①How do institutions view the recent significant decline in U.S. software stocks?
②What is the reason behind the sharp rise in Pony AI's stock price?
Today, individual stocks related to AI applications and optical communication in the Hong Kong stock market have shown a significant recovery. As of the time of writing,$KNOWLEDGE ATLAS (02513.HK)$with a nearly 13% increase,$CHINA LIT (00772.HK)$、$KINGSOFT CLOUD (03896.HK)$up nearly 7%,$PONY-W (02026.HK)$up nearly 6%,$XD INC (02400.HK)$rose over 5%.
Rebound in US software stocks combined with rational analysis from institutions
Last Friday, the U.S. software sector rebounded significantly,$iShares Expanded Tech-Software Sector ETF (IGV.US)$with gains exceeding 3%, while the Nasdaq Composite rose by more than 2%, providing sentiment support for Hong Kong-listed technology stocks.
Dan Romanoff, Senior Equity Analyst at Morningstar, pointed out: 'The current market pessimism towards the software industry has been significantly exaggerated. Core metrics such as customer retention rates remain robust, with no substantial evidence supporting bearish logic.'
He further analyzed that the likelihood of enterprise clients shifting en masse to self-developed solutions is low; while there may be pressure on user account numbers, there is no concrete evidence; automation is a long-term trend rather than a sudden variable. Institutions believe that the current sell-off presents an opportunity for medium- to long-term positioning.
Additionally, benefiting from these positive developments, stocks related to optical communications strengthened. As of the time of writing,$YOFC (06869.HK)$up nearly 12%,$TIME INTERCON (01729.HK)$rose more than 8%,$COMBA (02342.HK)$Surged nearly 6%.
Pony AI collaborates with Moore Threads, breaking new ground in autonomous driving powered by domestic computing power.
$PONY-W (02026.HK)$up nearly 6%. The company, together with$Moore Threads Technology (688795.SH)$A strategic partnership has been reached. Both parties will focus on the large-scale implementation of L4 autonomous driving technology and collaborate deeply on the training and optimization of the 'World Model' and 'Virtual Driver System.' The collaboration will utilize Moore Threads' MTT S5000 integrated training and inference computing card and the 'Kua E' intelligent computing cluster to advance the adaptation and validation of in-vehicle model training.
Brokerage research reports highlight new pathways for AI-driven value restructuring
Guolian Minsheng Securities pointed out that the iteration of new functionalities in large models and ecosystem integration are driving a wave of innovation. The internet value chain is shifting from a 'traffic scale' logic to a new paradigm of 'behavior execution, capability invocation, governance control, and outcome-based payment.' Cloud platforms, computing power services, security governance tools, and content licensing mechanisms will become core profit sources. China's closed-loop ecosystem and industry solution models will profoundly impact the global competitive landscape.
Huayuan Securities also cited data from The Information, stating that Anthropic has revised its revenue forecasts for 2026 and 2027 upward to $18 billion and $55 billion, respectively. The research report emphasized that Agent applications in the B-end sector have moved beyond the initial stage of 'cost reduction and efficiency improvement' and entered a new phase of 'driving business growth.'
The brokerage firm further noted that with the continuous emergence of AI-native products, the conversion efficiency of 'Token→ARR' (Annual Recurring Revenue) is expected to significantly improve by 2026. It is recommended to focus on high-barrier, high-certainty sectors and seize long-term industry trends.
Editor/Melody
