On the morning of September 17, Chinese AI core assets such as Baidu Group, Alibaba, and SMIC surged significantly. The Hang Seng Tech Index opened higher and continued to rise, gaining over 2% to break through the 6,200-point mark, officially surpassing the high set in March this year. The largest Hang Seng Tech Index ETF (513180) in the A-share market of the same track followed the index's strong upward trend. Among its holdings, Baidu Group, NIO, SMIC, Huahong Semiconductor, JD Group, and Alibaba led the gains, with Baidu Group rising over 11% at one point and Alibaba up over 3%.

On the news front, Tianfeng Securities pointed out in a recent research report that both Alibaba and Baidu have begun using self-designed chips to train AI models, partially replacing their previous reliance on NVIDIA chips. Alibaba has been applying self-developed chips to small AI models since the beginning of the year, while Baidu is also experimenting with using Kunlun P800 to train the new version of its ERNIE model.

The institution believes that this progress not only demonstrates China's gradually improving autonomy and control over AI underlying hardware but also strengthens the strategic value of domestic large-scale model development in computational power security and cost optimization. Against the backdrop of global AI computing power shortages and accelerated domestic substitution, the commercial implementation of self-developed chips will drive a reevaluation of the valuation logic for internet companies and AI ecosystem enterprises. Overall, the institution remains optimistic about the medium- to long-term investment opportunities in China's AI sector.

The Hang Seng Tech Index has broken through the 6,200-point milestone, officially surpassing its previous high. With continuous inflows of southbound funds and the potential start of a new U.S. interest rate cut cycle, the Hong Kong stock market may experience resonance between domestic and foreign capital in September. The Hang Seng Tech Index, which is sensitive to external liquidity and has been suppressed previously, is expected to see a "catch-up rally." Additionally, with ongoing anti-involution policies, better-than-expected earnings from Alibaba, and rapid iteration of AI large models, the Hang Seng Tech Index is likely to shift from "food delivery involution" back to the AI narrative, with valuation restructuring anticipated. Investors without a Hong Kong Stock Connect account can gain exposure to Chinese AI core assets through the Hang Seng Tech Index ETF (513180). (Offshore联接 A/C: 013402/013403)