Xin Lang Ji Jin·2025-10-21 01:56Market Overview - The Hong Kong stock market continued its rebound on October 21, with the Hang Seng Index and Hang Seng Tech Index both opening over 1% higher, driven by strong performances from tech giants [1] - Key internet stocks such as Bilibili-W, Alibaba-W, Kuaishou-W, Tencent Holdings, Meituan-W, and Xiaomi Group-W all saw gains, with Bilibili-W leading at a 6% increase [1] Stock Performance - Bilibili-W is projected to achieve a revenue of 7.6 billion yuan in Q3, marking a 4% year-on-year growth, with an adjusted net profit forecast of 650 million yuan, representing a 175% increase year-on-year and a 16% increase quarter-on-quarter [3] - The advertising segment is expected to generate 2.5 billion yuan in Q3, a 20% year-on-year increase, primarily driven by growth in performance-based advertising [3] ETF and Sector Analysis - The Hong Kong Internet ETF (513770) opened higher, increasing by 2.03% and surpassing the 60-day moving average, indicating strong market interest [2] - The ETF tracks the CSI Hong Kong Internet Index, with major holdings including Alibaba-W (18.11% weight), Tencent Holdings (16.16%), and Xiaomi Group-W (11.06%), collectively accounting for over 72% of the top ten holdings [4][5] - The index has shown significant resilience, outperforming the Hang Seng Tech Index, with a year-to-date increase of 55.11% compared to 45.79% for the Hang Seng Tech Index [6] Future Outlook - Analysts from Guotai Junan Securities suggest that short-term volatility will not alter the bullish outlook for the Hong Kong stock market in Q4, particularly in the tech sector, which is expected to benefit from AI narratives and potential foreign capital inflows [4] - The technology sector is seen as having a natural growth style, with low interest rates likely to enhance valuations, making it an attractive investment area [4]