开源证券近日发布通信行业周报：硬件方面，发布磐久AI Infra2.0128卡超节点AI服务 器、高性能网络HPN8.0、自研飞天+CIPU架构等。巨头持续加大AI资本投入，通过柜内超 节点、柜外scale across等方式构建万卡或10万卡等更大算力规模集群，弥补单芯片算力及显 存不足的差距，持续看好国产AI大模型及应用发展，国内算力产业链或持续受益。 阿里发布7款大模型，不断丰富Qwen模型家族，性能持续提升 阿里正式发布旗舰模型Qwen3-Max，是通义千问家族中最大、最强的基础模型，预训练 数据量达36T，总参数超过万亿，性能超过GPT5、Claude Opus4等，跻身全球前三，包括指 令（Instruct）和推理（Thinking）两大版本，在Coding编程能力和Agent工具调用能力上有 较大提升；发布下一代基础模型架构Qwen3-Next，模型总参数80B仅激活3B，性能即可媲美 千问3旗舰版235B模型，模型训练成本较密集模型Qwen3-32B降低超90%，长文本推理吞吐 量提升10倍以上；多模态模型中，Qwen3-VL开源，拥有极强的视觉智能体和视觉Coding能 力，在32项核心能力 ...

Group 1 - The Hong Kong stock market indices collectively rose on September 25, with notable performance in the semiconductor sector and a general increase in the metals sector [1] - Alibaba launched high-density AI servers and upgraded distributed storage systems, while Huawei introduced powerful supernodes, indicating a competitive landscape in AI hardware [1] - Citic Securities highlighted the trend of accelerated domestic computing power and the shift towards self-controlled technology in the industry [1] Group 2 - The computer industry is expected to continue its development under a "soft and hard" framework, with strong investment in AI hardware infrastructure [2] - Domestic AI chip and server manufacturers are benefiting from the delivery of intelligent computing centers and the trend of supply chain localization [2] - Alibaba's stock price has doubled this year, making it the largest weight in the Hang Seng Tech Index at 9.36%, indicating strong market interest in AI core assets [2]

Market Overview - On September 24, Hong Kong's three major indices collectively rose, with the Hang Seng Index up 1.37% to 26,518.65 points, the Hang Seng Tech Index up 2.53% to 6,323.15 points, and the National Enterprises Index up 1.64% to 9,442.99 points [1] - Key sectors such as technology, cloud computing, and batteries saw strong performance, with Alibaba surging 9% and SMIC rising nearly 6%, both reaching new highs [1] - Notable stocks included Kuaishou up over 3.5%, NIO up over 3%, Tencent Holdings up over 2%, and Bilibili up nearly 1.5% [1] - The Hang Seng Tech Index ETF (513180) closed up 2.4% [1] Southbound Capital - On September 24, southbound funds net purchased Hong Kong stocks worth 13.705 billion HKD, with Alibaba and Tencent receiving net purchases of 5.339 billion HKD and 2.651 billion HKD, respectively [2] - As of September 24, the cumulative net purchase of southbound funds this year reached 1,132.102 billion HKD, significantly exceeding last year's total net purchase [2] Overnight US Market - The US stock market saw slight declines, with the Dow Jones down 0.37%, the S&P 500 down 0.28%, and the Nasdaq down 0.33% [3] - Notable declines included Amgen down over 2% and Goldman Sachs down over 1%, leading the Dow [3] - The Nasdaq China Golden Dragon Index rose 2.83%, with popular Chinese concept stocks like Alibaba and GDS Holdings up over 8% [3] - The Hang Seng Index ADR fell, closing at 26,412.89 points, down 105.76 points or 0.40% compared to the Hong Kong market close [3] Key News 1. At the 2025 Cloud Summit, Alibaba announced a collaboration with NVIDIA on Physical AI, with plans to invest 380 billion CNY in AI infrastructure and the launch of seven new large model products, including Qwen3-Max, the largest and most capable model to date [4] 2. US Treasury Secretary Yellen expressed dissatisfaction with Fed Chair Powell, criticizing the lack of a clear agenda for interest rate cuts, suggesting a reduction of 100-150 basis points by year-end [4] 3. The National Press and Publication Administration approved 145 domestic games in September, including Tencent's "Return Ring," MiHoYo's "Honkai: Inheritance Spirit," and NetEase's "Starry Friends," along with 11 approved imported games [4] Short Selling Data - On September 24, a total of 647 Hong Kong stocks were short-sold, with a total short-selling amount of 38.256 billion HKD [5] - The top three stocks by short-selling amount were Alibaba at 10.659 billion HKD, Tencent Holdings at 2.234 billion HKD, and Baidu Group at 1.516 billion HKD [5] Institutional Insights - Huatai Securities highlighted four key points from Alibaba's Cloud Summit that garnered market attention: strong confidence in future AI infrastructure demand, the release of seven new large models with significant breakthroughs, the introduction of high-density AI servers and upgraded storage systems, and collaboration with NVIDIA in Physical AI [6] - The firm noted Alibaba's decisive strategic investment in the AI technology revolution, which may enhance its AI infrastructure scale and technological leadership, positioning it to capture new commercial opportunities [6] ETF Information - As of September 24, Alibaba is the largest weighted stock in the Hang Seng Tech Index, with a weight of 9.36% [7] - Investors without a Hong Kong Stock Connect account may consider the Hang Seng Tech Index ETF (513180) to gain exposure to core Chinese AI assets [7]

Core Viewpoint - The article highlights the mixed performance of Hong Kong's stock indices, with a focus on Alibaba's developments in AI and cloud computing during the 2025 Cloud Summit, which has generated positive market sentiment and potential investment opportunities in the tech sector [1][2]. Group 1: Market Performance - On September 15, Hong Kong's three major indices showed mixed results, with the Hang Seng Index up 0.07% at 26,536.13 points, while the Hang Seng Tech Index and the National Enterprises Index fell by 0.13% and 0.06% respectively [1]. - The technology sector exhibited varied performance, with notable gains in innovative drug concepts and a broad rise in the metals sector. Chinese brokerage stocks were active, and the semiconductor sector continued its upward trend [1]. Group 2: Alibaba's Developments - Alibaba's management expressed strong confidence in the future demand for AI infrastructure and potential application scenarios, announcing a three-year plan to invest 380 billion yuan in AI infrastructure, with intentions to increase this investment further [2]. - The company introduced seven new Tongyi large models, achieving breakthroughs in areas such as model intelligence, agent tool utilization, coding capabilities, deep reasoning, and multimodal functions [2]. - Alibaba launched high-density AI servers, high-performance networks, and upgraded distributed storage systems, enhancing its technological capabilities in the AI sector [2]. Group 3: Strategic Partnerships and Market Outlook - Alibaba formed a partnership with NVIDIA in the Physical AI domain, creating a comprehensive platform that supports data preprocessing, simulation data generation, model training evaluation, robotic reinforcement learning, and simulation testing [2]. - The market outlook is optimistic, with expectations of continued inflows from southbound funds and a potential revaluation of the Hang Seng Tech Index, driven by the AI narrative and external factors such as the Federal Reserve's interest rate decisions [2]. - Alibaba's stock price has doubled this year, making it the largest weighted stock in the Hang Seng Tech Index, with a weight of 9.36%, presenting an opportunity for investors to access core Chinese AI assets through the Hang Seng Tech Index ETF [2].

云栖大会上，吴泳铭预测，未来五年全球AI累计投入金额将超过4万亿美元，"这是人类历史上最大的算 力和研发投入"。对比2022年生成式AI元年，2032年阿里云全球数据中心的能耗规模将提升10倍。 吴泳铭说，阿里云是少数能做到软硬件垂直整合的AI云计算平台。在硬件和网络层面，阿里云自研核 心存储系统、网络架构、计算芯片等；阿里云同时拥有业内领先的通义模型，从而实现基础设施架构设 计与模型架构设计的协同创新。 云栖大会上，阿里云智能集团首席技术官周靖人发布了7款通义大模型，以及全新升级的阿里云多款AI Infra产品和服务。 "行业对AI基础设施的需求远超我们的预期。"9月24日的2025云栖大会上，阿里巴巴集团董事兼首席执 行官吴泳铭透露，阿里正在推进3800亿元的AI基础设施建设，并计划追加更大的投入。 受此消息影响，截至9月24日港股收盘，阿里巴巴（09988.HK）股价大涨9.16%，报174.0港元/股，创下 近四年来新高。 此前2月，吴泳铭曾宣布，阿里将在未来三年投入超过3800亿元，用于建设云和AI硬件基础设施，投资 总额超过去十年的总和。 AI基建（AI Infra）之于AI，如同电⽹之于电⼒。云 ...