港股科技巨头业绩超预期，恒生科技ETF易方达（513010）、港股通互联网ETF（513040）助力布局板块龙头

Core Viewpoint - The Hong Kong technology sector is experiencing a short-term fluctuation, with recent earnings reports from Baidu and Xiaomi showing positive revenue growth, while the overall market sentiment remains cautious due to a lack of new catalysts and external pressures from the US AI narrative [1] Group 1: Market Performance - The Hang Seng Technology Index opened higher but fell back, down 0.2% as of 9:55 AM, while the China Securities Hong Kong Stock Connect Internet Index decreased by 0.3% [1] - Recent inflows into related ETFs have been significant, with the Hang Seng Technology ETF (513010) and the Hong Kong Stock Connect Internet ETF (513040) seeing net inflows of 2.07 billion and 1.78 billion respectively over the past month [1] Group 2: Company Earnings - Baidu Group reported Q3 revenue of 31.17 billion, exceeding Bloomberg's consensus estimate of 30.87 billion [1] - Xiaomi Group achieved Q3 revenue of 113.12 billion, representing a year-on-year growth of 22.3%, and net profit of 12.27 billion, which is a 129.3% increase year-on-year [1] Group 3: Sector Outlook - Dongwu Securities indicates that the Hong Kong technology sector may experience short-term volatility with no significant policy support, and the upward momentum may slow due to a lack of new catalysts [1] - From a medium to long-term perspective, the current valuation of the Hong Kong technology sector appears attractive, with the rolling P/E ratios of the Hang Seng Technology Index and the China Securities Hong Kong Stock Connect Internet Index both below 25 times, positioned at the 24% and 14% percentiles of the past five years respectively [1]