第一个原因是市场集中度与深度差异。韩国由 Samsung Electronics Co. 与 SK Hynix Inc. 两档记忆体股贡献了 Kospi 近 40% 权重，并提供约一半报酬；台湾 Taiex 最大公司权重达 45%，TSMC 销售加速成长抬升整体指数。相较之下，中国市场更大且产业更杂，外送价格战、反垄断调查与电动车品质事件都会压抑指数。第二个原因是供应链位置：美国四大科技公司 2026 年资本支出约 6,500 亿美元，资金外溢主要流向日本、韩国与台湾供应商。
第三个原因是指数设计落后。恒生科技指数仅纳入在港上市的 30 家最大科技公司，未能即时反映 AI 新股；投资人因此转向 MiniMax Group Inc.、北京智谱华章等纯 AI 标的，并担心 Tencent Holdings Ltd. 在 AI 竞赛落后。市场预期 MiniMax 未来两年营收成长 756%，对比 Tencent 的 21%，而 MiniMax 可能要到六月才纳入更广泛指数。文章结论是：若北京希望企业持续上移价值链，除补贴与税惠外，股市的定价与资本回馈机制同样是关键。
Despite China’s strong AI narrative since last January’s “DeepSeek moment,” its tech equities have lagged. The Hang Seng Tech Index is down 12% year to date, while Taiwan’s market is up 13%, Korea’s Kospi had risen 21% before this week’s Iran-driven selloff, and Japan re-rated after Sanae Takaichi’s February victory. The contrast suggests AI progress has not translated into broad market performance.
The first explanation is differences in market concentration and depth. In Korea, Samsung Electronics Co. and SK Hynix Inc. together represent almost 40% of the Kospi and delivered roughly half its return; in Taiwan, the largest company is 45% of the Taiex, and faster TSMC sales growth lifts the whole index. By contrast, China’s larger and more mixed market absorbs drag from food-delivery price wars, antitrust probes, and EV quality incidents. The second explanation is supply-chain position: four major US tech firms plan about $650 billion in 2026 capex, and spillover demand mainly benefits suppliers in Japan, Korea, and Taiwan.
The third explanation is outdated index construction. The Hang Seng Tech Index includes only the 30 largest Hong Kong-listed tech firms, so it does not quickly capture newly listed AI players; investors therefore crowd into pure plays such as MiniMax Group Inc. and Beijing Zhipu Huazhang, while worrying that Tencent Holdings Ltd. is behind in AI. MiniMax is expected to grow revenue 756% over two years versus Tencent’s 21%, yet it may not enter broader benchmarks until June. The article argues that if Beijing wants firms to keep climbing the value chain, market pricing and equity rewards matter alongside subsidies and tax incentives.