SOUTHBOUND NET BUYING VIA STOCK CONNECT REACHED HKD6 BLN

港股大模型股回調，智譜(02513.HK)跌超7%，MINIMAX-W(00100.HK)跌超5%。

Bernstein said Tencent is entering a phase of heavier investment, with plans to more than double AI spending from 18 billion yuan in 2025. While increased AI investment is positive, it may weigh on earnings, with operating profit growth seen in the mid-to-high single digits in 2026. Longer term, Tencent’s ecosystem remains well-positioned to monetize agentic AI via ads and mini programs. Bernstein keeps an outperform rating but lowers its target price to HK$790 from HK$820.