「掘金」AI，恒生科技的「硬逻辑」

Group 1 - The core viewpoint is that the AI era is rapidly approaching, and it is an opportune time to invest in high-quality technology assets in China [2][3] - By Q1 2025, major AI applications like Manus, DeepSeek, and Tencent Yuanbao have achieved significant user engagement, with MAUs reaching 187 million, 99.8 million, and 23.6 million respectively [3] - The Hang Seng Technology Index has shown resilience amidst market volatility, with a year-to-date increase of 17.03% as of May 8, outperforming major global indices [3][4] Group 2 - The AI application explosion is driving a revaluation of asset values, with the Hang Seng Technology Index rising nearly 40% this year [6] - The second phase of market logic is emerging, where AI applications are expected to boost performance and value reconstruction [7] - In the U.S., companies like Microsoft and Meta have reported significant revenue growth attributed to AI, with Microsoft's intelligent cloud business growing by 21% to $26.8 billion [7][8] Group 3 - In China, AI applications are also thriving, with Alibaba Cloud's intelligent business growing by 13% year-on-year, reaching 31.742 billion yuan [10] - Tencent has seen substantial user growth in its AI applications, contributing to record revenue and strong net profit for the year [11] - The penetration rate of new energy vehicles has surpassed 50%, with expectations for L2-level and above assisted driving functions to reach 62% this year [13] Group 4 - The gap between Chinese and U.S. large models has narrowed, with Alibaba's Qwen3 performing competitively against top international models [14] - The digital infrastructure in China is well-developed, positioning AI-first applications to create significant economic value [15] - AI is expected to generate $2 trillion in value for the Chinese economy by 2030, with an annual GDP growth contribution of 0.8 percentage points over the next decade [16] Group 5 - Major technology companies like Alibaba, Tencent, and JD.com have significant room for valuation improvement compared to their PE and PEG levels [19] - The government is actively promoting AI initiatives, emphasizing the importance of "AI+" actions and the development of new intelligent terminals [21] - The investment opportunities presented by AI are expected to be larger than those from the mobile internet a decade ago, with a consensus forming around the rise of AI in various industries [22] Group 6 - The Hang Seng Technology Index includes leading companies in AI capabilities and promising application scenarios, making it a strong investment target [23][24] - The top ten constituents of the Hang Seng Technology Index include major players like Tencent, Alibaba, and SMIC, covering a broad spectrum of the AI landscape [25] - For most ordinary investors, products like the E Fund Hang Seng Technology ETF (513010) provide a convenient way to invest in this sector [25]