Core Insights - The article highlights significant advancements in AI infrastructure and capabilities by major companies, particularly Alibaba, which is increasing its capital expenditure in AI and enhancing its data center efficiency [2][4]. Group 1: AI Infrastructure Developments - Alibaba has announced the launch of the磐久AI Infra2.0128 card super-node AI server, which supports multiple AI chips and integrates self-developed CIPU2.0 chips and high-performance network cards, achieving up to Pb/s scale-up bandwidth and ultra-low latency [3]. - The new high-performance network HPN8.0 has been introduced, featuring an integrated training and inference architecture, with storage network bandwidth increased to 800Gbps and GPU interconnect bandwidth reaching 6.4Tbps, enabling efficient interconnection for large-scale AI training [3]. Group 2: AI Model Enhancements - Alibaba has released seven new large models, including the flagship Qwen3-Max, which boasts a pre-training data volume of 36T and over one trillion parameters, outperforming competitors like GPT-5 and Claude Opus 4 [4]. - The next-generation model architecture Qwen3-Next has been introduced, which significantly reduces training costs by over 90% compared to denser models while enhancing long-text reasoning throughput by more than ten times [4]. Group 3: Industry Outlook - The ongoing investment in AI infrastructure and model development is expected to benefit the domestic computing power industry chain, with a positive outlook on the development of domestic AI large models and applications [2][5]. - Companies such as ZTE, Invec, and Unisplendour are highlighted as potential investment targets within the computing power sector [6].

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 ...