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HSBC Research Cites Experts: TENCENT, BABA-W Ride on Ecosystem Advantages
2026-05-12 15:34:39
HSBC Global Investment Research, in its report, cited the views of Eric Chen, Product Manager at DeepSeek, during an expert exchange last Friday (8th). Regarding the proxy capabilities of domestic AI models, experts believed that BABA-W (09988.HK)'s Qwen, Kimi, and DeepSeek are in the first tier in terms of proxy capabilities and tools.

Among large cloud providers and cutting-edge model companies, the report cited experts who believe that TENCENT (00700.HK) and BABA-W benefit from their enormous ecosystems, including user bases, high-quality proprietary data, and readily available products and tools for integration. Independent AI labs differentiate themselves through basic model iteration and architecture.

In terms of coding capabilities, KNOWLEDGE ATLAS (02513.HK), Kimi, and DeepSeek are leading players in China, the report cited experts as saying, naming post-training strategies, data quality, talent with both LLM and programming language expertise, and chip resources as the four key drivers for improving coding capabilities.

In the fields of multimodal and video generation, HSBC Global Investment Research cited experts that MINIMAX-W (00100.HK) and KNOWLEDGE ATLAS excel in multimodal understanding capabilities, while KUAISHOU-W (01024.HK) and MINIMAX-W lead in video generation.

HSBC Research listed the investment ratings and target prices for Chinese AI-related stocks:

Stocks | Investment Ratings | TPs
TENCENT (00700.HK) | Buy | HK$750
Alibaba (BABA.US) | Buy | US$172
KNOWLEDGE ATLAS (02513.HK) | Hold | HK$920
MINIMAX-W (00100.HK) | Hold | HK$1,000
KUAISHOU-W (01024.HK) | Buy | HK$65
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