百度首次披露AI业务收入，同比增长超50%，恒生科技指数ETF(159742)获资金连续14日布局，港股科技板块吸引力仍凸显

Core Viewpoint - The Hong Kong stock market, particularly in the internet and technology sectors, is experiencing mixed performance with notable fluctuations in key stocks and ETFs, while companies like Xiaomi and Baidu are showing significant growth in their financial results [1][2][3]. Group 1: Market Performance - As of November 19, 2025, the CSI Hong Kong Internet Index decreased by 1.21%, with stocks like Meituan and Alibaba showing gains, while Xiaomi Group led the decline with a drop of 5.30% [1]. - The Hang Seng Technology Index fell by 0.95%, with Ctrip Group and NetEase showing slight increases, while Xiaomi Group again led the decline [1][2]. - The Hong Kong Internet ETF (159568) decreased by 1.01%, with a recent price of 1.76 yuan, but has seen a cumulative increase of 7.16% over the past six months [1]. Group 2: Liquidity and Trading Activity - The Hong Kong Internet ETF had a turnover rate of 16.37% with a trading volume of 59.34 million yuan, indicating active market participation [1]. - The Hang Seng Technology Index ETF recorded a turnover of 2.6% and a trading volume of 117 million yuan, with an average daily trading volume of 340 million yuan over the past month [2]. Group 3: Company Financials - Xiaomi Group reported third-quarter revenue of 113.12 billion yuan, a year-on-year increase of 22.3%, with adjusted net profit reaching 11.3 billion yuan, marking an 80.9% increase [2]. - Baidu disclosed its AI business revenue for the first time, showing over 50% year-on-year growth, with AI cloud revenue increasing by 33% and AI native marketing service revenue soaring by 262% to 2.8 billion yuan [2]. Group 4: Investment Outlook - Minsheng Securities suggests focusing on the Hong Kong earnings season and believes in the continued valuation uplift of Hong Kong tech stocks, particularly those with synergies in computing resources and application scenarios [2]. - Dongwu Securities indicates that the Hong Kong tech sector may experience short-term volatility, with a lack of new catalysts, but sees long-term investment appeal in the current market position [2].