传媒：港股AI核心资产：MAT三巨头

Investment Rating - The industry rating is "Outperform the Market" [7] Core Insights - The report identifies three key conditions for future AI giants: having AI traffic, an AI cloud platform, and AI model iteration. Companies in China that meet these criteria include Deepseek, ByteDance, Xiaomi + Kingsoft Cloud, Alibaba, and Tencent, with the latter three being Hong Kong-listed companies referred to as MAT [3][4][5]. Summary by Relevant Sections Xiaomi + Kingsoft Cloud - AI Traffic: The strategy focuses on a "people, vehicle, and home ecosystem," with over 1 billion devices connected to Xiaomi's Pengpai OS by November 2024 [3]. - AI Cloud Platform: Kingsoft Cloud's AI revenue is projected to grow, with Q1 to Q3 2024 revenues of 160 million, 330 million, and 360 million respectively. The cooperation ceiling with Xiaomi has increased significantly from 868 million to 2.3 billion, 3.1 billion, and 4 billion for 2025-2027 [3]. - AI Model Iteration: Xiaomi has a notable latecomer advantage, with key developers from DeepSeek joining to lead its large model team [3]. Alibaba - AI Traffic: Alibaba is positioned to benefit from Apple's AI smartphone traffic and the Deepseek dividend, with collaborations to develop AI features for iPhone users in China [4]. - AI Cloud Platform: As a leading public cloud provider in China, Alibaba Cloud is expected to see increased demand for AI computing power due to Apple's AI needs and its proximity to Deepseek [4]. - AI Model Iteration: Alibaba's latest large model has been updated to Qwen2.5-Ma, released on January 29 [4]. Tencent - AI Traffic: Tencent is awaiting the launch of AI features in WeChat, which has 1.38 billion monthly active users. The potential of mini-programs as a key link for future AI agents is highlighted [5]. - AI Cloud Platform: As of mid-2024, Tencent Cloud holds an 8.5% share of the IaaS market, valued at 11.88 billion USD [5]. - AI Model Iteration: Tencent's latest model utilizes MOE technology, with significant upgrades announced for its AI assistant, supporting the DeepSeek-R1 model [5].