今年以来，港股头部科技企业年内普遍跑输海外 AI 同行，阿里巴巴 (BABA) 港股跌幅 25%，腾讯 (TCEHY) 下跌 26%，百度 (BIDU)、网易 (NTES)、联想 (LNVGY) 同步收跌。市场分歧主要来自企业盈利修复节奏与 AI 业务兑现进度，机构持续跟踪消费复苏、资金回流两大核心变量，伯里看多观点进一步提升市场对港股估值修复的博弈预期。
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