Chang Jiang Shang Bao·2025-09-21 23:06Core Viewpoint - The stock prices of major tech companies like Tencent and Alibaba have surged significantly since early 2025, driven by strong operational performance and a revaluation of their tech attributes [1][4][12]. Group 1: Stock Performance - Tencent's market capitalization has returned to 6 trillion HKD, while Alibaba's has reached 3 trillion HKD, both marking nearly four-year highs [1][4]. - On September 17, 2024, Tencent's stock closed at 661.50 HKD per share, up 2.56%, and Alibaba's closed at 161.60 HKD per share, up 5.28% [9][10]. - Baidu's stock also saw a significant increase, closing at 131 HKD per share, up 15.72%, achieving a near two-year high [5][11]. Group 2: R&D Investments - In 2024, Tencent, Alibaba, and Baidu's R&D investments were 70.686 billion CNY, 57.151 billion CNY, and 22.133 billion CNY, respectively, highlighting the increasing importance of technology [7]. - Tencent's R&D investment has more than doubled from 22.936 billion CNY in 2018 to 70.686 billion CNY in 2024, reflecting a strong commitment to innovation [16]. - Baidu's R&D investment has consistently exceeded 20 billion CNY annually from 2021 to 2024, with a projected R&D revenue ratio of approximately 16.63% in 2024 [16]. Group 3: AI Technology and Applications - Major tech companies are making significant advancements in AI technology, with Tencent announcing multiple AI product developments and a commitment to open its AI capabilities through Tencent Cloud [14]. - Baidu is testing its self-developed Kunlun chip for training its new Wenxin large model, showcasing its progress in AI core technology [7][14]. - AI technology is increasingly integrated into business operations, with Tencent applying AI across over 700 business scenarios, enhancing creativity and operational efficiency [17]. Group 4: Financial Performance - Tencent's revenue for 2024 and the first half of 2025 reached 660.257 billion CNY and 364.526 billion CNY, respectively, with year-on-year growth rates of 8.41% and 13.69% [18]. - Baidu's net profit for the same periods was 23.760 billion CNY and 15.039 billion CNY, with year-on-year growth rates of 16.96% and 37.52% [19].