Zhi Tong Cai Jing·2025-11-14 07:22Group 1 - The core viewpoint of the article highlights a decline in technology stocks, with the Hang Seng Tech Index dropping nearly 3% due to concerns over high valuations and changing interest rate expectations [1] - Alibaba's stock fell by 4.44% to HKD 154.7, while Tencent's stock decreased by 1.75% to HKD 644.5, reflecting the broader market trend [1] - The Federal Reserve officials expressed hawkish sentiments, raising concerns about inflation uncertainty and adopting a cautious stance on future interest rate cuts, leading to a decrease in the market's expectation for a rate cut in December to below 50% [1] Group 2 - According to a report from CMB International, the decline in expectations for a December rate cut has intensified investor concerns regarding the high valuations of technology stocks [1] - Guosen Securities noted that as major US companies release their Q3 earnings, the impact of AI on advertising, cloud computing, and corporate efficiency remains significant, with companies continuing to invest actively [1] - However, the market is increasingly focusing on the return on investment (ROI) behind substantial capital expenditures (CAPEX) [1] - Additionally, Ant Group's investment in Yao Cai has not met completion conditions, which may extend the final deadline [1]