Hong Kong stock DeepSeek concept stocks performed well today, with most individual stocks rising strongly. As of press time, Baidu Group-SW rose 9.18%, Kingsoft Cloud rose 5.03%, and Alibaba-W rose 4.58%. Behind this wave of market trends, it is not only the catalysis of Baidu Wenxin's big model technology iteration, but also the surge in computing power demand caused by Tencent's accelerated layout of big models. Combined with the resonance of policies and market sentiment, the popularity of the technology sector continues to heat up.
Baidu's big model technology breakthrough
On March 16, Baidu officially released the Wenxin Mockup Model 4.5 and Wenxin Mockup Model X1. The two models have been opened to users for free on Wenxin Yiyan’s official website, and are planned to open source the 4.5 series on June 30.
According to official reports, Wenxin 4.5 has significantly improved its programming capabilities and multilingual reasoning, while X1 focuses on vertical scene optimization. Wenxin 4.5 has been launched on Baidu Smart Cloud Qianfan big model platform, and corporate users can directly call the API; X1 will also be connected in the near future to further expand the scope of technical application.
This release is seen as a key move by Baidu to consolidate its position in the AI field. Market analysis believes that the free open strategy will accelerate the penetration of large-scale models, and the open source plan may promote the construction of developer ecosystems, which will benefit Baidu's cloud business and advertising monetization capabilities in the long run. Boosted by this news, Baidu's U.S. stocks rose 9% overnight, and Hong Kong stocks continued to be strong today.
Tencent Increases Big Model Competition
According to market news, Tencent recently ordered H20 chips worth billions from Nvidia, mainly to support the demand for WeChat access to DeepSeek big models. Due to concentrated orders, H20 chips have shortages in the Chinese market in the short term. Although Tencent did not respond positively, the industry believes that the move reflects its determination to accelerate the implementation of the big model.
Previously, the DeepSeek concept has repeatedly ignited the Hong Kong stock market. In early March, because DeepSeek planned to release the new generation of AI model R2 in advance, related stocks such as Wanguo Data and Xindong Company rose by more than 15% in a single day. Tencent's procurement further strengthened the market's expectations for the computing power industry chain. In addition, the NVIDIA GTC conference was held, and the popularity of AI chips and cloud computing was rising.
Policy and capital resonance: Technology stocks become the main line of the market
The policy side continues to release positive news in the near future. The Government Work Report clearly states the "Artificial Intelligence +" action and supports the widespread application of big models; the State Council Research Office also named companies such as DeepSeek to affirm their breakthroughs in the field of AI. At the same time, southbound funds accelerated their flow into the technology sector of Hong Kong stocks. On March 17, Alibaba's US stocks rose by more than 5%, and the Chinese stock index hit a three-year high, indicating that foreign capital's demand for China's technology assets has heated up.
From the perspective of market structure, DeepSeek concept stocks cover many fields such as cloud computing, semiconductors, and smart terminals, which are highly overlapping with Hang Seng Technology Index constituent stocks. Today, the Hengke Index broke through the 6,000-point mark, and the general increase in technology leaders highlighted the preferences of funds for the growth track.
Institutions say short-term fluctuations need to be vigilant
Although AI-related hotness is high, institutions pointed out that the progress of the commercialization of large models may be lower than expected; if Baidu, Tencent and other companies fail to continue to launch innovative applications, market sentiment may be frustrated; furthermore, the computing power supply chain fluctuates, and if Nvidia chip supply changes due to the international situation, it will directly affect the progress of domestic large models research and development.