The Hong Kong Stock Connect reshapes the central valuation of AI assets, as large models transition from a price war to a value war.

Since August, the AI sector of the Hong Kong stock market has undergone a notable valuation reshaping. As several major AI model companies have been successively included in the Hong Kong Stock Connect targets, the channel for southbound funds to allocate to China's core AI assets has further opened up. According to Wind data, since June 26, the Hang Seng Tech Index has risen by a cumulative 9.50%. Analysts believe that the expansion of the Hong Kong Stock Connect fund channel, combined with signals of price increases from leading large models, marks a shift for domestic AI large models from a low-price competition for market share to a new stage of value realization, indicating that the valuation logic of the Hong Kong stock market's AI sector is undergoing systematic reshaping.