恒生科技反弹预期落空，全球市场开启“惩罚巨额Capex”模式？

Group 1 - The Hang Seng Tech Index continues its downward trend, with major stocks like Tencent, Alibaba, and Baidu initially dropping over 3% before narrowing losses [1] - Google's latest quarterly earnings report shows annual revenue surpassing $400 billion for the first time, but the parent company's stock plummeted due to rapid capital expenditure expansion, projected to reach $175-185 billion by 2026, doubling year-on-year [1] - The global market is currently punishing companies for excessive capital expenditures, contrasting sharply with the previous year's sentiment, indicating a shift in market risk appetite related to liquidity and sentiment [1] Group 2 - Chinese internet giants are focusing more on application and commercialization in their business strategies, with AI investments expected to drive growth in traditional sectors like gaming, advertising, and e-commerce [2] - Tencent is enhancing its technology conversion capabilities through AI model development, while Alibaba Cloud is expanding its cloud business, increasing revenue certainty amid rising global demand for AI and cloud services [2] - The current downturn in Hong Kong's internet stocks presents a potential low-entry opportunity, with options to invest through the Hang Seng Internet ETF and Hong Kong Stock Connect Internet ETF, which provide high coverage of major players like Baidu, Alibaba, and Tencent [2]