中国科技股迎来历史性转折，2026年或首次超越美股七大巨头

Core Insights - The report from Bloomberg Industry Research indicates that the profitability growth of Chinese tech companies is expected to achieve a critical turning point in 2026, potentially surpassing the "Big Seven" tech companies in the U.S. for the first time since 2022 [2] - Investor confidence in Chinese tech stocks has significantly increased, especially against the backdrop of strong performance in Asian tech stocks [2] Group 1: Market Performance - The A-share market's tech sector has shown active performance recently, with significant increases in areas such as artificial intelligence applications and semiconductors, with indices like semiconductors, AIGC, AI healthcare, and multimodal AI all rising over 10% in a single week [2] - The Hong Kong stock market also performed well, with the Hong Kong Tech 30 ETF seeing net inflows of over 450 million yuan over five consecutive trading days [2] - Major stocks such as Meitu, Kingdee International, and Kingsoft have seen substantial gains, alongside AI concept stocks like Zhiyun AI and MINIMAX [2] Group 2: Factors Supporting Growth - Key factors supporting the expectation of Chinese tech companies surpassing their U.S. counterparts include rapid advancements in artificial intelligence technology, such as the successful application of the DeepSeek-R1 model in various scenarios [3] - Government support through subsidies for the semiconductor industry and investments in integrated circuit funds have reduced procurement costs and increased R&D intensity [3] - Enhanced market confidence is evident as Chinese tech stocks are viewed as more attractive compared to the higher valuations of U.S. tech stocks [3] Group 3: Valuation Comparison - U.S. tech stocks face pressures from valuation bubbles and slowing growth, with the average P/E ratio of the "Big Seven" at approximately 30 times, significantly higher than the 14 times for Chinese tech stocks [3] - The discussion around "AI bubbles" has intensified, particularly with revelations about financing cycles involving major players like OpenAI and NVIDIA [3] - Chinese tech stocks are driven by domestic market demand, policy support, and technological breakthroughs, contrasting with U.S. tech stocks that rely on global standards and mature ecosystems [4]