Group 1 - The global capital markets have experienced significant volatility and rebound since April, driven by tariff announcements and subsequent retaliatory measures between the US and China [1] - The Hang Seng Tech index saw a sharp decline of 17% on April 7, but the market began to recover following a 90-day tariff exemption announced by Trump and new agreements with China and the UK [1] - The focus during the earnings season has been on the application of AI technology in the internet sector, with Tencent investing 27.5 billion in AI, accounting for 15% of its revenue, leading to a 20% year-on-year growth in its advertising business [1] Group 2 - Alibaba's latest earnings report shows a 7% year-on-year revenue growth, slightly below market expectations, while net profit increased by 22% [2] - Alibaba Cloud's revenue growth accelerated from 3% to 18%, with AI-related product revenues achieving triple-digit growth for seven consecutive quarters [2] - Other internet companies like JD.com are also benefiting from AI and traditional business efficiencies, indicating a recovery from previous revenue lows [2] Group 3 - Tianhong Fund suggests that the Hong Kong stock market has room for further growth, with internet giants starting to see a recovery in profits, projecting a 5% to 10% upward revision in earnings [3] - The future performance of the Hong Kong market will depend on the continued advancement of AI technology, the formation of business closed loops, and stable economic growth in mainland China [3] - The current valuation of the Hang Seng Tech index is approximately 22 times earnings, which is still lower than the Nasdaq's 30 times, indicating potential for upward adjustment [3]