互联网行业 2025 年 10 月投资策略：港美股巨头估值差异快速收敛，国内巨头加码投入 AI

Market Overview - The Hang Seng Technology Index rose by 9.2% in September, outperforming the Nasdaq Index which increased by 4.8% [11][12] - Key companies in the internet sector, such as Baidu, Alibaba, and Meituan, showed significant stock performance, with Baidu and Alibaba gaining 44.4% and 43.9% respectively, outperforming the Hang Seng Technology Index by 35.2 percentage points and 34.7 percentage points [14] AI Developments - Major advancements in artificial intelligence were reported, including Google's release of the Nano Banana Prompt template and the AP2 protocol, which enhances AI-driven payment systems [19][20] - OpenAI announced the opening of five new data centers in the U.S. as part of a $400 billion investment to enhance its AI capabilities [23] - Meta launched the Code World Model (CWM) and the AI video generation platform Vibes, showcasing significant improvements in AI-driven content creation [25][26] Industry Dynamics - The gaming sector saw the approval of new domestic game licenses, including titles from MiHoYo and Tencent, indicating a recovery in the gaming market [46][47] - In fintech, payment institutions reported a 6% year-on-year increase in reserve funds, reflecting growth in the financial technology sector [48] - The short video industry is facing increased scrutiny, with the National Copyright Administration focusing on combating copyright infringement [51] E-commerce Trends - Douyin's e-commerce platform reported a 49% year-on-year growth in GMV, highlighting the rapid expansion of social commerce [56] - Alibaba's Lazada has integrated with Tmall, allowing brands to easily enter Southeast Asian markets, indicating a strategic move towards regional expansion [57] Company-Specific Insights - Tencent, Alibaba, and Kuaishou are identified as key players aggressively investing in AI, with expectations of short-term profit impacts but long-term stock price growth driven by AI advancements [2] - Baidu's AI search platform has regained the top position in monthly active users in China, reflecting its strong market presence [38] - Kuaishou launched its AI digital human feature, enabling users to create videos with AI-generated characters, further enhancing its content creation capabilities [40]