BABA(US:BABA) 2 1 Shi Ji Jing Ji Bao Dao·2025-11-26 02:57Group 1 - The core viewpoint of the articles highlights the significant rise in Hong Kong's internet and innovative pharmaceutical sectors, driven by strong performances from major companies like Alibaba and Meituan, as well as increased investment from southbound funds [1][2] - Alibaba's Q2 FY2026 earnings report showed revenues of 247.795 billion yuan, exceeding market expectations, with a 15% year-on-year growth when excluding sold businesses, and cloud business revenue reaching a record high of 39.8 billion yuan, up 34% year-on-year [1] - The continuous investment in AI by leading internet companies in Hong Kong is noted, indicating a strategic priority in AI infrastructure, model development, and application scenarios, which could create a positive development loop [1] Group 2 - Southbound funds have significantly increased their investments in major tech companies, with net purchases exceeding 10 billion HKD for Xiaomi and Alibaba, and over 2 billion HKD for Tencent and Meituan [1] - Citic Securities suggests that due to the current underweight position of mainland investors in Hong Kong stocks, southbound funds will continue to increase their allocation, benefiting from the complete AI industry chain and the influx of quality A-share companies listing in Hong Kong [2] - The valuation of the Hong Kong Stock Connect Technology ETF is noted to be at a price-to-earnings ratio of 24.8, which is lower compared to global tech indices like Nasdaq and ChiNext, indicating a valuation advantage [2]