智通财经网·2025-10-02 05:46Group 1 - The Hang Seng Tech Index rose over 3%, reaching a nearly four-year high, driven by gains in major tech stocks such as Kuaishou, Baidu, Alibaba, JD.com, and Tencent [1] - The Hang Seng Tech Index increased by 9.2% in September, with valuations of Hong Kong internet giants converging rapidly with those of their overseas counterparts [1] - Analysts believe that domestic tech giants are entering a phase of increased AI investment, similar to the significant capital expenditures seen from Microsoft and Meta in mid-2023 [1] Group 2 - Morgan Stanley raised Alibaba's target price to HKD 240, citing a continuous acceleration in Alibaba Cloud's revenue growth, driven by demand in generative AI across various sectors [2] - Guotai Junan Securities adjusted Baidu's target price to HKD 176, maintaining an "overweight" rating, as the market begins to reassess the commercial viability of Baidu's AI initiatives [2] - Dongfang Securities noted that Kuaishou could maintain its leading position through model iteration, with the 2.5 Turbo version expected to drive user growth and revenue due to a combination of performance upgrades and a 30% price reduction [2]