Tracking of Hong Kong stock market concepts | Performance of Hong Kong technology stocks released one after another with AI as core growth driving force (including concept stocks)

Recently, the financial reports of Hong Kong-listed tech stocks have been released one after another. According to the financial data, companies like Tencent, Alibaba, and JD.com are performing strongly in the first quarter of 2025 or 2026. AI-related computing power, large models, and applications have become important drivers of performance growth. Industrial indicates that the domestic computing power chain is relatively catching up with the North American computing power chain, and the AI market is spreading within the computing power chain. Data shows that Tencent achieved revenue of about 196.458 billion yuan in the first quarter of 2026, a year-on-year increase of 9% and a quarter-on-quarter increase of 1%. Gross profit was 111.265 billion yuan, an increase of 11% year-on-year and 3% quarter-on-quarter. During the earnings call, Tencent's management stated that AI models and application services are becoming the company's new growth engines. With the continuous iteration and deep integration of the Mixnet series of models, the demand for AI services is rapidly increasing, both internally at Tencent and externally for customers. Tencent announced that significant breakthroughs have been made in new AI products in 2026, and the company continues to use AI to empower core business growth. The restructured AI research and development team has reconfigured the AI infrastructure and developed the Hy3 preview model, which outperforms equivalent parameter-scale models. The company's efficiency AI intelligence solution has shown initial results, and the core business continues to grow in user engagement, revenue, and profitability, providing ample cash flow support for AI investments and laying a rich foundation for AI applications. For Alibaba, as of the end of the financial year on March 31, 2026, the group achieved revenue of 1.023 trillion yuan, an increase of 3% year-on-year. Excluding the revenue from the disposed operations of SUNART RETAIL and Intime, the revenue growth on a comparable basis would be 11%. Net profit attributable to ordinary shareholders was 105.904 billion yuan, with a decrease of 19% year-on-year. Alibaba Group CEO Daniel Zhang said, "Alibaba's full-stack AI technology investment has officially crossed the initial incubation stage and entered a positive phase of scaled commercial returns. This quarter, we have made accelerated breakthroughs in models, cloud infrastructure, and applications at all levels. External commercialization revenue of the cloud has increased to 40%, and the proportion of AI-related revenue has reached 30%. In the AI application layer, we have launched multiple enterprise-level intelligent entities covering office programming and other scenarios." CFO Maggie Wu stated, "Our strategic investments are continuously transforming into business growth. The revenue growth of the Cloud Intelligence Group continues to accelerate, and AI-related product revenue has achieved triple-digit growth for eleven consecutive quarters. Customer management revenue from China's e-commerce grew by 8% on a comparable basis, with steady improvements in unit economics and average order value in instant retail. Looking ahead, we are confident in our business and will continue to invest in AI+ cloud to strengthen our strategic advantage." Baidu, on the other hand, showcased its leading AI commercialization strength to the market with a better-than-expected financial report. Data shows that Baidu's total revenue in 2025 reached 129.1 billion yuan, with AI business revenue reaching 40 billion yuan. Regarding future AI capital expenditure, Hong Kong-listed tech companies have shown enough confidence in AI and stated that they will significantly increase AI capital expenditure in order to seize the development trend. Alibaba announced that in order to meet the huge demand for AI, future capital expenditures will exceed the original plan of 380 billion yuan. Daniel Zhang revealed that compared to 2022 before the explosion of large models, the scale of data centers to be built in the future will be "basically more than ten times larger than in 2022." Tencent's management gave a more clear signal on AI capital expenditure: as China's independently-designed AI chips are increasingly supplied throughout the year, capital expenditure in the second half of the year will increase significantly. Operating capital expenditure in the first quarter has already increased by 84%, confirming the initiation of this trend. Industrial indicates that the domestic computing power chain is catching up with the North American computing power chain, and the AI market is spreading within the computing power chain. Hong Kong-listed internet companies have high correlation with the domestic computing power attribute, which is an important driver of performance growth. This indicates that apart from the spread of North American computing power to domestic computing power within the AI industry, the spread of Hong Kong-listed technology stocks is also an important trend. From an overseas perspective, cloud providers represented by Hong Kong-listed internet companies are expected to be the direction of future domestic AI market growth. On one hand, the Capex and guidance of Hong Kong-listed internet giants are closely related to the domestic computing power chain just like CSP vendors in North America are related to the North American computing power chain. Therefore, Hong Kong-listed internet companies have the domestic computing power attribute. On the other hand, Hong Kong-listed internet platforms with the best social scenes and ecosystems are also the first to benefit from AI application landing, so they also have the AI application attribute. Both are important directions for the spread of the domestic AI market. Dahua Jishan released a research report, stating that in the context of intensified competition in China's large language models (LLM), the rise of agent-based AI and super AI applications, the demand for "tokens" continues to grow strongly. Enterprise AI adoption is driving the improvement of cloud pricing capabilities, increasing the use of AI agents, and expanding consumer AI assistants, with the AI cloud still being considered as the preferred market segment in China's internet industry. Related Concept Stocks: TENCENT (00700): In the first quarter of 2026, the company achieved revenue of about 196.458 billion yuan, a year-on-year increase of 9% and a quarter-on-quarter increase of 1%. Gross profit was 111.265 billion yuan, an increase of 11% year-on-year and 3% quarter-on-quarter. Net profit attributable to equity holders of the company was 58.093 billion yuan, an increase of 21% year-on-year, and a decrease of 0.3% quarter-on-quarter. Net profit attributable to equity holders of the company under non-international financial reporting standards was 67.905 billion yuan, an increase of 11% year-on-year and 5% quarter-on-quarter. Basic earnings per share were 6.431 yuan. ALIBABA-SW (09988): In the 2026 fiscal year, Alibaba's revenue was 1.02 trillion yuan, up 3% year-on-year. Excluding the revenue from the disposed operations of SUNART RETAIL and intime, the revenue growth on a comparable basis would be 11%. At the same time, Alibaba announced the distribution of regular cash dividends for the 2026 fiscal year, with a total dividend amount of approximately $2.5 billion. JD-SW (09618): JD-SW announced its first-quarter performance in 2026, with revenue of 315.7 billion yuan, a 4.9% year-on-year increase. Net profit attributable to ordinary shareholders was 5.1 billion yuan, while net profit attributable to ordinary shareholders under non-US GAAP was 7.4 billion yuan. R&D expenses increased by 48.6% year-on-year to 6.9 billion yuan. BIDU-SW (09888): BIDU-SW announced its fourth-quarter and full-year financial results for 2025, with total fourth-quarter revenue of 32.7 billion yuan (4.68 billion US dollars), a 5% quarter-on-quarter increase, mainly due to the growth of Baidu's core AI new business. Operating profit was 1.5 billion yuan (212 million US dollars) with an operating profit margin of 5%.