Ge Long Hui A P P·2025-11-19 02:56Group 1 - Hong Kong stocks opened higher today, with the Hang Seng Internet ETF rising by 1% and the Hang Seng Technology Index ETF increasing by 0.13% [1] - Both ETFs experienced significant net inflows yesterday, with net purchases of 1.27 billion and 794 million respectively, leading the same category [1] - The largest Hang Seng Internet ETF and Hang Seng Technology Index ETF have seen net subscriptions for 14 consecutive days, with accelerated inflows of 1.789 billion and 1.325 billion in the last three days [1] Group 2 - Alibaba's ecological explosion and Google's Gemini mapping have increased market enthusiasm for application scenarios [1] - Baidu disclosed its AI business performance for the first time, reporting nearly 10 billion in Q3 revenue, a year-on-year increase of over 50%, exceeding market expectations [1] - Xiaomi's Q3 smart electric vehicle business gross margin exceeded expectations, with some AI businesses becoming profitable [1] Group 3 - Despite recent pressures on Hong Kong stocks due to high valuations of US tech stocks and liquidity disturbances from the Federal Reserve's interest rate expectations, the long-term direction of stock prices is primarily determined by companies' operational prospects and strategic directions [1] - The latest valuations for the Hang Seng Technology and Hang Seng Internet Technology indices are 21.84 times and 21.55 times, respectively, which are at historical percentiles of 24.9% and 32.95% over the past five years [1] Group 4 - The Hang Seng Technology Index ETF (513180) has a latest scale of 46 billion, covering core Chinese technology assets such as SMIC, Alibaba, Tencent, Baidu, and Xiaomi [2] - The Hang Seng Internet ETF (513330) has a latest scale of 33.912 billion, with over 80% weight in leading internet stocks and an AI content exceeding 90% [2]