Hong Kong Stock Market Movement | Tech stocks all rebound, Meituan-W(03690) rises over 5%, institutions say AI investment is expected to enter the second half of the industry trend

2026-02-23 03:45:41

Abstract generation in progress

Zhitong Finance APP has learned that technology and internet stocks are broadly recovering. As of the time of writing, Meituan-W (03690) rose 5.14% to HKD 84.9; JD.com Group-SW (09618) increased 3.56% to HKD 107.5; Alibaba-W (09988) gained 2.65% to HKD 151; Kuaishou-W (01024) rose 2.63% to HKD 68.25; Tencent (00700) increased 2.01% to HKD 532.5.

On the news front, Alibaba Cloud, a subsidiary of Alibaba, announced the open-source release of the new generation Qwen3.5-Plus large model, with API prices as low as 0.8 yuan RMB per million tokens. BOC International released a research report stating that the current AI market has not yet shown obvious signs of bubble formation, and AI investments are expected to enter the second half of the industry trend by 2026.

Kaiyuan Securities stated that attention should be paid to AI commercialization and application scenario expansion; with the continuous improvement of open-source model capabilities, demand for AI cloud services is expected to be validated continuously, and AI applications are expected to drive sustained growth in reasoning demand. Domestic AI chip growth is rapid, with Kunlun Chip officially initiating the listing process in Hong Kong. Recommended stocks include Alibaba-W, Pinduoduo, Baidu Group-SW, with Tencent Holdings benefiting.

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