香港科技股陷入震荡

Core Viewpoint - The recent performance of Hong Kong tech stocks has been puzzling, with companies like Alibaba and NIO experiencing stock price declines despite exceeding earnings expectations for Q3 2025 [3][4]. Group 1: Company Performance - Alibaba's revenue for Q3 2025 grew by 4.8% year-on-year, reaching 247.8 billion yuan, with a comparable growth of 15% after excluding asset disposal impacts [4]. - Adjusted EBITA for Alibaba fell by 77.6% to 9.1 billion yuan, primarily due to increased investments in Taobao's flash sales, although it still surpassed broker expectations due to strong performance in cloud and international businesses [5]. - The market's mixed reactions to Alibaba's earnings report stem from differing investor focuses, with some highlighting the revenue growth while others are concerned about the significant profit decline [5]. Group 2: Market Sentiment and Trends - Despite positive earnings reports, tech stocks have seen price declines, reflecting a market trend where investors prioritize locking in profits and risk aversion as the year-end approaches [7]. - The recent rebound in Hong Kong stocks is attributed to rising expectations for a Federal Reserve interest rate cut, with the probability increasing from below 40% to around 85% [8]. - Continuous net inflows from mainland investors are contributing to a more optimistic outlook for the Hong Kong market, despite concerns over AI market bubbles and the need for tech companies to manage rising costs [7][8].