香港 -- 尽管本土人工智能对中国实现技术自立自强的战略至关重要，但对人工智能盈利能力的日益担忧正拖累中国股市。
HONG KONG -- Mounting concerns over the profitability of artificial intelligence are weighing on Chinese stock markets despite home-grown AI being crucial to the country's strategy of technological self-reliance.
招商证券国际已警告投资者，人工智能相关股票的波动性正在加大，建议他们“更多关注板块内的防御性股票”。这家中资券商将一些在人工智能热潮中被忽视的科技公司列入买入名单，例如网易，这是一家领先的互联网和视频游戏公司。
China Merchants Securities International has warned investors of increasing volatility in AI-related stocks, advising them to "pay greater attention to defensive stocks in the sector." The Chinese-affiliated brokerage has put on its buy list technology companies that have been overlooked amid the AI craze, such as NetEase, a leading internet and video gaming company.
继美国人工智能股票因其巨额基础设施投资能否获得回报而遭抛售之后，中国市场对人工智能企业盈利前景的担忧正与日俱增。
Concerns about the earnings prospects of AI players are growing in China, following a sell-off of U.S. AI stocks driven by questions over whether their massive infrastructure investments will pay off.
中证人工智能指数（追踪主要中国人工智能相关公司）一度较6月高点下跌近40%，跌幅由国有背景的半导体公司领跌，如寒武纪科技，常被称为“中国的英伟达”。光模块厂商如新易盛等电子元件制造商的股价也有所下跌。这些公司因在服务于美国科技巨头人工智能数据中心的供应链中扮演角色而迅速增长，如今正面临来自美国股市动荡的逆风。
The CSI Artificial Intelligence Index, which tracks major Chinese AI-related companies, has once fallen nearly 40% from its peak in June, led by state-backed semiconductor companies such as Cambricon Technologies, often dubbed "China's Nvidia." Electronic components makers such as Eoptolink Technology have also seen their share prices drop. Having grown rapidly thanks to their roles in supply chains serving U.S. technology giants' AI data centers, these companies are now facing headwinds from the wavering U.S. equity market.
中国存储芯片制造商长鑫存储（CXMT）的股价自9月下旬以来已下跌30%，即使在上周国家队买入接盘的情况下也是如此。仅上周一一天，长鑫存储收盘下跌近8%，尽管该公司预计1至9月归属股东净利润将达到1325亿元人民币（约合198亿美元），扭转了去年同期52.8亿元人民币的净亏损。
Shares of Chinese memory chip manufacturer ChangXin Memory Technologies (CXMT) have fallen 30% since late September, even after the state-backed buying picked up last week. Last Monday alone, CXMT closed nearly 8% lower, even as the company expects net profit attributable to shareholders to reach 132.5 billion yuan ($19.8 billion) for the January-September period, reversing a net loss of 5.28 billion yuan for the same period last year.
长鑫存储上周宣布的一项技术突破大幅提升了其芯片的存储密度，引起全球关注。市场反应是抛售竞争对手芯片制造商的股票，包括日本的铠侠控股。
CXMT drew global attention after announcing a technological breakthrough last week that greatly boosts its chips' memory density. Markets reacted by dumping shares of rival chipmakers, including Japan's Kioxia Holdings.
但长鑫存储的公告未能阻止抛售压力。股价下跌使长鑫存储失去了中国市值最高上市公司的地位，此前它在7月进行了盛大的首次公开募股（IPO）。
But CXMT's announcement failed to stem selling pressure. The drop in CXMT's shares cost it its place as the China's most valuable listed company following its blockbuster initial public offering in July.
直到“国家队”交易所交易基金（ETF）买入力度增强，长鑫存储才从早盘跌幅中反弹，并以约0.4%的涨幅结束了上周交易。
Until the "national team" exchange-traded funds buying picked up, CXMT rebounded from earlier loss and ended last week around 0.4% higher.
中国国家主席习近平正在推行“自立自强”战略，旨在建立减少对美国依赖的供应链。国家支持的基金正试图培育高科技公司，人工智能（AI）是获得优先支持的行业之一。
Chinese President Xi Jinping is promoting a "self-reliance and self-improvement" strategy aimed at building supply chains that are less dependent on the U.S. State-backed funds are trying to nurture high-tech companies, with AI among the sectors receiving priority support.
但这种支持给寻求押注中国AI的私人投资者设置了独特障碍。“中国当局意图在全球范围内扩张其AI，同时保持对其的控制，”日本综合研究所高级经济学家野上实（Minoru Nogimori，音译）表示。
But this support presents a unique barrier to private investors seeking to bet on Chinese AI. "Chinese authorities intend to expand their AI globally, while maintaining control over it," said Minoru Nogimori, a senior economist at the Japan Research Institute.
深度求索（DeepSeek）及其他中国AI公司正寻求通过提供低成本模型来拓展国际版图。正如电动汽车行业那样，制造商不惜一切代价寻求扩大全球市场份额，盈利能力可能成为中国AI公司的次要考量，野上实说。
DeepSeek and other Chinese AI companies are seeking to expand their international footprint by offering low-cost models. As with the electric vehicle industry, where manufacturers seek to expand their global market share at all costs, profitability could become a secondary concern for China's AI companies, Nogimori said.
寻求市场份额增长的政策制定者的利益，可能与投资者对可持续盈利证据的需求发生冲突。随着美国继续吸引全球资金投向其AI产业，中国可能无法匹敌对手的财力资源。
The interests of policymakers seeking market-share growth could clash with investors' demand for evidence of sustainable earnings. As the U.S. continues to draw investment in its AI industry from around the world, China may not be able to match its rival's financial resources.
AI股票的疲软也蔓延到了香港，那里的融资额最近创下历史新高。
The weakness in AI stocks has also spread to Hong Kong, where fundraising has recently hit record highs.
据中国研究机构Wind数据，1月至9月，股市融资总额达6907亿港元（约合889.2亿美元），较去年同期大致增长60%。该数字已超过2025年全年融资总额；这是有记录以来前九个月的最大融资额。
In January to September, a total of 690.7 billion Hong Kong dollars ($88.92 billion) was raised in the stock market, roughly up 60% from a year earlier. The figure has already exceeded the total funds raised in 2025; it is the largest amount for the nine-month period on record, according to Chinese research firm Wind.
尽管IPO热潮涌现，但中国国家战略与市场力量之间的张力在香港已显露无遗。自2023年房地产低迷冲击中国股市以来，北京已缩减内地IPO批准，以避免股票供应过剩，同时仍继续将香港作为股权融资的关键场所。
Despite the IPO boom, the tension between China's national strategy and market forces is already evident in Hong Kong. Since 2023, when a property downturn shook China's stock market, Beijing has scaled back IPO approvals on the mainland to avoid a share glut, even as it continues to use Hong Kong as a key venue for equity fundraising.
AI相关企业占据了融资活动激增的大部分。例如，光纤光模块制造商中际旭创于7月在香港上市募集534亿港元（约68亿美元），成为自阿里巴巴集团2019年上市以来香港最大规模IPO。
AI-related companies account for most of the surge in fundraising activity. For example, fiber-optic component maker Zhongji InnoLight raised 53.4 billion Hong Kong dollars ($6.8 billion) through its Hong Kong listing in July, making it the city's biggest IPO since Alibaba Group's debut in 2019.
然而，新上市股票表现出异常疲软。IPO通常会吸引强烈的投资者兴趣，但自9月以来上市的14家公司中，有9家在首个交易日收盘价低于发行价。这在一定程度上是由于AI股票估值下降，以及对新股发行供应过剩的担忧日益加剧。
However, newly listed stocks are showing unusual weakness. IPOs typically attract strong investor interest but nine of the 14 companies that have gone public since September ended their first day of trading below their offer prices. That is due in part to declining AI stock valuations as well as growing concerns about an oversupply of new share issues.
周二，江苏瘦西湖文化旅游推迟了原定周五在香港交易所进行的2.77亿港元上市计划。这家国有旅行社援引“包括当前市场状况在内的若干因素”作为推迟决定的原因。
On Tuesday, Jiangsu Slender West Lake Culture and Tourism postponed its planned 277 million Hong Kong dollar listing on the Hong Kong Stock Exchange, which had been scheduled for Friday. The state-owned travel agency cited "several factors, including the prevailing market conditions," for its decision.
渣打银行北亚区首席投资官郑志刚表示：“短期内，市场状况可能会延缓企业的上市决定。”据报道，AI初创公司月之暗面和深度求索分别计划在香港和上海上市。
"In the short run, market conditions may delay companies' decisions to go public," said Raymond Cheng, chief investment officer for North Asia at Standard Chartered. AI startup Moonshot AI and DeepSeek are reportedly planning IPOs in Hong Kong and Shanghai, respectively.
股价下跌也在减缓支撑香港市场的内地资金流入。此类资金流在4至6月季度占香港市场成交金额的21.4%，较2025年7至9月季度的峰值下降了5.2个百分点。
Stock price declines are also slowing the flow of capital from mainland China that has helped underpin the Hong Kong market. Such flows accounted for 21.4% of trading by value on the Hong Kong market in the April-June quarter, down 5.2 percentage points from its peak in July-September of 2025.
股权投资者表示，中国当局试图通过注入内地资金在香港市场营造繁荣氛围，以此吸引外资回流。但中美摩擦正阻碍北京吸引西方投资的努力。
Equity investors say Chinese authorities have attempted to lure foreign capital back to Hong Kong by creating a boom atmosphere in its market through an injection of funds from the mainland. But friction between China and the U.S. is hampering Beijing's effort to attract investment from the West.
“我不认为我们会看到美国的大型基金……回流买入中国[公司]股票。它们过去买过阿里巴巴、腾讯，但那不会[再次]发生，”美国投资管理公司 Loomis, Sayles & Co. 的全球宏观策略师朱博说。
"I don't think that we are going to see big funds in the U.S. come ... back to buy China [companies]. They had bought Alibaba, Tencent in the past, but that's not going to happen [again]," said Bo Zhuang, global macro strategist at U.S. investment manager Loomis, Sayles & Co.