kong stocks has been increased from HKD 165 to HKD 240 [1]

Core Insights - The value creation capability of Chinese private enterprises is accelerating, leading to a new wave of wealth creation. The latest "New Fortune" magazine's 500 Rich List shows that the total market value of the 500 entrepreneurs (or families) listed is 13.7 trillion yuan, an increase of 11% year-on-year, with an average market value of 273.8 million yuan. The entry threshold for the list is 66.2 million yuan. AI companies dominate the top ten this year [1]. Group 1: Wealth Creation - The total market value of the 500 entrepreneurs is 13.7 trillion yuan, reflecting an 11% year-on-year increase [1]. - The average market value of the listed entrepreneurs is 273.8 million yuan [1]. - The entry threshold for the list is set at 66.2 million yuan [1]. Group 2: Industry Trends - AI companies are leading the top ten positions in this year's wealth list [1].