港股周报（2025.06.09-2025.06.13）：稳定币法案进程逐步推进，港股南向资金继续流入-20250616

Investment Rating - The report assigns a "Buy" rating for stocks, indicating an expected relative return of over 20% within six months [40] Core Insights - The Hong Kong stock market has seen a net inflow of southbound funds amounting to 141.6 billion CNY over the past week, with a total net inflow of 6244.2 billion CNY year-to-date, representing 83.9% of the total net inflow for 2024 [1] - Major internet companies are currently valued at relatively low price-to-earnings (PE) ratios, with Meituan at 17, Tencent at 16, and Alibaba at 12 for the year 2025 [1] - The AI sector is witnessing significant advancements, with the launch of upgraded models and new applications, indicating a positive trend in commercializing AI technologies [1][19] Summary by Sections Southbound Funds - The report highlights a strong focus on Meituan, which received a net purchase of 56.75 billion CNY from southbound funds [1][35] - Other notable stocks with significant net purchases include BYD with 29.79 billion CNY and China Construction Bank with 22.05 billion CNY [35] AI Developments - The report discusses the advancements in AI, particularly the upgrade of the Doubao model to version 1.6, which shows significant improvements in reasoning and instruction-following capabilities [19] - The introduction of new models for video generation and podcasting further emphasizes the ongoing innovation in the AI sector [19] Online Music and IP Market - Tencent Music's acquisition of the online audio platform Ximalaya is expected to enhance its long audio content strategy [3] - The report notes the high demand for IP-related stocks, particularly in the collectible toy sector, with companies like Pop Mart and Blukoo being highlighted as key players [2] Automotive Sector - The report indicates a positive outlook for smart driving technologies, with Tesla's Robotaxi set to begin operations and domestic players like Li Auto and Xpeng reaching critical milestones [2] - The trend of equipping vehicles with laser radar is becoming standard among leading manufacturers, suggesting a robust future for companies like Hesai Technology and Horizon Robotics [2][12] Valuation Comparisons - The report provides a comparative analysis of major companies' market capitalizations and PE ratios, with Alibaba at 20374 million CNY and a PE of 12, while Tencent stands at 43340 million CNY with a PE of 16 [30] - The automotive companies Li Auto and Xpeng are noted for their low price-to-sales (PS) ratios, indicating potential undervaluation compared to their U.S. counterparts [32]