TMT科技行业每周评议：港股科技公司的价值重估-20250927

Investment Rating - The report maintains a positive outlook on the TMT sector, particularly focusing on the revaluation of Hong Kong technology companies and the expected growth in AI applications [1][2][7]. Core Insights - The report emphasizes the ongoing revaluation of Hong Kong technology companies, driven by significant investments in AI and cloud infrastructure, particularly by leading firms like Alibaba [2][3]. - There is a strong belief in the growth potential of the AI computing domestic chain and the sustained demand from the overseas chain, with various sectors such as AI chips, servers, and optical modules expected to experience high growth [3][6]. - The report highlights investment opportunities in the fruit supply chain, particularly in AI hardware innovation, driven by collaborations with companies like OpenAI and the strong product performance from Apple [4][6]. - The PCB industry is viewed positively due to the rising demand for high-end products driven by AI computing, while the storage industry is expected to recover with price increases anticipated in Q4 [6][7]. - The gaming industry is also noted for its growth potential, with record revenues and a growing user base, indicating a favorable investment environment [8]. Summary by Sections AI and Cloud Infrastructure - The report discusses Alibaba's ambitious AI infrastructure plan, which includes a significant investment of 380 billion yuan over three years, aiming to enhance its AI capabilities and cloud services [2]. - The anticipated growth in AI applications is expected to create a new high-certainty growth cycle for cloud services and AI infrastructure [2][7]. AI Computing Chain - The domestic AI computing chain is expected to see growth across various sectors, including AI chips and servers, with specific companies recommended for investment [3]. - The overseas AI computing chain is also highlighted, with recommendations for companies involved in optical modules and AI servers [3]. Fruit Supply Chain - Companies involved in the fruit supply chain are expected to benefit from AI hardware innovations, particularly those collaborating with major tech firms [4]. PCB and Storage Industries - The PCB industry is projected to benefit from the high demand for advanced products due to AI computing, with specific companies identified as potential beneficiaries [6]. - The storage industry is entering a recovery phase, with price increases expected and significant growth opportunities identified for enterprise-level storage solutions [6]. Gaming Industry - The gaming sector is experiencing robust growth, with record revenues and a large user base, suggesting continued investment opportunities [8].