科技股大跌

Market Overview - The Hong Kong stock market experienced a collective decline on November 14, with the Hang Seng Index closing at 26,572.46, down 1.85% [2] - The Hang Seng Tech Index fell by 2.82%, closing at 5,812.80 [2] - The total market turnover was HKD 232.8 billion, with net inflows from southbound funds amounting to HKD 12.887 billion [2] Individual Stock Performance - Major tech stocks saw significant declines, with Baidu Group down 7.21% to HKD 117.1 per share, JD Group down 6.03% to HKD 116.9, and Alibaba down 4.38% to HKD 154.9 [3] - Xpeng Inc. (小马智行-W) experienced a sharp drop of 13.89%, closing at HKD 93.00, marking a cumulative decline of over 30% since its IPO [4] Company-Specific Insights - Tencent Holdings reported stable third-quarter performance, with revenue achieving its fastest growth in four years. Goldman Sachs maintains a positive outlook, setting a target price of HKD 770 per share [7] - JD Health saw a 6.59% increase in stock price, with Q3 2025 revenue reaching RMB 17.1 billion, a year-on-year growth of 28.7%, driven by self-operated drug sales and health product advertising [9][12] Analyst Recommendations - UBS maintains an overweight position on China within emerging markets, highlighting the early stage of the tech/AI cycle and the favorable microeconomic conditions [10][11] - The firm emphasizes the potential for returns from AI-related investments and low tariff risks in the Chinese market [11]