互联网叙事从“外卖战”转向“AI赋能”，港股业绩预期有望回暖

Group 1 - The global AI sector is experiencing significant activity, with companies like Anthropic, Google, and OpenAI releasing new versions of large models and announcing substantial infrastructure investment plans, reflecting optimism about AI application returns [1] - A 2024 McKinsey survey indicates that generative AI can help businesses reduce costs and increase revenues, particularly in supply chain management, financial analysis, and marketing [1] - Meta reported that AI tools have improved the precision of ad recommendations, leading to an 11% year-on-year increase in ad impressions and a 9% rise in average ad prices [1] Group 2 - Domestic AI advancements are also notable, with DeepSeek planning to launch a competitor to OpenAI's intelligent agents by the end of the year, and major internet companies in Hong Kong investing heavily in AI, with Tencent, Alibaba, and Baidu collectively spending 116.5 billion yuan on AI-related capital expenditures in the first half of the year, a 131% year-on-year increase [1] - Alibaba Cloud's revenue grew by 22% year-on-year, marking a growth rate that has surpassed the three major telecom operators for the first time [1] - As U.S. restrictions ease, domestic capital expenditures are expected to continue increasing, shifting market focus from the "food delivery battle" to "how much new revenue AI can generate," which will naturally improve earnings expectations [1] Group 3 - Despite short-term disruptions from the food delivery competition, the fundamentals of the Hong Kong stock market remain resilient, with hardware, materials, pharmaceuticals, and finance sectors showing strong performance in mid-year reports [2] - The performance expectations for these sectors are continuously viewed positively, and with the rise of AI narratives and domestic policy support, both earnings expectations and capital flows in the Hong Kong market are anticipated to improve in the second half of the year [2] - Investors are encouraged to focus on "structural opportunities" rather than getting too caught up in short-term market fluctuations [2] Group 4 - Relevant ETFs include the Hong Kong Stock Connect Technology ETF (159101) for the AI industry, the Hang Seng Internet ETF (513330) for internet leaders, and the Hang Seng Pharmaceutical ETF (159892) for pharmaceutical leaders [3]