Xin Lang Ji Jin·2025-11-12 12:27Core Viewpoint - The Hong Kong stock market showed a mixed performance with the Hang Seng Technology Index rising by 0.16%, driven by strong performances from companies like Xiaomi and Tencent, while Alibaba saw a decline of over 2% [1][3]. Group 1: Market Performance - The Hong Kong Internet ETF (513770) experienced a cumulative inflow of 742 million yuan over the past 10 days, with 9 out of 10 days seeing increased investment [3]. - Xiaomi's automotive business exceeded market expectations, with approximately 110,000 units delivered in Q3, indicating a potential shift to profitability [3]. - The overall market sentiment in November is driven by strong fundamentals, with growth-oriented assets in the Hong Kong market showing resilience [3]. Group 2: Upcoming Earnings Reports - Major internet companies are set to release their latest quarterly earnings, with expectations for Tencent's revenue and net profit to grow by 13%, reaching 188.6 billion yuan and 67.9 billion yuan respectively [3]. - Alibaba is projected to report a revenue of 38.52 billion yuan for the quarter, reflecting a year-on-year growth of 30.1%, supported by continued investment in its cloud services [3][4]. Group 3: ETF and Index Insights - The Hong Kong Internet ETF (513770) has a current scale exceeding 11.8 billion yuan, with an average daily trading volume of over 600 million yuan, indicating strong liquidity [7]. - The index that the ETF tracks has a lower valuation compared to other indices, with a price-to-earnings ratio of 24.44, which is significantly lower than the NASDAQ 100 and ChiNext [6]. - The top three holdings in the ETF are Alibaba (18.89%), Tencent (17.01%), and Xiaomi (10.05%), collectively accounting for over 73% of the total holdings [4][5].