《大行》大华继显维持中资科网股「增持」评级 首选腾讯阿里携程快手

Daiwa Capital Markets' research report points out that compared to the annual AI investment of $200 billion by large U.S. tech companies, major Chinese tech firms, including ByteDance, Alibaba-W (09988.HK), Tencent (00700.HK), and Baidu-SW (09888.HK), have a total expenditure of about $60 billion. The firm believes this indicates that China's investment is still in a relatively rational phase, and it expects accelerated AI cloud revenue growth, new model releases, and AI agent deployments in the next 3 to 6 months to further drive monetization.

The firm believes that the market has reassessed the valuations of AI application beneficiaries, thanks to measurable revenue contributions from companies like Alibaba and Tencent in AI-driven advertising and gaming, as well as Kuaishou's progress in multimodal generative AI models. The rapid advancement of AI applications should maintain investor interest in the Chinese AI theme, particularly for applications driving high inference demand; Tencent and Alibaba are viewed as the main beneficiaries of AI applications and infrastructure.

The firm stated that as China's largest navigation application with nearly 200 million daily active users, Amap's AI upgrade marks Alibaba's strategic move into local-to-store services. Trip.com-S (09961.HK) has shown significant international expansion in Hong Kong, Singapore, South Korea, and Japan, leveraging its strong localization capabilities and the robust growth of inbound tourism demand in China. Kuaishou (01024.HK) focuses on scalable short video applications rather than high-end film or animation production.

The firm maintains an "Overweight" rating on companies in China's tech sector, with the preferred order being: Tencent > Trip.com > Alibaba > Kuaishou. For the ratings and target prices of Chinese tech stocks, please refer to the other table