CITIC Securities International: Domestic model iteration accelerates valuation recovery of Hong Kong stock technology sector, with Alibaba and Tencent as top picks

AASTOCKS
2026.02.12 08:13

CITIC Securities International's research report indicates that the model iteration of leading internet companies in mainland China has been full of surprises, including ByteDance's "Seedance 2.0" and Kuaishou (01024.HK) with its "Keling 3.0," which significantly enhances movie-level video generation effects; Alibaba (09988.HK) with "Qwen-Image-2.0" benchmarking "Nano Banana," and its desktop agent tool "Qoder Work" benchmarking "Claude Cowork"; the global model service platform OpenRouter's "Pony Alpha" capabilities approaching Anthropic's "Claude Opus 4.6"; and "Kimi K2.5" topping OpenRouter.

The report states that the AI mainline investment logic of leading internet companies in mainland China has significantly strengthened, aiding the valuation recovery of the Hong Kong stock technology sector. Upcoming heavyweight models include DeepSeek-V4, Alibaba's Qwen 3.5, Doubao 2.0, Mini Max M2.2, etc., which may become catalysts for the next phase. Preferred stocks include Alibaba, Tencent (00700.HK), and Kuaishou

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