3月16日，百度正式发布文心大模型4.5和文心大模型X1，两款模型已在文心一言官网免费向用户开放，并计划于6月30日开源4.5系列。① How will Baidu's strategy of freely opening and planning to open source its large models affect its long-term competitiveness in Cloud Computing and advertising monetization? ② Tencent's increased procurement of H20 Chips to support the implementation of large models, does this mean that domestic computing power infrastructure remains highly dependent on overseas supply chains?
Most stocks related to the DeepSeek concept in the Hong Kong stock market strengthened today. As of midday, $BIDU-SW (09888.HK)$and it has risen nearly 10%, $GDS-SW (09698.HK)$ 、$KINGSOFT CLOUD (03896.HK)$An increase of over 5%, $BABA-W (09988.HK)$Increased by nearly 5%.
Behind this wave of market movement, there are catalysts from the iteration of Baidu's Wenxin large model technology, as well as a surge in compute demand driven by Tencent's acceleration in deploying large models, combined with the resonance of policy and market sentiment, the heat in the Technology Sector continues to rise.
Baidu's large model technology breakthrough.
On March 16, Baidu officially released the Wenxin large models 4.5 and X1, both of which have been made available for free to users on the official Wenxin Yiyan website and are planned to be open-sourced on June 30 for the 4.5 series.
According to official sources, Wenxin 4.5 has significantly improved in programming capabilities and multilingual reasoning, while X1 focuses on optimization for vertical scenarios. Wenxin 4.5 has already been launched on Baidu Intelligent Cloud's Qianfan large model platform, allowing enterprise users to directly call the API; X1 will also be integrated soon to further expand the range of technological applications.
This release is seen as a key move for Baidu to consolidate its position in the AI field. Market analysis suggests that the free opening strategy will accelerate the penetration of the large model ecosystem, while the open-source plan may promote the construction of the developer ecosystem, which would be bullish for Baidu's Cloud Computing business and advertising monetization capabilities in the long run. Boosted by this news, Baidu's US stock surged 9% overnight, and Hong Kong stocks continued to show strength today.
Tencent intensifies its competition in large model races.
According to market news, Tencent recently ordered H20 chips worth billions from NVIDIA, mainly to support WeChat's access to the DeepSeek large model. Due to concentrated orders, there has been a short-term supply shortage of H20 chips in the Chinese market. Although Tencent has not made a direct response, the industry believes this move reflects its determination to accelerate the implementation of large models.
Previously, the DeepSeek concept has triggered the Hong Kong stock market multiple times. In early March, due to DeepSeek's plan to prematurely release the next-generation AI model R2, related stocks such as $GDS-SW (09698.HK)$ 、$XD INC (02400.HK)$experienced a single-day increase of over 15%. Tencent's procurement this time further reinforced the market's expectations for the computing power industry chain, combined with the occurrence of the NVIDIA GTC conference, the related heat for AI Chips and Cloud Computing has risen.
Policy and capital resonance: Technology stocks become the main line of the market.
Recent policies continue to release Bullish signals. The government work report clearly states the "AI+" initiative, supporting the wide application of large models; the State Council's research office also specifically mentions companies like DeepSeek, affirming their breakthroughs in the AI field. At the same time, southbound capital is accelerating Inflow into the Hong Kong stock technology Sector.$Alibaba (BABA.US)$The U.S. stock market rose over 5%, and the Chinese concept stock Index reached a three-year high, indicating an increase in foreign capital's demand for China’s Technology Assets.
From the market structure, DeepSeek Concept stocks cover multiple fields such as Cloud Computing, Semiconductors, and Asia Vets, with .$Hang Seng TECH Index (800700.HK)$Components stocks highly overlap. Today, the Hang Seng TECH Index broke through the 6000-point barrier, showcasing a broad increase in technology leaders, highlighting capital’s preference for growth sectors.
Institutions warn that short-term volatility should be heeded.
Although the enthusiasm related to AI is high, institutions point out that the progress of large models' commercialization may not meet expectations; if companies like Baidu and Tencent fail to continuously launch innovative applications, market sentiment may be frustrated; furthermore, fluctuations in the computing power supply chain, if NVIDIA's chip supply is affected by changes in the international situation, will directly impact the domestic large model R&D progress.
Editor/lambor
Today, after hitting the high near 24,000 in the early session and entering bearish positions, the index fell sharply by nearly over 600 points, immediately recouping yesterday's losses significantly.
Moreover, today it broke the new high again, reaching a maximum of 24,076, but by the end of the market, it fell back by about 70 points, producing a bearish candle. The current trend has not yet been broken, but from the previous low until now, it has risen close to 6,000 points. It is believed that those with positions can continue to hold until there is a clear trend reversal for profit-taking. Those without positions can wait for a pullback to get in. Actually, it is hoped for a quick pullback, as it allows for entry and also provides a healthy breath.
Currently, the outlook remains the same as before. It is believed that even if there is a pullback, it shouldn't be too deep. However, if Futures fail to stabilize and close below 22,350, there may still be room for decline. The chance of Futures falling below 21,400 in the short term should be low, so it is considered that if a significant pullback occurs, it presents a good opportunity to incrementally go long. Recently, there has been a consistent approach to not hold positions overnight, only focusing on immediate trades, as there is no high chasing and no casual short selling.
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