Recently the New York Times reported the following:
A.I. Is Driving a Stock Market Rally in China, Too
Surging interest in artificial intelligence is generating
huge gains for Chinese tech stocks like Alibaba, which has more than doubled
this year.
The NYT - By Meaghan Tobin
Oct. 3, 2025, 12:01 a.m. ET
Last year, investors in Chinese stocks lurched between
euphoria and disappointment as the market swerved in response to the
government’s attempts to kick-start growth in China’s sluggish economy.
Now, China’s stock markets are in the midst of another bullish run. Analysts and investors say that this time, rather than being driven mainly by policy changes, the moves are linked to a trend that is also pushing up stocks in the United States and elsewhere: artificial intelligence.
“There has been a resetting of expectations around what the government will and won’t do to stimulate the economy,” said Eric Wong, the founder of Stillpoint Investments, a hedge fund. “That has enabled people to be more comfortable to put money into parts of the economy where they think there is outsized growth.”
The share prices of companies that play a major role in China’s A.I. industry have grown by triple digits this year. Alibaba, which makes widely used open source A.I. systems, has gained more than 120 percent this year. Semiconductor Manufacturing International Corporation, China’s most advanced chipmaker, is up even more, around 180 percent. Other Chinese tech stocks, including Baidu, Tencent and Xiaomi, are up around 60 percent this year.
By comparison, Nvidia, the U.S. chipmaker whose central role in the A.I. boom has made it the most valuable public company in the world, is up about 40 percent this year.
The A.I.-driven rally in tech stocks has exerted an enormous influence on broad market indexes in China, as it has in the United States. The MSCI China Index, which tracks the country’s largest companies, has notched gains for five straight months. The index is up more than 40 percent this year, greatly outpacing a similar index for U.S. stocks, which is up about 15 percent.
The Chinese index has become dominated by tech companies, with Tencent, Alibaba and Xiaomi, the three largest components, accounting for about 30 percent of the benchmark. In America, the top three stocks are Nvidia, Microsoft and Apple, worth about a fifth of that index.
For years, China’s stock markets were among the worst performing in the world. Then, in September last year, shares surged after the government encouraged banks to lend more to buyers of stocks and real estate.
In January, stocks began to rally again after the Chinese start-up DeepSeek jolted the tech world with its claim that it created a powerful A.I. model that was significantly cheaper to build than the offerings of its better-funded American rivals.
Since then, Alibaba has released multiple popular A.I. models. Open source A.I. systems made by Chinese companies consistently rank among the top performing in the world. Chinese companies with significant A.I. and cloud businesses, including ByteDance, Alibaba, Tencent and Huawei, have poured money into infrastructure like data centers.
The Chinese government, too, has financed A.I. infrastructure and hardware, including data centers, high-capacity servers and semiconductors, as part of a push to become self-sufficient in advanced technologies.
China “has strong national policy support, vast data resources, sufficient power supply, leading manufacturing capabilities, diverse A.I. application scenarios and a fiercely competitive private sector,” said Winnie Wu, chief China equity strategist at BofA Global Research, a unit of Bank of America. She described China as the “global runner-up in A.I.”
China’s contest with the United States for primacy over A.I. has only added to the bullish feeling, some investors say. In July, Nvidia said the U.S. government would allow it to restart sales of a China-specific chip.
But Chinese regulators have doubled down on a directive for companies building data centers to buy domestic chips instead. China’s stock markets took that “as a signal that China wants to build its own ecosystem,” said Mr. Wong of Stillpoint Investments.
Initial public offerings by Chinese tech companies, once blockbusters on Wall Street, have slowed in recent years as the relations between China and America deteriorated. And in China, the pace of domestic listings dipped as Beijing pushed to assert greater control over the market.
The recent market momentum is attracting interest from Chinese tech companies looking to go public in Shanghai or Hong Kong.
Last week, the Shanghai Stock Exchange approved the listing of Moore Threads, a Chinese semiconductor company. Unitree Robotics, a start-up based in the tech hub of Hangzhou, said last month that it would pursue a listing by the end of the year.
Vey-Sern Ling, an equities adviser based in Singapore at the private bank Union Bancaire Privé, said, “For any Chinese tech company planning to go to the market right now, Hong Kong would be the clear choice.”
Translation
人工智能也推動中國股市上漲
人們對人工智能的興趣高漲，為阿里巴巴等中國科技股帶來了巨額收益，今年阿里巴巴的股價已上漲一倍多。
去年，隨著政府試圖刺激中國低迷經濟的成長，市場波動劇烈，中國股市投資人在興奮與失望之間徘徊。
如今，中國股市正處於又一次牛市之中。分析師和投資人表示，這次，股市上漲並非主要受政策變化驅動，而是與同樣推動美國及其他地區股市上漲的趨勢息息相關：人工智能。
對沖基金Stillpoint Investments創始人 Eric Wong 表示：“人們對政府刺激經濟的預期正在重新調整。” ; “這使得人們更願意將資金投入他們認為具有超額增長潛力的經濟領域。”
今年，在中國人工智能領域發揮重要作用的公司的股價已實現三位數成長。生產廣泛使用的開源人工智能系統的阿里巴巴今年股價上漲了120%以上。中國最先進的晶片製造商中芯國際的漲幅更大，約180%。包括百度、騰訊和小米在內的其他中國科技股今年也上漲了約60%。
相較之下，在人工智能熱潮中發揮核心作用並成為全球市值最高上市公司的美國晶片製造商英偉達今年股價上漲了約40%。
人工智能推動的科技股上漲對中國股市大盤指數產生了巨大影響，就像對美國股市一樣。追蹤中國最大公司的MSCI中國指數已連續五個月上漲。該指數今年上漲了 40% 以上，遠遠超過了美國同類指數的約 15%上漲了。
中國指數已由科技公司主導，其中騰訊、阿里巴巴和小米這三大成分股佔基準指數的 30% 左右。在美國，市值排名前三的股票是英偉達、微軟和蘋果，它們的價值約佔該指數的五分之一。
多年來，中國股市一直是全球表現最差的市場之一。然而，在去年 9 月，由於政府鼓勵銀行增加對股票和房地產買家的貸款，股市飆升。
今年 1 月，中國新創公司 DeepSeek 宣布其創建了一個強大的人工智能智模型，其建造成本遠低於資金更雄厚的美國競爭對手，此舉震驚了科技界，股市再次開始上漲。
此後，阿里巴巴發佈了多個流行的人工智能模型。中國公司製造的開源人工智能系統始終位居全球前列。字節跳動、阿里巴巴、騰訊和華為等在人工智能和雲端業務方面實力雄厚的中國公司，已將大量資金投入數據中心等基礎設施的建設。
中國政府也為人工智能基礎設施和硬體, 包括數據中心、大容量伺服器和半導,提供資金以推動先進技術的自給自足。
美國銀行旗下美銀全球研究部首席中國股票策略師 Winnie Wu 表示，中國「擁有強有力的國家政策支援、龐大的數據資源、充足的電力供應、領先的製造能力、多樣化的人工智能應用場景以及競爭激烈的私人商業和經濟活動」。她將中國描述為「人工智能領域的全球亞軍」。
一些投資人表示，中國與美國在人工智能領域的主導地位之爭只會加劇市場看漲情緒。今年7月，英偉達表示，美國政府將允許其重啟一款中國專用晶片的銷售。
但中國監管機構已加倍執行一項指令，要求數據中心建設公司購買國產晶片。 Stillpoint Investments 的黃先生表示，中國股市將此視為「中國希望建立自身生態系統的訊號」。
近期的市場動能吸引了希望在上海或香港上市的中國科技公司的興趣。
上週，上海證券交易所批准了中國半導體公司 Moore Threads 的上市。總部位於杭州的科技中心的新創公司 Unitree Robotics 上個月表示，將在年底前尋求上市。
私人銀行 Union Bancaire Privé 駐新加坡的股票顧問
Vey-Sern Ling 表示：「對於任何計劃現在上市的中國科技公司來說，香港將是顯而易見的選擇」。
So, China’s stock markets are in
the midst of another bullish run. This time it is linked to a trend that is
also pushing up stocks in the United States and elsewhere: artificial
intelligence. The A.I.-driven rally in tech stocks has a huge influence on
broad market indexes in China and in the United States. But Chinese regulators
have requested companies to building data centers that use domestic chips.
China’s stock markets take that “as a signal that China wants to build its own
ecosystem.” Apparently, an AI boom has arrived in the world’s two leading
economies.
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