港股周报（2025.04.28-2025.05.02）：阿里云发布Qwen3系列模型，小米发布MiMo系列模型-20250507

Investment Rating - The report assigns a "Buy" rating for stocks, indicating an expected relative return of over 20% within six months [30] - The industry investment rating is "Outperform," suggesting an expected industry index increase of over 5% within the same timeframe [30] Core Insights - The Hong Kong stock market indices rose, with a net inflow of 1.185 billion CNY from the Hong Kong Stock Connect over five trading days, totaling 568.747 billion CNY year-to-date, which is 76.44% of the total net inflow for 2024 [1] - Major stocks receiving significant southbound capital inflows include Meituan (4.949 billion CNY), Alibaba (1.355 billion CNY), and Kangfang Biotech (0.753 billion CNY) [1][25] - The Hang Seng Technology Index is currently at a relatively low valuation, with a projected PE of 14 times for 2026 [1] Summary by Sections AI Developments - Alibaba Cloud launched the Qwen3 series, with flagship model Qwen3-235B achieving a score of 70.7 in benchmark tests [2] - Xiaomi released its first inference model, MiMo-7B, which outperformed larger models in mathematical reasoning and coding tasks [9] Smart Driving - Short-term policy tightening on low-level smart driving promotions is expected, but high-level smart driving may still receive policy support [2] - The trend of mainstream manufacturers adopting LiDAR technology is confirmed, with a positive outlook for leading manufacturers like XPeng, Xiaomi, and Li Auto [2] OTA and Tourism - Domestic tourism remains strong, with a nearly 20% year-on-year increase in domestic scenic spot ticket bookings and a 141% increase in inbound travel orders [3] - The AI application "Ask One" by Fliggy has received positive feedback, indicating a growing trend for AI agents in travel services [3] Cross-Border E-commerce - The U.S. has ended the tariff exemption for small packages from China valued under 800 USD, leading to price increases on platforms like TEMU and Shein [3] - A shift from full to semi-managed and local warehousing is anticipated, with a recommendation to monitor policy implementation closely [3] New Listings - Companies like Seres and Mingming Hen Mang have submitted IPO applications, with Seres focusing on electric vehicles and Mingming Hen Mang being the largest chain retailer in China [4] Market Overview - The Hang Seng Index closed at 21,980.74 points, reflecting a 2.74% increase [10] - The report highlights the performance of various stocks, with Alibaba's market cap at 205.12 billion CNY and a projected PE of 12 for 2025 [20]