此外，阿里巴巴-W收涨3.45%，股价突破183港元/股，创下2021年8月以来新高。近期，多家券商研报 对阿里巴巴-W表达看好预期，并上调其目标价。 据悉，摩根大通研报称，上调阿里巴巴-W目标价，从165港元/股升至240港元/股，同时上调其美股目标 价，从170美元/股升至245美元/股。摩根大通认为，云计算和电商业务的增长料支撑其更高估值，看好 阿里云在生成式AI领域的增长潜力。机构报告预计，中国生成式AI的普及速度可能会超过此前的软体 即服务（SaaS）浪潮，因可提升效率的空间更广泛且部署门槛更低。 其中，行业龙头中芯国际高开高走，全天大涨12.7%，最终报收于89.65港元/股，创历史新高，单日市 值增加超200亿港元。同时，华虹半导体大涨7.13%，报收85.7港元/股，同样创下历史新高。据悉，华 虹半导体受益于Fab9产能爬坡及AI服务器电源管理芯片需求激增。 科网股集体走高，快手-W表现亮眼，收盘大涨8.57%，盘中股价突破92港元/股，创下近三年来新高。 此前，快手可灵推出2.5Turbo模型，在文本响应、动态效果、风格保持、美学效果等维度，保持全球领 先。10月2日，全球知名AI基准测试机 ...

科技指数相关个股表现突出 快手-W(01024.HK)表现格外引人注目，截至午间收盘，涨6.56%，报90.15港元，盘中最高触及91.40港元。该股近期表现持续强势，5日 涨幅已超20%，年初至今涨幅更是高达120%。 阿里巴巴-W(09988.HK)涨3.95%，报184.00港元。该股年内涨幅已超120%，20日累计涨幅超35%，显示持续受到资金追捧。 百度集团-SW(09888.HK)涨4.50%，报139.30港元。该股5日涨幅达6.84%，20日涨幅达46.17%。 港股午间收盘，恒生指数涨1.45%， 恒生科技指数涨2.66%。 个股方面，天齐锂业涨超13%，赣锋锂业涨超10%，中芯国际涨超9%，蓝思科技涨超 8%，快手涨超6%，华虹半导体、比亚迪电子涨超5%，宁德时代涨超4%。 为何市场看好科技股？ 国信证券分析指出，港股互联网巨头估值正与海外同类公司快速收敛。当前腾讯与Meta、阿里与谷歌的估值水平已回到相似水位。 国泰海通则维持百度集团"增持"评级，上调目标价至176港元。报告指出，百度依托自研AI模型，加强赋能多项业务，深度思考模型文心 X1.1在多项指标上显著提升，基准测试整体效果已与 ...

国泰海通证券发表研报指，百度依托自研AI模型，加强赋能多项业务。深度思考模型文心X1.1，相较 X1版本，事实性提升34.8%、指令遵循提升12.5%、智能体提升9.6%，基准测试整体效果与GPT-5、 Gemini 2.5 Pro看齐。百度在中国移动AI集采项目中标份额第一，订单金额达10亿元人民币，印证了昆 仑芯的技术实力与市场竞争力，也为其后续拓展应用场景、开启新成长曲线打下基础。此外，萝卜快跑 亦加速了出海业务扩张。 该行上调百度25至27年各年收入预测至1307亿、1385亿及1492亿元，经调整净利润预测修订至176亿、 202亿及298亿元；基于SOTP估价法，调整百度目标价至176港元，维持"增持"评级。 ...

百度在中国移动AI集采项目中标份额第一，订单金额达10亿元人民币，印证了昆仑芯的技术实力与市 场竞争力，也为其后续拓展应用场景、开启新成长曲线打下基础。 智通财经APP获悉，国泰海通发布研报称，百度集团-SW(09888) 依托自研AI模型，加强赋能多项业 务。深度思考模型文心X1.1，相较X1版本，事实性提升34.8%、指令遵循提升12.5%、智能体提升 9.6%，基准测试整体效果与GPT-5、Gemini 2.5 Pro看齐。基于SOTP估价法，调整百度目标价至176港 元，维持"增持"评级。 此外，萝卜快跑亦加速了出海业务扩张。该行上调百度25至27年各年收入预测至1,307亿、1,385亿及 1,492亿元人民币，经调整净利润预测修订至176亿、202亿及298亿元人民币。 ...

2025年以来已达成多项技术突破并拿下多个大额订单，旗舰芯片昆仑芯P800基于自研XPU-P架构，显存 规格优异且对MoE模型架构更友好。3月昆仑芯服务器中标招商银行AI芯片项目，P800将全面支持招行 大模型落地；在4月百度AI开发者大会上，百度宣布3万卡集群点亮，还推出可容纳32/64张昆仑芯AI加 速卡的超节点，大幅提升MoE训练性能与推理效率；9月25日，其在中国移动（600941）AI集采项目中 中标份额第一，订单金额达十亿。这些成果既印证了昆仑芯的技术实力与市场竞争力，也为其后续拓展 应用场景、开启新增长曲线打下基础。 百度发布深度思考模型文心X1.1，相较X1版本，其事实性提升34.8%、指令遵循提升12.5%、智能体提 升9.6%，基准测试整体效果看齐GPT-5、Gemini2.5Pro，训练采用迭代式（思维链+行动链）混合强化学 习框架。依托自研AI模型，百度多项业务获得赋能：7月搜索业务AI生成内容占比达64%；AI推动智能 云发展；AI同时助力数字人，赋能广告业务。 昆仑芯通过AI加速芯片开启新的增长曲线 国泰海通发布研报称，调整百度集团-SW(09888) 25-27年收入预测为130 ...

智通财经APP获悉，国泰海通发布研报称，调整百度集团-SW(09888) 25-27年收入预测为1307/1385/1492 亿元（前值1304/1379/1403亿元），经调整净利润为176/202/298亿元（前值为261/271/292亿元）。基于 汇率1港币=0.91元人民币及SOTP估值法，调整百度集团目标价至176港币，维持"增持"评级。 国泰海通主要观点如下： AI性能持续提升，加强赋能各个业务 萝卜快跑加速出海业务扩张 9月24日，萝卜快跑获迪拜首张自动驾驶测试许可。此前3月百度与迪拜签署的合作协议中提到将在迪拜 率先部署超1000台无人Robotaxi。亚洲方面，萝卜快跑自2024年底起在中国香港地区测试并逐步扩大覆 盖范围；9月26日，百度称其正与东南亚、澳大利亚政府洽谈引入Robotaxi事宜。此外，7月与Uber、 Lyft的合作也助推萝卜快跑在海外部署。目前总订单数破1400万，随着海外版图扩张，Robotaxi有望成 为百度非广告收入增长的重要驱动力。 百度发布深度思考模型文心X1.1，相较X1版本，其事实性提升34.8%、指令遵循提升12.5%、智能体提 升9.6%，基准测试整体 ...

Group 1: Market Performance - The semiconductor sector is experiencing a resurgence, with notable stock price increases for companies such as Haiguang Information (over 10% rise), SMIC (over 6% rise), and others [1][2] - The recent market rally in semiconductors is driven by multiple positive news catalysts [2] Group 2: Key Developments - The most significant news is the upcoming IPO of Moore Threads on the Sci-Tech Innovation Board, scheduled for September 26, which focuses on AI and high-performance computing [3] - The IPO excitement is also spurring a wave of listings among GPU companies, with companies like Biran Technology and Muxi Co. planning significant fundraising efforts [3] - Major domestic tech firms are increasing their investments in chip development, with optimistic outlooks from SMIC and Huahong Semiconductor regarding future orders [4] Group 3: Investment Sentiment - Foreign investment banks are showing increased interest in Chinese tech companies, with Bank of America noting substantial breakthroughs in AI computing capabilities [5][6] - Standard Chartered's Chief Investment Officer highlighted that investors are more confident in the returns from capital expenditures by Chinese tech firms [7] Group 4: Demand Dynamics - The semiconductor industry is entering a strong growth phase driven by the AI revolution, with Morgan Stanley predicting a compound annual growth rate (CAGR) of over 40% for AI semiconductors from 2023 to 2027, reaching a market size of $290 billion [11] - Deloitte forecasts the global AI chip market will grow to $400 billion by 2027, driven by increasing computational demands [12] - Domestic demand for semiconductors is also rising, with China's integrated circuit sales exceeding 1 trillion yuan annually, yet self-sufficiency remains below 30% [15] Group 5: Profitability and Valuation - Semiconductor companies on the Sci-Tech Innovation Board are expected to see significant revenue and profit growth in 2024, with nearly 90% reporting positive revenue growth [18] - Notable financial performances include SMIC's revenue of 57.796 billion yuan (up 27.7%) and Haiguang Information's revenue of 9.162 billion yuan (up 52.4%) [18] - The valuation of semiconductor stocks is increasing due to strong profit growth and favorable market conditions, leading to a "Davis Double" effect [21] Group 6: Strategic Alignment - The semiconductor industry's growth aligns with China's national strategy for high-quality economic development and technological self-reliance [22] - The Sci-Tech Innovation Board is positioned to benefit from government policies aimed at supporting the semiconductor sector [22]

Group 1 - Chinese technology stocks have significantly outperformed their Nasdaq counterparts this year, with the Hang Seng Tech Index rising 41% compared to a 17% increase in the Nasdaq Composite Index [1] - The surge in Chinese tech stocks is attributed to advancements in AI and the government's push for self-sufficiency in chip production, with major companies like Alibaba, Tencent, and Baidu seeing stock price increases of 96%, 55%, and 59% respectively [1][5] - The emergence of DeepSeek in the AI sector has marked a pivotal moment, changing investor sentiment towards capital expenditures in Chinese tech companies [5] Group 2 - The AI-driven investment enthusiasm extends beyond major Hong Kong-listed companies to include chip manufacturers like Cambricon and SMIC, as well as innovative biotech firms, with the Shanghai-Shenzhen AI Index rising over 61% and the Hang Seng Biotech Index increasing by 98% this year [5] - Foreign investors are beginning to rebuild their positions in Chinese tech stocks, attracted by low valuations and positive technological developments [6]