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Chinese technology stocks have surged since DeepSeek R1's launch in late January, boosting investor confidence in China’s AI sector. The AI model, which competes with OpenAI’s ChatGPT using older hardware and a lower budget, has driven gains across internet and semiconductor stocks.
Since mid-January, the Shanghai Shenzhen CSI 300 index has risen 5%, while Hong Kong’s Hang Seng index has jumped nearly 15%. Despite concerns over trade and economic weakness, AI optimism has propelled markets forward.
UBS analysts highlighted that past tech rallies in China, such as the 4G, 5G, and cloud computing booms, lasted one to two years. Based on this, they believe the current AI-driven rally is far from over. However, they caution that earlier rallies were supported by stronger economic growth, whereas China in 2025 faces challenges like disinflation and weak consumer spending.
UBS noted that CSI 300 stocks have greater exposure to AI hardware and software, while Hong Kong’s market is concentrated in major software firms. The bank expects software stocks to see the most significant gains, as many remain well below their 2021 and 2023 peaks.
Top AI stock picks by UBS include JCET Group (SS:600584), Will Semiconductor (SS:603501), Baidu (NASDAQ:BIDU), Alibaba (NYSE:BABA), Tencent (HK:0700), JD Health (HK:6618), Li Auto (NASDAQ:LI), and CITIC Securities (SS:600030).
As AI developments accelerate, China’s tech sector remains a key focus for investors, driving continued momentum in the stock market.
