HK Stock Market Move | Cloud computing concept continues to strengthen in the afternoon trading session with SUNEVISION (01686) up over 23% and VSTECS (00856) up over 14%.

On the news front, the concept of cloud computing continued to strengthen in the afternoon. As of the time of writing, SUNEVISION (01686) rose by 23.17% to HK$9.09; VSTECS (00856) rose by 14.02% to HK$6.75; BABA-W (09988) rose by 12.66% to HK$136.2; MING YUAN CLOUD (00909) rose by 11.88% to HK$4.05; GDS-SW (09698) rose by 10.57% to HK$48.1; and CDC International (00354) rose by 9.98% to HK$6.5. In terms of news, Alibaba's performance in the third quarter far exceeded expectations, with quarterly capital expenditures reaching 31.8 billion, an 80% increase compared to the previous quarter. Wu Yongming said at the performance exchange meeting that Alibaba will actively invest in AI infrastructure construction, with expected investments in cloud and AI infrastructure in the next three years exceeding the total of the past ten years. Institutions have pointed out the great opportunities in the AI cloud computing industry. All three major telecom operators have accessed the DeepSeek model, while giants such as Alibaba, Tencent, and Huawei have made new progress in AI, and capital expenditures in AI cloud computing are expected to gradually increase. Canalys data shows that in the fourth quarter of 2024, global spending on cloud infrastructure services will increase by 20% year-on-year to reach 86 billion US dollars. For the full year of 2024, cloud spending is expected to grow by 20%, from 267.7 billion US dollars in 2023 to 321.3 billion US dollars in 2024. The rapid expansion of AI models has become the core drive of this growth, accelerating the popularity of cloud computing. Industrial indicates that with the confidence boost in the growth prospects of the domestic technology industry, as well as the empowerment and demand pull of AI on various aspects of the cloud computing industry, the valuation logic of overseas cloud computing mappings is being fully repaired. Considering the previous divergence of Chinese and American technology stocks, the valuation restoration of domestic cloud computing leaders is expected to continue to ferment.