Recent policy support and technological advancements have fueled optimism in the artificial intelligence (AI) sector. On November 20, Guangdong Province released its "National Digital Economy Innovation Development Pilot Zone Construction Plan (2025–2027)," targeting a leading position in China's digital economy by 2027. Key goals include: digital core industries contributing over 16% to GDP, fostering three trillion-yuan digital industry clusters, achieving an annual data industry growth rate exceeding 15%, and expanding AI core industry scale to RMB 440 billion. Additionally, the plan aims for over 60,000 industrial enterprises to complete digital transformation and reach a computing power capacity of 60 EFLOPS.
Globally, NVIDIA, the world’s most valuable company, bolstered market confidence with a robust revenue forecast, easing concerns about an AI investment bubble. The chipmaker projected Q4 revenue of approximately $65 billion, surpassing analysts’ average estimate of $62 billion, signaling sustained strong demand for its AI accelerators.
China’s State Council also issued guidelines to accelerate AI scenario development and commercialization, emphasizing breakthroughs in core technologies and integration with real-world applications. Meanwhile, major AI products are rapidly launching domestically. Alibaba unveiled its "Qianwen" AI assistant app, powered by its proprietary Qwen open-source model, while Ant Group introduced "Lingguang," a multimodal AI assistant capable of generating mini-apps via natural language input. ByteDance’s "Doubao" and Tencent’s "Yuanbao" have also seen explosive user growth, with Doubao’s monthly active users (MAUs) surging 22.2% to 159 million in Q3 2025, per QuestMobile.
McKinsey predicts the global AI-to-consumer (ToC) market will hit $1.3 trillion by 2030, growing at a 35% CAGR. CICC highlights computing power as a national priority, projecting China’s demand growth to outpace global markets by 2030, driven by rising capital expenditures from internet firms and domestic application advantages.
China Post Securities notes the sector’s dual focus on "ToC branding and ToB commercialization," with platformization key to extending growth beyond subscriptions. Investors are advised to monitor Hong Kong-listed internet stocks with gateway value, AI Agent collaborators, and稀缺 computing power providers.
**Related Stocks**: - **BIDU-SW (09888)**: At its 2025 Baidu World Conference, Baidu showcased AI advancements including the Wenxin 5.0 model, 17 million global rides for its Apollo Go robotaxi service, and next-gen Kunlun chips. Its GenFlow 3.0 and overseas expansion of products like "Luobo Kuaipao" and digital human "Huiboxing" were also highlighted. - **BABA-W (09988)**: Alibaba Cloud set a record during Double 11, supplying over 10 million CPU cores and AI training clusters to support Taobao’s recommendation systems. Its Qwen translation model handled 1.4 billion daily calls. - **SENSETIME-W (00020)**: Upgraded by CLSA to a HK$3 target price, citing generative AI revenue growth and cost optimization. Its partnership with Cambricon (688256.SH) aims to enhance domestic chip-based AI capabilities, with progress in AI glasses and video-generation tools. - **ZTE (00763)**: The firm offers end-to-end AI solutions, from infrastructure to large models, supporting enterprise digital transformation.