腾讯阿里市值双涨 殊途同归还是渐行渐远

Core Viewpoint - Tencent and Alibaba have shown a V-shaped recovery in their stock prices, indicating the attractiveness of Chinese tech companies in the capital market, despite not maintaining a growth trend recently [1][3]. Group 1: Market Capitalization and Stock Performance - As of September 17, Tencent's market capitalization was 6.06 trillion HKD, while Alibaba's was 3.08 trillion HKD. By September 18, Tencent's market cap decreased to 5.88 trillion HKD and Alibaba's to 3.02 trillion HKD [1]. - Tencent's stock price has rebounded 290% from 170.17 HKD on October 31, 2022, to 664.5 HKD on September 18, 2025 [3]. - Alibaba's stock price increased from over 80 HKD to nearly 170 HKD since 2025 [3]. Group 2: Market Environment and Investment Sentiment - The market environment for tech stocks has improved, driven by breakthroughs in domestic models like DeepSeek, leading to a 37% average increase in valuations for Chinese AI-related companies over the past year [3][4]. - Tencent announced a share buyback plan totaling 112 billion HKD for 2024, signaling confidence in its stock [4]. - Goldman Sachs has increased its target price for Tencent to 701 HKD and for Alibaba from 158 HKD to 174 HKD, reflecting growing investor confidence [5]. Group 3: Strategic Focus and Business Models - Tencent has built a robust moat through "precise investment and ecological synergy," while Alibaba is balancing "technology research and business expansion" [1][7]. - Tencent's diversified ecosystem, including gaming, fintech, and advertising, provides stronger risk resistance compared to Alibaba's reliance on e-commerce [7][8]. - Both companies are leveraging the AI wave, with Tencent optimizing existing businesses and Alibaba investing in future technologies [8]. Group 4: Financial Performance - In Q2 2025, Alibaba reported revenue of 247.65 billion CNY, a 2% year-on-year increase, while Tencent's revenue was 184.5 billion CNY, reflecting a 15% year-on-year growth [8]. - Tencent's non-IFRS operating profit grew by 18%, while Alibaba's net profit decreased by 18% [8].