Zhi Tong Cai Jing·2026-01-02 03:38Core Viewpoint - The technology sector stocks have risen significantly, with the Hang Seng Technology Index increasing by nearly 4%, driven by strong performances from major companies like Baidu, Alibaba, Kuaishou, and Tencent [1] Group 1: Stock Performance - Baidu Group-SW (09888) increased by 8.75%, reaching HKD 143 - Alibaba-W (09988) rose by 3.29%, reaching HKD 147.5 - Kuaishou-W (01024) saw a rise of 3.21%, reaching HKD 66 - Tencent (00700) increased by 3.17%, reaching HKD 618 [1] Group 2: Industry Outlook - CITIC Securities forecasts a rebound in the internet sector by 2025, driven by AI-related value reassessment and improved liquidity, with AI remaining a core catalyst for valuation increases through 2026 [1] - Key focus areas include model iteration, application implementation, and performance realization, which will strengthen narratives around AI [1] - Companies that have gone public with AI models may further drive the reassessment of internet companies' AI business value [1] Group 3: International Expansion and Market Dynamics - Guosen Securities emphasizes the importance of monitoring the international expansion of internet giants by 2026, highlighting opportunities for domestic cloud and gaming companies amid AI development trends [1] - The upgrade of domestic supply chains and the international expansion of e-commerce platforms are seen as crucial growth avenues to supplement weak domestic demand [1] - The competitive landscape in the food delivery sector may enter a phase of diminishing marginal returns by 2026, impacting cash flow and profits for the three major platforms [1]