TENCENT(HK:00700) Sou Hu Cai Jing·2026-01-23 10:16Core Insights - The capital market's enthusiasm for AI has shifted from grand narratives to financial performance, marking a significant transition in 2026 [1] - The AI industry has evolved into distinct segments: computing infrastructure, model building, end-user applications, and regulatory reshaping [2] - The A-share market experienced a structural bull market in 2025, with leading companies like Zhongji Xuchuang and Industrial Fulian achieving significant growth [2][3] Group 1: Market Dynamics - In 2025, the AI sector saw a notable split between A-shares and Hong Kong stocks, with companies like Zhongji Xuchuang and Industrial Fulian leading in valuation restructuring [1] - The successful IPOs of companies like Moer Thread and Muxi Co. on the Sci-Tech Innovation Board indicate a shift of domestic GPUs from experimental stages to large-scale production [3] - The Hong Kong market acted as a bellwether for AI applications, with companies like Cloud Wisdom successfully raising funds and positioning themselves in the AI+ healthcare sector [3] Group 2: Regulatory Environment - The beginning of 2026 brought regulatory scrutiny to industries like food delivery and transportation, impacting companies that rely heavily on algorithm-driven profits [2][7] - The case of Ctrip Group highlights the risks associated with algorithmic monopolies, as the company faced an antitrust investigation that affected its stock price [7] Group 3: Technological Advancements - The focus in 2026 is shifting towards "intelligent agents" and edge hardware, with expectations for a significant drop in development costs for AI agents [8] - The anticipated end of Windows 10 support and a decrease in edge computing costs are expected to drive the adoption of AI PCs and smartphones [8] Group 4: Investment Opportunities - Companies specializing in advanced packaging and new storage solutions, such as Zhaoyi Innovation and Changdian Technology, are expected to benefit from the evolving AI infrastructure [9] - The market is optimistic about the potential of domestic computing capabilities, viewing 2026 as a pivotal year for AI infrastructure development in China [9] Group 5: Future Outlook - The AI industry is expected to transition from speculative narratives to tangible productivity enhancements, with companies that can effectively leverage intelligent agents poised for success [10] - The market is likely to favor businesses that operate within regulatory boundaries and demonstrate real value creation through AI [10]