Jin Rong Jie·2025-08-13 03:57Group 1 - The technology stocks in Hong Kong showed strong performance, with Tencent Music rising by 15.52% to HKD 102, Bilibili increasing by 5.68% to HKD 186, Alibaba up by 4.46% to HKD 121.8, Baidu gaining 3.43% to HKD 87.55, and Tencent rising by 3.49% to HKD 579 [1] - The U.S. July CPI remained flat year-on-year at 2.7%, below the expected 2.8%, while the core CPI rose by 3.1%, exceeding the expected 3%, marking the highest since February [1] - Following the CPI data release, the market anticipates a greater than 90% probability of the Federal Reserve lowering interest rates in September [1] - Longcheng Securities indicated that the relative weakness of the Hang Seng Tech Index is not a long-term trend, as the strong dollar situation may not persist and the significant downward revision of U.S. non-farm payrolls has ignited expectations for a rate cut [1] - The current dynamic PE of the Hang Seng Tech Index is 21.87 times, highlighting its value proposition, and the acceleration of AI commercialization along with mid-year performance verification is expected to attract funds back into the growth sector [1] Group 2 - Tencent is set to release its Q2 2025 financial report, with Citigroup expecting a stable performance, estimating a 4.9% year-on-year increase in non-GAAP net profit to CNY 60.1 billion [2] - Citigroup anticipates that Tencent's revenue and profit will meet or exceed market consensus, with potential upside in the gaming business due to new game contributions and deferred revenue [2] - For Q3 2025, Tencent's gaming business is expected to maintain stable revenue supported by strong seasonal factors, new game releases, and content upgrades, with a focus on updates regarding AI models and new features [2]