汇丰研究发表研报指，从美国AI板块上升中汲取经验，认为美股较中国股市更受基本面因素驱动，同时发现中国AI价值链相对于美国市场，目前仍存在较大的估值折让，而自2020年起中国AI应用类公司在收入增长上较美国同业优胜，根据市场普遍预期未来两年两者股本回报率差距将大幅缩小，表明下游应用类股份可能将是AI产业下一轮迎来重估的关键所在。
考虑到估值折让及基本面的改善，该行重申对中国AI股份中长期发展持建设性看法，相信投资者目光向中下游股票轮动的趋势将持续，当中百度-SW(09888.HK) 、联想集团(00992.HK) 及阿里-W(09988.HK) 等AI下游表现或追落后，另外亦看好小米-W(01810.HK) 可受惠于AI科技发展，给予“买入”评级，目标价65.6元。(gc/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-03-06 16:25。)
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