Sou Hu Cai Jing·2025-11-04 03:15Group 1 - The Hang Seng Technology Index experienced fluctuations, with a drop of over 0.5% in early trading on November 4, 2023, while the largest A-share counterpart, the Hang Seng Technology Index ETF (513180), followed suit with a downward trend [1] - Major stocks such as SenseTime, Sunny Optical Technology, Li Auto, and Horizon Robotics saw significant declines, while Baidu Group, Tencent Music, and Midea Group led the gains, with Baidu's stock rising by as much as 7% [1] - According to China Merchants Securities, the market is expected to transition from a "suppressed" phase to an "upward" phase in the fourth quarter, driven by three marginally positive factors: the "14th Five-Year Plan" scale increment policy, easing US-China trade tensions, and expectations of interest rate cuts and the end of quantitative tightening by the Federal Reserve [1] Group 2 - Dongwu Securities highlighted that the concentrated disclosure of Q3 reports for major stocks in the Hang Seng Technology Index could lead to volatility in the sector, with Alibaba and NetEase's performance potentially driving rebounds if results exceed expectations [2] - Orient Securities noted that Alibaba Cloud is accelerating its growth driven by AI and overseas expansion, with a target price of HKD 204.79 and a "Buy" rating, indicating confidence in the company's growth potential fueled by AI [2] - As of November 3, the latest valuation (PETTM) of the Hang Seng Technology Index ETF (513180) was 22.85 times, placing it in the historical low valuation range, suggesting that the technology sector in Hong Kong is poised to benefit from the current AI-driven industrial trends and potential foreign capital inflows [2]