Mei Ri Jing Ji Xin Wen·2025-10-02 09:36Market Overview - The Hong Kong stock market opened positively in October, with the Hang Seng Index closing at 27,287.12 points, up 431.56 points, a rise of 1.61% [1] - The Hang Seng Tech Index closed at 6,682.86 points, increasing by 217.20 points, a gain of 3.36% [3] Company Highlights - Alibaba's stock (09988.HK) saw a peak increase of over 4% during the day, closing at HKD 183.1, with a final gain of 3.45% [3] - Morgan Stanley significantly raised Alibaba's target price for its Hong Kong shares to HKD 240, citing growth in cloud computing and e-commerce as key drivers for a higher valuation [3] - Based on the current closing price, Alibaba has over 30% upside potential according to Morgan Stanley's target price [3] Industry Insights - Morgan Stanley reported that Alibaba Cloud's revenue growth has accelerated for eight consecutive quarters, with a year-on-year increase of 26% expected in Q2 2025, driven by demand from generative AI in sectors like internet, autonomous driving, and embodied intelligence [5] - The report anticipates that the adoption of generative AI in China may outpace the previous SaaS wave, as it offers broader efficiency improvements and lower deployment barriers [5] - The semiconductor sector experienced a significant rally, with notable gains from companies like SMIC (00981.HK) up 12%, and other semiconductor firms also seeing increases of over 7% [5][7] Sector Performance - The semiconductor industry is expected to continue its long-term growth, driven by increased demand for storage from AI data centers and ongoing domestic substitution trends [7] - The technology sector saw widespread gains, with companies like Kuaishou (01024.HK) rising over 8%, and Baidu (09888.HK) increasing by over 4% [7] - The lithium battery sector also performed well, with CATL (03750.HK) hitting a new high with a rise of over 5% [7] Sector Index Performance - The top-performing sectors included electrical equipment (9.91%), non-ferrous metals (5.29%), and hardware equipment (4.70%) [8] - Conversely, sectors such as real estate II (-1.35%) and durable consumer goods (-4.14%) faced declines [8]