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四季度港股互联网叙事或转向“AI赋能”,业绩预期有望回暖
Mei Ri Jing Ji Xin Wen·2025-09-11 03:54

Group 1 - The external delivery battle has officially begun since April, with major players like Alibaba, Meituan, and JD increasing their investments, raising concerns about the profitability of Hong Kong's internet leaders and the overall market fundamentals [1] - Most Hong Kong companies have reported mid-term results, showing initial impacts from the delivery battle, but hardware, materials, and pharmaceuticals remain bright spots [1] - Despite the decline in profit growth for the Hang Seng Tech Index due to the delivery battle, overall profitability remains stable, with ROE (TTM) for 2025H1/2024 at 14.2% [1] Group 2 - The performance within the Hang Seng Tech Index is mixed, with retail performance significantly declining, while technology hardware and software services continue to see high growth rates, with net profit for 2025H1/2024 showing year-on-year increases of 101.7%/84.4% and 31.3%/76.3% respectively [1] - The narrative for Hong Kong's internet sector may shift towards "AI empowerment" in Q4, with performance expectations likely to improve [1] - Recent releases of new large models by companies like Anthropic, Google, and OpenAI, along with their large-scale infrastructure investment plans, reflect optimism about the returns from AI applications [1] Group 3 - Domestic large models are also accelerating iterations, with DeepSeek expected to launch an intelligent agent by the end of the year to compete with OpenAI [2] - Hong Kong's internet leaders are increasing AI capital expenditures, with Tencent, Alibaba, and Baidu collectively investing 116.5 billion yuan in the first half of the year, a year-on-year increase of 131%, driving rapid growth in cloud services [2] - Alibaba Cloud's revenue in the first half of the year increased by 22% year-on-year, surpassing the growth rates of the three major telecom operators for the first time [2]