Against the background of severe shocks in global capital markets in 2025, a structural change related to technological hegemony and industrial voice is quietly being staged.After two years of rapid growth, the "Magnificent Seven" in the United States, represented by Nvidia, Tesla, Apple, Microsoft, etc., suddenly fell into a collective stall situation.
Bloomberg data shows that as of March 19, the "Big Seven" fell by an average of 16% during the year, of which Tesla's market value shrank by 44%. The technological iteration of core companies such as Nvidia and Meta failed to reverse the market's growth logic. Doubt.
In sharp contrast, China's technology "Terrific 10"-covering leading Hong Kong stocks and Chinese stock companies such as Alibaba, Tencent, Meituan, BYD, and SMIC-are reshaping the logic of global capital allocation with astonishing explosive power.The Hang Seng Technology Index rose by more than 32% during the year. The market value of some stocks such as Xiaomi exceeded HK$1.4 trillion. Meituan and BYD rose repeatedly above 8%, showing a completely different growth resilience from their American counterparts.InvalidParameterValue
YT Boon, head of Asia theme at the LubriMed Fund, said: The emergence of low-cost artificial intelligence technology developed by DeepSeek has set off a new wave of artificial intelligence investment in China, and leading China companies are expected to benefit from it.Boone said: "After the launch of DeepSeek, China ushered in its own OpenAI moment.”
Boone believes that the way China government treats large technology companies will change significantly because of the rise of DeepSeek. He said: "The China government sees a way to boost the economy and wants to see investment in the technology industry. This is a huge shift.”
He also said,"Compared with the 'seven giants' of US stocks, the valuation of China's top ten technology giants is still at a low level.”
The dilemma of the "Big Seven" in the United States is essentially a concentrated outbreak of multiple structural contradictions.
First, the Trump administration's tariff policies and the U.S. Priority Investment Policy have exacerbated the uncertainty of the technology industry's supply chain.Take Tesla as an example. Its global sales are overtaken by BYD. Relying on its vertically integrated industrial chain and intelligent strategy, the latter's global sales will reach 4.27 million units in 2024. However, Tesla's sales growth has slowed down significantly during the same period, and the market value gap has narrowed from three times in 2023 to 1.5 times in 2025.
Secondly, the diminishing marginal utility of technological iteration has become a fatal weakness.Although Nvidia's order for Blackwell architecture chips reached 3.6 million, its share price fell 5.74% due to market concerns about saturated demand for AI computing power, reflecting capital's doubts about the sustainability of the "hardware-piled" model.
More far-reaching is that the valuation bubble of U.S. technology stocks has reached a critical point: even after experiencing a sharp correction, the "Big Seven" still account for 30% of the S & P 500 index, but their share of profits (21%) far exceeds that of the Internet bubble. During the period (9%), the mismatch between valuation pressures and performance growth accelerated investors 'withdrawal.InvalidParameterValue
Looking back at the rise of China's "Ten Heroes", its driving force is far from simple valuation repairs, but is rooted in the triple resonance of technological breakthroughs, policy dividends and capital flows.
At the technical level, China AI companies represented by DeepSeek have broken through the technology blockade of large models. The maturity of domestic deep learning frameworks such as Baidu Flyer and Huawei MindSpore is eliminating the traditional advantages of the United States at the algorithm level.BYD's "Smart Driving for All" strategy and the research and development of solid-state batteries in the Ningde era have redefined the competition rules for new energy vehicles.
On the policy side, regulatory authorities have provided unprecedented targeted support for technology companies. From semiconductor industry funds to artificial intelligence special plans, systematic policy tools have provided institutional guarantees for technology commercialization.
The continued influx of capital from the south has become a key catalyst: since the beginning of 2025, the net purchase of Hong Kong stocks has reached 239.1 billion yuan, with a maximum inflow of HK$22 billion in a single day. The proportion of foreign capital has increased from 35% in 2023 to 48%, indicating that global capital The repricing of China's technology assets has entered an accelerated period.InvalidParameterValue
It is worth noting that behind this capital migration is the profound division of industrial ecology.
U.S. technology giants have long relied on monopoly positions to suppress innovation. In 2023, the scale of technology mergers and acquisitions will drop by 27% year-on-year, and the survival rate of start-ups will drop to a ten-year low, reflecting the ecological rigidity of "no grass grows under the big tree."The "multi-polar competition" model of China's technology industry is releasing astonishing vitality: DJI accounts for 80% of the global civil drone market, NIO and Xiaopeng form differentiated advantages in the field of intelligent driving, and the unlisted valuation of ByteDance has exceeded one trillion yuan. This echelon structure of "veteran giants + emerging forces" enables technological innovation to penetrate all links of the industrial chain.
Morgan Stanley estimates that the dynamic P/E ratio of China's "Ten Heroes" is only 18 times, 40% discount compared with the "Big Seven" in the United States, but the R & D investment intensity (8.2% of revenue) is close to Silicon Valley level. This "cost-effective innovation" has become the core logic to attract global allocation.InvalidParameterValue
Of course, this transfer of scientific and technological power still faces headwinds that cannot be ignored.The Trump administration's increased restrictions on China may disrupt the liquidity of Hong Kong stocks in the short term; some China technology companies account for less than 5% of overseas revenue, and their globalization capabilities still need to be verified.But in the long run, the balance of industrial trends has tilted east.
While U.S. technology stocks are still debating whether to overdraw growth in the next decade, China's "ten heroes" are building an intergenerational gap in technology with breakthroughs in ten major fields including AI, quantum computing, and new energy.Pan Jianwei's team's thousand-kilometer quantum communications, SMIC's 7-nanometer chip mass production, and Huawei's 6G standard proposal not only mark the improvement of technological autonomy, but also lay the foundation for the reconstruction of the global industrial chain.InvalidParameterValue
The drama of history lies in that the 2025 technology game is like a mirror image confrontation: on one hand, American giants that rely on monopoly dividends but are trapped in involution, and on the other hand, China's technical corps that relies on ecological vitality to achieve nonlinear growth.While Nasdaq is mired in a technical bear market, the Hang Seng Technology Index leads the world with an annual increase of 17%. This dual variation of capital and technology may be writing the preface to the new economic paradigm.InvalidParameterValue
