Stock market money in China is continuing to concentrate in the AI supply chain, including semiconductors, software and cloud, even as the broader economy slows. Investors are focusing on companies aligned with Beijing’s push for technological self-reliance, and performance gaps between mainland and Hong Kong markets reflect listing structures. Selective bets are also emerging among hardware and AI model companies. Price competition, highlighted by DeepSeek’s discounts and low API costs, is another key driver.

Competition between Shenzhen-based hardware companies DJI and Insta360 is expanding from drones and 360-degree cameras to vlogging devices, emerging as a key variable in the global smart imaging market. The rivalry is widening across product lines, pricing, talent and patent litigation, while U.S. regulatory action affecting foreign-made drones adds uncertainty. DJI holds about 70 percent of the civilian drone market, while Insta360 leads the 360 camera segment on an annual basis.