港股回购热潮持续，金融科技巨头领衔，AI投入成新看点

Group 1 - The Hong Kong stock market has seen active share buyback activities in 2023, with 238 companies repurchasing a total of 6.988 billion shares, costing nearly 180 billion HKD, indicating an increase in both the number of companies and shares repurchased compared to the previous year [1] - Financial and internet technology giants are the main players in this buyback wave, with the top ten companies spending over 3 billion HKD each, and the top five exceeding 10 billion HKD, led by HSBC Holdings at 43.525 billion HKD and Tencent Holdings at 40.043 billion HKD [3] - Alibaba has also engaged in significant buybacks, spending 11.879 billion HKD, and has a remaining buyback capacity of 19.3 billion USD valid until March 2027 [3] Group 2 - Analysts believe that the large-scale buybacks by leading companies reflect their confidence in future development and the long-term value of the Hong Kong stock market, as well as their strong cash flow and increasing strength [3] - A notable trend this year is that technology giants are not only engaging in buybacks but are also significantly increasing their capital investments in the AI sector, creating a "dual-driven" strategy [3] - Tencent's Q1 2025 financial report shows R&D spending of 18.91 billion CNY, a 21% increase year-on-year, and capital expenditures of 27.48 billion CNY, a 91% surge, indicating a strong focus on AI integration in core products [4] - Alibaba plans to invest over 380 billion CNY in cloud and AI hardware infrastructure over the next three years, which is equivalent to its total investment over the past decade [4]