Alibaba is the print I would be watching most closely.

Tencent has just demonstrated the key dilemma for Chinese tech: AI can accelerate revenue, but the infrastructure bill can arrive much faster. Tencent's Q2 capex surged 176% to RMB52.8bn and FCF turned negative, despite revenue rising 11%. 

That makes Alibaba's AI Cloud economics particularly important. I want to see whether cloud growth is accelerating enough to justify the enormous AI investment, rather than simply seeing another strong revenue number. If Alibaba can demonstrate strong AI-related cloud demand while keeping margins and cash generation reasonably controlled, it could differentiate itself from Tencent's more capital-intensive trajectory.

My ranking:

1. Alibaba: Most important. AI Cloud growth versus capex and FCF is the key test.

2. Xiaomi: EV deliveries and hardware margins could show whether its EV expansion is becoming genuinely profitable rather than merely adding scale.

3. Baidu: I am watching the cloud/advertising mix. A shift towards higher-growth AI Cloud would be encouraging, but weakness in advertising could offset it.

4. Kuaishou: Kling monetisation is fascinating, but I would want evidence that AI video can become a meaningful commercial business rather than simply an impressive product.

So Alibaba is my pick. Tencent's results have raised the bar: investors increasingly want proof that AI spending will eventually produce cash flows, not just revenue growth.