国产AI应用持续落地，双11实现高增长

Investment Rating - The report suggests a cautious outlook for the Hong Kong stock market, indicating it is currently in a volatile phase with potential for structural opportunities in high-dividend, policy-supported, and leading internet sectors [4][39]. Core Insights - The Hong Kong stock market is under pressure from disappointing fundamental data and reduced risk appetite, but policy measures and special bond issuances may support a mild economic recovery [4][39]. - The report highlights that the software and services sector's PE-TTM is at 23.16x, which is in the 34.7% percentile over the past year, while the PS-TTM is at 3.3x, in the 82.0% percentile [12][39]. - The Nasdaq 100 index's dynamic PE valuation is approximately 34.7x, placing it at a historical low [14][39]. Market Performance - The Hang Seng Index fell by 6.28% and the Hang Seng Tech Index by 7.29% during the week of November 11-15, 2024 [1][7]. - The software sector's performance was relatively better, with a decline of 3.67%, compared to the media sector's decline of 3.90% [8][12]. - The report notes that the US stock market is experiencing high valuation levels, raising concerns about future earnings growth sustaining current valuations [4][39]. Industry Developments - Kimi's monthly user base reached 36 million, indicating strong user engagement [30]. - ByteDance's SeedEdit image editing model has entered testing, showcasing advancements in AI capabilities [31]. - Tencent launched its AI knowledge base product, IMA.COPILOT, for Windows, enhancing its service offerings [32]. - Taobao's Double 11 event saw significant growth, with over 119 live streaming rooms achieving over 100 million in sales [33][36]. - JD.com reported over 20% year-on-year growth in shopping users during the Double 11 event [36]. Financial Performance - NetEase's Q3 financial report showed a net income of RMB 26.2 billion, with gaming revenue declining by 4.2% year-on-year, despite strong contributions from Blizzard titles [37].