互联网行业周报：AI基础设施投入加速，科技巨头引领产业趋势-20250930

Investment Rating - The report suggests a focus on major internet companies, particularly in the AI sector, despite a recent decline in the Hang Seng Technology Index [3][38]. Core Insights - The collaboration between Alibaba and NVIDIA on Physical AI is expected to enhance the commercialization of AI technologies, showcasing the growth potential of Chinese internet giants [3][38]. - The report emphasizes two main market trends: the deepening commercialization of AI technology and the improvement of corporate profitability, which are crucial for valuation recovery [3][38]. Summary by Sections Market Review - The Hang Seng Index and Hang Seng Technology Index experienced declines of -1.57% and -1.58% respectively during the week of September 22-26, 2025 [4][5]. - Despite the overall market downturn, major internet companies drove structural market performance, particularly due to positive developments in AI [5][9]. Industry News - The report highlights significant developments in the software and AI sectors, including the launch of new models by Baidu and Alibaba's partnership with NVIDIA [30][33]. - The gaming industry is facing challenges, with a reported decline in revenue due to changing consumer behaviors and a lack of new blockbuster titles [28][29]. Investment Recommendations - The report recommends focusing on companies such as Reading Group (772.HK), Tencent Music (TME.N), Inspur Digital Enterprise (596.HK), Alibaba (BABA.N), DoorDash (DASH.US), and Spotify (SPOT.US) for potential investment opportunities [3][38].