Mei Ri Jing Ji Xin Wen·2025-11-17 02:48Group 1 - The Hong Kong stock market experienced a slight decline on November 17, with the Hang Seng Tech Index dropping over 0.5% [1] - Alibaba announced its "Qianwen" project, aiming to enter the AI to C market, offering a personal AI assistant that can interact with users and assist in various tasks [1] - Citigroup highlighted that Alibaba's second fiscal quarter earnings will be released on November 25, with expectations that the focus will return to fundamentals and Alibaba's capabilities in AI and cloud [1] Group 2 - Guotai Junan Securities noted that the upcoming earnings reports from major tech companies, including Alibaba, will provide important signals regarding the "AI bubble theory" in the US stock market and may influence the rebound of tech stocks in A-shares and global risk assets [2] - As of November 14, the valuation of the Hang Seng Tech Index ETF (513180) was at 22.47 times P/E, lower than other major global tech indices, indicating it is in a historically undervalued range [2] - The Hang Seng Tech Index is positioned at approximately the 25.98% valuation percentile since its inception, suggesting that over 70% of the time, valuations have been higher than the current level, indicating potential upward momentum [2]