Mei Ri Jing Ji Xin Wen·2025-11-11 05:01Market Overview - The Hang Seng Index slightly declined by 0.20% to 26,595.97 points, while the Hang Seng Tech Index fell by 0.25% and the Hang Seng China Enterprises Index decreased by 0.32%. The market's half-day trading volume was HKD 118.31 billion [2]. Company Performance - Xpeng Motors (XPEV) saw a significant increase of 15.11%, while Baidu (BIDU) rose by 3.34% and Kingdee International (0268.HK) increased by 1.61%. Conversely, Tencent Music (TME) dropped by 2.35%, Alibaba (BABA) fell by 2.33%, and JD.com (JD) decreased by 2.09%. Tsinghua Tongfang (Tengsheng Bo Pharmaceutical) rose by 1.65% after presenting breakthrough data at the 2025 AASLD conference [2]. Industry Insights - Guotai Junan Securities reported that the valuation of the Hong Kong internet sector has become highly attractive after a prolonged adjustment. The latest price-to-earnings (PE) ratio for the Hang Seng Internet Technology Index is 21.73, placing it at the 16.67% historical low over the past decade, indicating that the sector is undervalued [3]. - A fundamental shift in the core narrative of the Hong Kong internet sector is occurring, moving from a focus on user growth and business models to the new growth curve brought by "AI empowerment." Recent developments, such as Alibaba's establishment of a "Robotics and Embodied AI Group" and Tencent's mixed-image model achieving first place in global blind tests, demonstrate that AI is transitioning from concept to practical application, potentially reshaping the market value of internet giants [3]. - The Hang Seng Internet ETF (513330) supports T+0 trading and focuses on the platform economy, including major internet leaders like Alibaba, JD.com, Tencent, Meituan, Kuaishou, and Baidu. With a DeepSeek content ratio of 86%, it possesses dual attributes of "new consumption + new technology," making it a suitable tool for investors looking to allocate resources to AI applications and "AI + internet" core assets [3].