段永平谈腾讯：不想市值，看生意

Core Viewpoint - The Hong Kong stock market's technology sector is experiencing increased attention and investment, particularly in companies like Xiaomi and Tencent, as investors anticipate growth driven by artificial intelligence and recovery in internet business fundamentals [1][2][8]. Group 1: Investment Trends - Over 1 trillion yuan has flowed into the Hong Kong technology sector through ETFs in the first three quarters of the year, indicating strong investor interest [2][7]. - Notable fund managers, including Zhang Kun and Fu Pengbo, have heavily invested in leading internet stocks such as Tencent and Alibaba [7]. - The net subscription amount for Hong Kong technology-themed ETFs has exceeded 150 billion yuan, with significant contributions from various funds [7]. Group 2: Company Insights - Liang Hong, a prominent investor, expressed strong support for Xiaomi, highlighting its strategic positioning in the artificial intelligence era and its potential as a leading player in the market [3][4]. - Liang believes that the best companies benefiting from AI will likely emerge from three internet giants and two consumer electronics leaders, with the potential for their market capitalization to evolve from trillion to ten trillion yuan [4]. - HSBC Jintrust's fund manager noted that leading internet companies are currently valued reasonably and are expected to benefit from a recovery in their core businesses and the AI trend [8]. Group 3: Market Sentiment - Investors are advised to focus on business fundamentals rather than market capitalization, as emphasized by investor Duan Yongping regarding Tencent's future [6]. - The overall sentiment in the market is optimistic, with expectations of improved liquidity and upward trends in the technology sector, particularly in the context of AI advancements [8].