业绩+AI投入双增，港股科技板拐点已至？

Core Insights - Recent financial reports from two major domestic internet giants have exceeded market expectations, driven by their AI strategies and market outlook, leading to increased activity in the Hong Kong tech sector [1][3] Group 1: Financial Performance - One internet giant reported revenue of 247.795 billion yuan, surpassing market expectations, with a year-on-year growth of 15% after excluding the impact of divested businesses [3][11] - Another internet giant achieved revenue of 192.87 billion yuan and an operating profit of 72.57 billion yuan, reflecting year-on-year growth of 15% and 18% respectively [3][11] - AI-related revenue for one giant's AI and cloud segment grew by 34% year-on-year, marking a new high, while AI product revenue has seen triple-digit growth for nine consecutive quarters [3][11] Group 2: AI Strategy and Market Trends - The integration of core business and AI technology has led to double-digit growth in key segments such as value-added services, gaming, marketing services, fintech, and enterprise services [3][11] - Analysts note that three driving forces are transforming AI applications in China from "traffic entry" to "value entry": advancements in domestic large models, a shift in user demand towards practical solutions, and ongoing government support for AI initiatives [3][11] Group 3: AI Industry Development - The Chinese AI industry has reached a critical juncture, with the core industry scale exceeding 600 billion yuan and over 4,500 related companies, while the penetration rate of generative AI users has reached 16.4% [4][12] - The rapid evolution of AI applications is attributed to efficient investment strategies focusing on talent, research and development, computing power, and AI infrastructure [7][14] Group 4: Investment and Capital Expenditure - One leading internet company disclosed a capital expenditure of approximately 120 billion yuan in the AI and cloud infrastructure sector over the past four quarters, which is more than three times its average annual investment in the past decade [7][14] - Industry experts predict that AI-related investments will generate an annual capital expenditure of 2.03 trillion yuan from 2025 to 2030, significantly impacting overall capital formation [7][14] Group 5: Market Outlook and Investment Opportunities - Institutions are optimistic about investment opportunities in the AI sector, particularly focusing on domestic computing power and long-term competitive leaders [8][15] - The Hong Kong tech sector is seen as having significant investment value, with major internet companies showing steady growth and increasing investments in AI, indicating a strategic focus on AI infrastructure and application development [8][15]