财报季来袭！“外卖大战”扰动下，港股科技能否再度“大象起舞”？

Core Viewpoint - The Hong Kong stock market is experiencing fluctuations, with major technology companies set to announce their Q2 2025 earnings starting August 13, focusing on AI's contribution to profit growth and the impact of the food delivery competition on profits [1][3]. Group 1: Earnings Forecasts - Tencent Holdings is expected to report Q2 revenue of 179.02 billion, a year-on-year increase of 11.11%, with an estimated EPS of 5.46, up 9.35% [2]. - JD.com is projected to have Q2 revenue of 335.46 billion, a 15.12% year-on-year growth, but a significant drop in EPS by 57.51% to 3.48 [2]. - Xiaomi is anticipated to report Q2 revenue of 115.21 billion, a 29.62% increase, with EPS expected to rise by 80.15% to 0.36 [2]. - Bilibili and Kuaishou are also expected to show positive growth in revenue and EPS, with Bilibili's revenue forecast at 7.33 billion, up 19.60%, and Kuaishou at 34.43 billion, up 11.15% [2]. Group 2: AI-Driven Profit Growth - AI is expected to significantly contribute to profit growth, particularly in performance advertising and cloud services, with major cloud providers in China seeing an increase in AI revenue share from 19%-27% in Q1 2025, up by 6.4-12.8 percentage points [3][4]. - The capital expenditure on AI by major tech companies is projected to increase, with U.S. tech giants announcing a 34% rise in capital spending to 311 billion in 2025 compared to 247 billion in 2024 [4]. Group 3: Impact of Food Delivery Competition - The competition in the food delivery sector has led to significant investments, with major companies spending billions, which is expected to affect their Q2 earnings [6]. - Market sentiment regarding the negative impact of food delivery competition may already be reflected in the valuations and stock prices of these companies [7]. Group 4: Market Valuation and Growth Potential - The current valuation of the Hong Kong technology sector is relatively low compared to historical levels, with a PE ratio of 21.96, indicating potential for valuation uplift [7]. - The expected revenue growth for the Hong Kong technology index in 2025 is projected at 15.32%, with net profit growth at 21.85% [8].