Hong Kong Stock Concept Tracking | Recently, artificial intelligence has continued to benefit, institutions say domestic computing power demand growth is expected to surpass overseas markets (with concept stocks)

The Zhitong Finance App learned that on November 20, the Guangdong Provincial People's Government issued the “Guangdong National Digital Economy Innovation and Development Pilot Zone Construction Plan (2025-2027)”, which proposes that by 2027, the digital economy's core industry will rank first in the country. The added value of the digital economy core industry will account for more than 16% of GDP, build 3 trillion-level digital industry clusters with international competitiveness, and cultivate several new tracks for high-value digital industries. The average annual compound growth rate of the data industry exceeds 15%, and the scale of the artificial intelligence core industry exceeds 440 billion yuan. The digital transformation of industrial enterprises has surpassed 60,000, and the computing power scale exceeds 60 EFLOPS (floating point operations per second).

Notably, Nvidia, the world's largest company by market capitalization, released a strong current revenue outlook on the 20th, which will help calm concerns about the possible collapse of the AI investment boom. The chipmaker said in a statement on Wednesday that revenue is expected to be around $65 billion for the fourth fiscal quarter ending in January. Analysts estimated an average of $62 billion, with some forecasting as high as $75 billion. The above outlook shows that market demand for Nvidia's artificial intelligence accelerators is still strong.

Furthermore, the General Office of the State Council recently issued the “Implementation Opinions on Accelerating Scenario Cultivation and Opening Up to Promote Large-scale Application of New Scenarios”, which clearly states that research and promotion of key core technologies need to be strengthened in the field of artificial intelligence to promote the integration of technological breakthroughs and scenario verification.

At the same time, blockbuster AI application-side products have also been launched at an accelerated pace recently. On November 17, Alibaba announced the launch of the “Thousand Questions” project and launched a public beta version of its app for the public. The app is based on Qwen, the leading global open source model developed by Alibaba, and is positioned as a personal AI assistant that “can chat and do things”. On November 18, Ant Group released the full-modal general AI assistant “Lingguang”, which supports “generating small applications in natural language in 30 seconds”, and is also the industry's first full-code AI assistant to generate multi-modal content.

In addition to Ali, Doubao, a subsidiary of Byte, has already garnered massive user traffic. According to QuestMobile's “AI Application Value List for the Third Quarter of 2025”, Doubao's monthly activity increased 22.2% month-on-month to 159 million, with an average monthly download volume of 34.47 million. Tencent Yuanbao once relied on DeepSeek's rapid rise in traffic. According to QuestMobile data, in the first half of 2025, the number of monthly active users of Tencent Yuanbao increased by 55.2% year-on-year.

According to McKinsey's forecast, the global AI to C market will reach 1.3 trillion US dollars by 2030, with an average annual growth rate of more than 35%. This number makes it impossible for any tech company to ignore.

CITIC Securities said, “Computing power is national power, and we have been steadfastly optimistic about local demand and breakthroughs in computing power for a long time.” Currently, the absolute value of capital expenditure of domestic manufacturers in the AI field is significantly lower than overseas. Considering that the willingness of Chinese Internet vendors to invest continues to increase, compounding the huge advantages of Chinese manufacturers on the application side, looking ahead to 2030, we believe that the growth in domestic computing power demand is expected to exceed that of overseas markets.

According to the China Post Securities Research Report, the two-wheel drive of “ToC as a brand and ToB as a business” may be an industry consensus. The core premise is that ToC boosts brand reputation, acquisition and retention of users; while platform-based transformation can drive large model manufacturers to expand their growth curve from “subscription+API” to “platform division,” the next round of competition will focus on user accumulation and platform-based transformation capabilities. It is recommended to focus on the Hong Kong stock Internet with entry value, AI agents with potential for platforming with large model makers, and scarce computing power links.

Related concept stocks:

Baidu Group - SW (09888): At the 2025 Baidu World Conference held on November 13, Baidu's many AI achievements were showcased: the release of the Wenxin Grand Model 5.0, Radish Express has more than 17 million global travel services, the release of a new generation of Kunlun Core and Supernode products, Tianchi, and upgraded GenFlow to 3.0. In addition, a series of products such as Radish Express, Huibao Star Digital Man, Sec Tap, and GenFlow are speeding up overseas. Notably, Baidu released two new AI chips, Kunlun Core M100 and Kunlun Core M300, as well as two new supernodes, Baidu Tianchi 256 supernode and Baidu Tianchi 512 supernode, and announced the Kunlun Core roadmap for the next five years.

Alibaba-SW (09988): According to reports, Tmall Shuang11's computing power scale set a new record this year. Alibaba Cloud provided more than 10 million CPU cores for Double 11 to support business scenarios such as Taobao recommendations; the Lingjun Intelligent Computing Cluster provides integrated AI computing power to support AI application reasoning tasks such as merchant management and consumer experience. The Ali Tongyi Thousand Questions Model was applied on a large scale in Double 11, and the Qwen translation model was called more than 1.4 billion times in a single day.

Shangtang-W (00020): At the end of October, Lyon released a research report stating that it is expected that Shang Tang will increase the target price from HK$1.85 to HK$3, benefiting from the increase in generative AI revenue and the decline in operating expenses driven by business restructuring, to maintain the “outperform the market” rating. According to the report, Shangtang has established a strategic partnership with Cambrian-U (688256.SH), believing that this move will help it expand its artificial intelligence computing capabilities through domestic chips. Commercialization of artificial intelligence models in Shangtang is also progressing in the field of artificial intelligence glasses and artificial intelligence video generation tools.

ZTE (00763): The company focuses on layout and investment in the field of artificial intelligence. With leading software and hardware digital intelligence base capabilities, the company provides end-to-end intelligent computing solutions, including intelligent computing infrastructure, AI software platforms, large models and applications, to meet the needs of different scenarios and help enterprises transform digitally.