Mei Ri Jing Ji Xin Wen·2025-09-08 02:29Group 1 - The Hong Kong stock market indices collectively rose on September 8, with technology stocks showing mixed performance, while property stocks surged and the solar energy sector advanced [1] - Alibaba's new model Qwen3-Max-Preview, with over 1 trillion parameters, was launched on September 6, demonstrating leading performance in multiple benchmark tests [1] - Longjiang Securities believes that Qwen3-Max-Preview, as the most powerful language model in the Tongyi Qianwen series, indicates that domestic large models are progressing towards global leadership, potentially accelerating the application of domestic AI and driving demand for computing power [1] Group 2 - The Hong Kong technology sector, represented by the Hang Seng Tech Index, is currently in a historically undervalued range, with expectations of a "catch-up" rally due to continuous inflow of southbound funds and the potential start of a new round of interest rate cuts in the US [2] - The ongoing anti-involution policies, combined with Alibaba's better-than-expected earnings report and rapid iteration of AI large models, suggest that the Hong Kong tech sector may shift focus from "takeout involution" back to AI narratives, with a potential for valuation reconstruction [2] - The Hang Seng Tech Index ETF (513180) includes 30 leading Hong Kong tech companies, focusing on the AI industry chain, with Alibaba, Tencent, Xiaomi, Meituan, SMIC, and BYD expected to become the "seven giants" of Chinese tech stocks [2]