港股周报（2025.09.08-2025.09.12）：AI板块国内海外催化不断，看好港股科技估值持续提升-20250915

Investment Rating - The report maintains a "Buy" rating for the industry, expecting a relative return of over 20% in stock prices within the next six months [29]. Core Insights - The AI sector is experiencing continuous domestic and international catalysts, leading to an optimistic outlook for the valuation of Hong Kong technology stocks [1]. - The Hang Seng Index rose by 3.82% this week, with the Hang Seng Technology Index increasing by 5.31% [1]. - Southbound capital has shown significant inflows, with a net purchase of 556.44 billion yuan this week, totaling 9,974.33 billion yuan year-to-date, which is 134.06% of the total net purchases for 2024 [1]. - Key sectors with notable weekly gains include consumer discretionary retail and software services, with increases of 8.26% and 6.88%, respectively [1]. Summary by Sections AI Sector - Alibaba and Baidu have begun using self-designed chips for training AI models, partially replacing Nvidia chips [2]. - Meituan launched its first AI Agent product, "Xiao Mei" App, for public testing, which utilizes its self-developed model for local services [2]. - The report suggests focusing on platform-based internet companies with computational resources and application capabilities, including Tencent, Kuaishou, Alibaba, Xiaomi, Baidu, and Meituan [2]. New Consumption - Pop Mart is expected to see significant profit growth due to accelerated global IP strategies and seasonal sales [3]. - Miniso's Q2 performance exceeded expectations, with strong domestic and international growth [3]. - Delin International reported a 12.4% year-on-year revenue increase in Q2, driven by demand recovery in core markets [3]. Intelligent Driving - XPeng Motors is viewed positively with a price-to-sales ratio of 1.9, while NIO's new ES8 model is gaining traction [4]. - Li Auto's performance is expected to rebound after a period of underperformance [4]. - Hesai Technology is set to benefit from increased penetration of intelligent driving technologies [4]. Market Overview - The report highlights the strong performance of the Hong Kong market, with significant inflows from southbound capital and a positive outlook for technology stocks [1][2].