中国资产，大爆发！

Core Viewpoint - The Hong Kong stock market experienced a strong rally driven by the surge in demand for AI computing power, with the Hang Seng Index reaching its highest level since March this year [2][4]. Market Performance - The Hang Seng Index rose by 1.60%, while the Hang Seng Tech Index increased by 2.80%, marking a new high since June [2]. - The trading volume for the Hang Seng Index exceeded HKD 288 billion, indicating a significant improvement in market sentiment [2]. Stock Movements - Chinese concept stocks in the U.S. saw substantial pre-market gains, with Kingsoft Cloud up over 15%, GDS Holdings up over 12%, and Alibaba rising over 6% [3]. - Several stocks in the Hong Kong market, including Kingsoft Cloud, GDS Holdings, and Alibaba, experienced gains of over 10% [6]. AI Computing Power Sector - The computing power sector saw a strong performance in both Hong Kong and A-shares, with various related themes such as CPO, Kimi, and optical communication witnessing significant growth [5]. - Nvidia received approval from the U.S. government to resume sales of its H20 chip in China, which is expected to alleviate the domestic computing power shortage and benefit the entire AIDC industry chain [10][8]. Future Outlook - The AI narrative is expected to reignite as Nvidia's market capitalization surpasses USD 4 trillion, leading to increased interest in AI computing power sectors [14]. - Alibaba plans to invest CNY 380 billion in AI and cloud infrastructure over the next three years, marking the largest investment in this area by a private enterprise in China [16]. Industry Trends - The global AI industry is entering a rapid development phase, with increasing demand for computing power driving the need for enhanced data center resources [18]. - Analysts predict sustained high levels of investment in computing power, particularly in North American core players and companies poised to capture market share [18].