Mei Ri Jing Ji Xin Wen·2025-11-18 06:05Core Viewpoint - The Hong Kong stock market experienced a collective decline, with the Hang Seng Technology Index dropping by 2%, influenced by weak performance in tech and automotive stocks. Alibaba's launch of the "Qianwen" project marks a significant move into the AI to C market, aiming to compete with ChatGPT [1][2]. Group 1: Market Performance - The three major indices in the Hong Kong stock market fell collectively, with the Hang Seng Technology Index seeing a 2% decline [1]. - Key stocks such as XPeng Motors, Lenovo Group, BYD, and JD Health faced significant declines, while companies like Hua Hong Semiconductor, Trip.com, SMIC, and Alibaba saw gains [1]. Group 2: Company Developments - Alibaba officially announced the "Qianwen" project on November 17, launching the public beta version of the Qianwen App, which is based on the Qwen3 model and aims to compete directly with ChatGPT [1]. - The project is part of Alibaba's broader AI strategy, following a previously announced investment of 380 billion yuan in AI infrastructure [1]. - Future updates to the Qianwen App will include agentic-AI features to enhance shopping functionalities on platforms like Taobao, with an international version also in development [1]. Group 3: Industry Insights - According to China Merchants Securities, the launch of the Qianwen project signifies Alibaba's strategic ambition in C-end AI applications and the ongoing empowerment of business collaboration through AI [2]. - The firm noted that the Chinese AI industry continues to make breakthroughs, with Alibaba's initiative showcasing advancements in model performance and commercial application [2]. - The report suggests that the marginal benefits for Hong Kong stocks are gradually being realized but not fully priced in, indicating potential for a shift from suppression to growth in the market, particularly in AI and technology stocks [2].