Ge Long Hui·2025-11-14 06:59Group 1 - The core viewpoint of the news highlights the impact of the overnight decline in US tech stocks on Hong Kong tech stocks, with the Hong Kong tech ETF Tianhong (159128) dropping by 2.16% despite a net subscription of 21 million units during the day [1] - Alibaba has reportedly launched a secret project called "Qianwen," aiming to develop a personal AI assistant app based on the Qwen model, directly competing with ChatGPT [1] - Apple has introduced a mini-program partner plan, reducing its commission to 15% [1] Group 2 - Several constituent stocks reported strong Q3 earnings: Tencent's Q3 revenue increased by 15% year-on-year, with adjusted net profit up by 18%, both exceeding expectations; SMIC's Q3 revenue was 17.162 billion yuan, a 9.9% year-on-year increase, with net profit rising by 43.1% to 1.517 billion yuan; Bilibili's Q3 net profit reached 469 million yuan, with adjusted net profit soaring by 233% to 786 million yuan [1] - The Hong Kong tech ETF Tianhong (159128) tracks the Guozheng Hong Kong Stock Connect Technology Index, focusing on the top 30 core tech assets in Hong Kong, with the top ten constituents accounting for over 75% of the total [1] - The ETF offers a comprehensive investment tool for Hong Kong tech, covering sectors like AI, smart vehicles, innovative pharmaceuticals, and semiconductors, with no restrictions on QDII quotas and T+0 trading available [1] Group 3 - According to China Merchants Securities, the Hong Kong stock market is expected to experience a pattern of initial decline followed by recovery in Q4, with expectations of the Federal Reserve continuing to lower interest rates in December and ending balance sheet reduction, which would alleviate liquidity pressure [2] - The inflow of overseas funds into the Hong Kong stock market is anticipated to improve, with a positive trend in southbound capital net inflows [2] - Overall, the combination of fundamentals, policies, and liquidity is expected to support a rebound in the Hong Kong stock market, which is currently seen as undervalued [2]