Mei Ri Jing Ji Xin Wen·2025-11-19 02:28Group 1 - The Hong Kong stock market opened higher on November 19, with the Hang Seng Index rising by 0.09% to 25,954.23 points, and the Hang Seng Tech Index increasing by 0.37% [1] - Baidu Group's stock rose over 3% after the release of its Q3 2025 financial report, which showed total revenue of 31.2 billion yuan, a year-on-year decline of 7% [1] - Baidu disclosed three new AI business lines in its report, collectively generating approximately 10 billion yuan, accounting for about 40% of its core revenue, with a strong year-on-year growth exceeding 50% [1] Group 2 - AI cloud revenue grew by 33% year-on-year, while AI application revenue reached 2.6 billion yuan, and AI native marketing services saw a significant increase of 262% year-on-year, generating 2.8 billion yuan [1] - In the autonomous driving sector, Baidu's "Luobo Kuaipao" service recorded 3.1 million global ride-hailing services in Q3, marking a year-on-year increase of 212%, with a total of over 17 million services provided globally [1] - Huatai Securities forecasts that Baidu's core revenue and non-GAAP operating profit are expected to improve quarter-on-quarter in Q4 2025, driven by AI's transformation of its advertising system [2] Group 3 - The latest valuation of the Hang Seng Tech Index ETF (513180) is 21.84 times, lower than other major global tech indices, indicating that it is in a historically undervalued range [2] - The index's valuation is at the 22.19% percentile since its inception, meaning it is lower than 77% of the historical time frame [2] - The Hang Seng Tech Index is characterized by high elasticity and growth potential, suggesting greater upward momentum for investors [2]