Daily Investment Strategy
Daily focus：Alibaba（9988）
At the 2025 Yunqi Conference, Alibaba unveiled its vision of moving from AGI to ASI, emphasizing AI cloud as the next generation of computing power. The company plans to increase global data center capacity tenfold by 2032 to meet computing power demands. Alibaba Cloud is leveraging its proprietary three-layer AI cloud technology and large-scale models such as "Tongyi Qianwen" to strengthen its leading position and continuously enhance its cloud services and enterprise intelligence solutions. The group is increasing capital expenditure to expand its cloud business, capitalizing on the global AI investment boom while proactively addressing industry and macro risks, demonstrating its long-term growth potential.
AI arms race
The $100 billion investment agreement between Nvidia and OpenAI marks a new phase in the development of US AI infrastructure. Meanwhile, driven by AI, Chinese tech stocks have reached multi-year highs, reflecting the reshaping of the global AI competitive landscape. From a macro perspective, this AI arms race reflects the strategic competition between the two major economies in the next tech cycle. The US is securing its technological leadership through deep ties with industrial capital, while China is cultivating a local ecosystem through policy guidance and educational investment. While the current truce in the US-China trade tariff war provides a buffer zone for both sides, competition in the tech sector has evolved from simple trade friction to a comprehensive battle over infrastructure and talent development, which will redefine the global tech supply chain and capital flows.
Hong Kong Stock Connect recorded a net inflow of HK$13.7 billion on Wednesday, with Alibaba (9988) receiving the largest net inflow of HK$5.34 billion, followed by Tencent (700). Meanwhile, ZTE (763) saw the largest net outflow of HK$354 million, followed by Xiaomi (1810).
Leung Kai Tong is a SFC licensed person accredited to KGI Group to carry on regulated activities (for details, please refer to https://apps.sfc.hk/publicregWeb/indi/ADU276/details). He and/or his associate do not have any financial interest in the recommended issuer or new listing applicant.
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