港股周报（2025.09.01-2025.09.05）：阿里发布Qwen3-Max-Preview，看好港股AI进入加速周期-20250908

Investment Rating - The report assigns a "Buy" rating for stocks, indicating an expected relative return of over 20% within the next six months [24] Core Insights - The Hong Kong stock market is experiencing a positive trend, with the Hang Seng Index rising by 1.36% and significant net inflows from southbound funds, totaling 302.69 billion yuan for the week [1] - The report highlights the acceleration of AI adoption in Hong Kong, driven by government policies and advancements in AI models, particularly from Alibaba [2][7] - Key sectors showing strong performance include consumer discretionary retail and pharmaceutical biotechnology, with Alibaba and Hengrui Medicine leading the gains [1] Summary by Sections AI Sector - The Chinese government has issued policies to enhance AI implementation, which is expected to increase the predictability of industry outcomes [2] - Alibaba's Qwen3-Max-Preview model has reached 1 trillion parameters, significantly improving its capabilities in understanding complex instructions and reducing knowledge hallucinations [7] - The report suggests focusing on platform-based internet companies and AI ecosystem enterprises for investment opportunities [2] Consumer Sector - Pop Mart is projected to achieve a PE of 38X in 2025, benefiting from global IP expansion and seasonal sales [3] - Miniso's performance exceeded expectations, with a PE of 18X, driven by strong domestic and international growth [3] - Delin International reported a revenue of 2.578 billion HKD in Q2, a 12.4% year-on-year increase, supported by demand recovery in key markets [3] Smart Driving Sector - XPeng Motors is valued at 1.8X PS, with positive long-term growth prospects [4] - NIO's new ES8 model launch is generating strong interest, indicating a potential turnaround for the company [4] - Li Auto is valued at 1.2X PS, with expectations for a rebound following recent underperformance [4]