恒生科技指数突破6600点创历史新高，AI驱动港股科技股狂飙

Core Viewpoint - The Hong Kong technology stocks are experiencing unprecedented vitality, leading to a significant upward trend in the Hang Seng Tech Index, which has reached new historical highs, indicating the start of an exciting new era [1] Group 1: Market Performance - The Hang Seng Tech Index has set a new record, closing at 6635.30 points, marking a breakthrough past previous resistance levels and indicating a broad upward trend in technology stocks [1] - Kuaishou-W has shown remarkable performance, reaching a peak of 90.85 HKD, with a five-day increase exceeding 120% year-to-date [3] - Alibaba-W has also performed well, with a 4.29% increase to 184.60 HKD, accumulating over 120% growth this year [3] - Baidu Group has seen a 3.60% rise, closing at 138 HKD, with a five-day increase of 6.84% and a 20-day increase of 46.17% [3] Group 2: Capital Inflows - Southbound capital has been a significant driver of the technology stock rally, with continuous net inflows into the Hong Kong tech sector for 18 weeks [5] - Alibaba-W has been particularly favored, with substantial net purchases this week, reaching a historical high in shareholding [5] Group 3: Valuation and AI Investment - Analysts note that the valuations of Hong Kong internet giants are converging with their overseas counterparts, with Tencent and Meta, Alibaba and Google showing similar valuation levels [8] - The current phase is characterized by increased AI investments, which may impact short-term profits but are expected to drive stock prices based on AI potential and technological advancements [8] - Goldman Sachs emphasizes that Chinese tech stocks are undergoing a value reassessment due to strong performance and the emergence of local AI models, which have positively influenced investor sentiment [8] Group 4: Future Outlook - The next 12-36 months are seen as a critical window for valuation reconstruction in Hong Kong tech stocks, driven by the shift towards AI automation [12] - International investors are showing heightened interest in Chinese stocks, reaching the highest level since 2021, indicating a solid market confidence driven by fundamentals rather than just policy [12] - Companies heavily investing in AI, such as Alibaba, Tencent, and Kuaishou, are expected to lead the technology-driven transformation in the market [14]