Sou Hu Cai Jing·2025-08-22 02:57Core Viewpoint - The Hong Kong stock market, particularly the technology sector, is experiencing strong performance, with notable gains from major internet companies like Kuaishou, Xiaomi, Tencent, and Alibaba following their quarterly earnings reports [1][4]. Group 1: Company Performance - Kuaishou reported a Q2 revenue of 35 billion yuan, a year-on-year increase of 13.1%, with adjusted net profit reaching 5.6 billion yuan, up 20.1%, exceeding market expectations [3]. - Bilibili's Q2 revenue was 7.34 billion yuan, reflecting a 20% year-on-year growth, with both net profit and adjusted net profit hitting historical highs of 220 million yuan and 560 million yuan, respectively [1][4]. - The AI capabilities have significantly boosted the performance of leading tech companies, with Kuaishou's revenue from AI services surpassing 250 million yuan in Q2 [4]. Group 2: Market Trends - The Hong Kong Internet ETF (513770) has seen a continuous inflow of funds, with a net inflow of 235 million yuan in a single day and a total of 418 million yuan over the past five days [4][6]. - The index tracking the Hong Kong Internet sector has outperformed the Hang Seng Tech Index, with a cumulative increase of over 35% since the beginning of the year [6][7]. - The top four holdings in the Hong Kong Internet ETF include Xiaomi, Tencent, Alibaba, and Meituan, collectively accounting for 54.74% of the fund's total weight [7][8]. Group 3: Future Outlook - The upcoming half-year earnings reports are seen as a critical juncture for the Hong Kong market, with expectations shifting from liquidity-driven to performance-driven and policy validation phases [4]. - The "anti-involution" policy is anticipated to influence industry pricing dynamics, with potential marginal changes impacting market sentiment [4].