Since August, the valuation landscape for the AI sector within Hong Kong-listed stocks has witnessed a profound transformation. A number of AI large-model companies have been integrated into the Stock Connect mechanism, thereby expanding the avenues for southbound capital to invest in Chinese AI assets. According to Wind data, the Hang Seng Tech Index has registered a cumulative gain of 9.50% since June 26. Analysts highlight that a confluence of factors, including the expansion of the Stock Connect and price hikes by leading large-model providers, signals a transition in the domestic AI large-model industry. This shift is from a phase of intense, price-based competition aimed at capturing market share to a new era focused on value realization. Consequently, the valuation rationale for the AI sector in Hong Kong-listed stocks is undergoing a systematic reconfiguration.