投资者对腾讯的AI投入会压缩利润率的担忧，以及阿里巴巴持续在电商领域进行的高成本补贴战，已成为拖累。研究人士认为市场已明显区分“大而全的中国科技”与“纯AI赛道”。Wee Khoon Chong指出，过去看多中国会买港股大科技，但现在“下一个科技浪潮”中的主导权受疑。Joanna Yang提到，市场更关注像Zhipu与MiniMax这类纯AI模型公司，腾讯和阿里大模型在竞速上被视为落后；Zhipu与MiniMax自年初IPO后股价分别上涨622%与318%。
自年初以来，AI产业链硬件与芯片端也出现高增长。Cambricon在过去12个月上涨183%，而光模块领先制造商Zhongji Innolight上涨944%，港股上市的SMIC亦上涨逾67%。尽管美国将包括SMIC在内的多家中国AI公司列入黑名单并限制美籍投资者和美国实体投资，全球资金回流中国股市的趋势并未逆转。BNY数据显示，中国股市的国际关注度仍在上升，但市场对传统巨头的定义更多转向“旧科技”，而非AI先锋。
The contrast between China’s AI-linked shares and its large internet platforms is sharp. China’s CSI Artificial Intelligence Index is up more than 28% this year, while the Hang Seng Tech Index, which contains major Chinese listed groups, is down over 8%. Two heavyweight constituents, Alibaba and Tencent, are each down this year by 6.7% and 23.7%, showing investors are no longer rewarding size alone as the source of China AI exposure.
Investor concerns have focused on profitability pressure: Tencent is seen as carrying AI spending that could weigh on earnings, and Alibaba has been fighting an expensive subsidy campaign in e-commerce. A growing split has emerged between “legacy big tech” and “pure AI” plays, with analysts saying valuation leadership is moving away from broad-platform models. Strategist Wee Khoon Chong says old assumptions are fading, while portfolio managers at Ninety One say markets now prefer pure AI model builders. Since their IPOs, shares of Zhipu and MiniMax have surged 622% and 318%, and both are now viewed as faster movers than the larger incumbents.
Hardware and semiconductor-linked firms in China’s AI chain are showing stronger momentum, supported by domestic policy and global demand. Cambricon is up 183% over the past 12 months, Zhongji Innolight is up 944%, and SMIC has gained more than 67% in the same period. Washington’s blacklisting of firms such as SMIC restricts U.S. persons and U.S.-incorporated entities from investing, yet China remains attractive for other strategic reasons. BNY data indicate foreign appetite for Chinese stocks continues to rise despite prior outflows, but investor positioning has shifted: major platform names are being treated increasingly as “old tech,” while AI infrastructure suppliers are receiving the capital spotlight.