---
title: "1000 Words on Hong Kong Stocks (Part 2) | Xiaomi, Alibaba, Tencent, SMIC, JD.com, Meituan, Kuaishou, Li Auto, XPeng"
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/32950748.md"
description: ""Cutthroat competition in food delivery" has led to downward revisions in the valuations of Alibaba, Meituan, and JD.com, all of which are among the top 10 constituents of the Hang Seng Tech Index. The index has dropped from 6,000 to 5,500 points. Regarding the Hang Seng Tech ETF-03088.HK (managed by ChinaAMC (Hong Kong), with high tracking accuracy, an annual fee of only 0.40%, support for multi-currency flexible allocation, the ability to manage exchange rate risks independently, eligible for Stock Connect, and advantages in trading hours and information arbitrage, allowing for early positioning in Hong Kong stocks based on A-share closing quantitative results and breaking news or geopolitical events between 3-4 PM)..."
datetime: "2025-08-14T06:12:40.000Z"
locales:
  - [en](https://longbridge.com/en/topics/32950748.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/32950748.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/32950748.md)
author: "[土鸡瓦狗的ETF🐒](https://longbridge.com/en/profiles/11794570.md)"
---

# 1000 Words on Hong Kong Stocks (Part 2) | Xiaomi, Alibaba, Tencent, SMIC, JD.com, Meituan, Kuaishou, Li Auto, XPeng

"Food delivery competition" has led to downward revisions in the valuations of **Alibaba**, **Meituan**, and **JD.com**, **all of which are among the top 10 constituents of the Hang Seng Tech Index**, causing the index to drop from 6,000 to 5,500 points. Regarding **Hang Seng Tech ETF-03088.HK** (**managed by ChinaAMC Hong Kong, with high tracking accuracy, an annual fee of only 0.40%, support for multi-currency flexible allocation, independent management of exchange rate risks,****Stock Connect eligible****, advantages in trading hours and information asymmetry, allowing for pre-positioning in Hong Kong stocks based on A-share closing quantitative results and breaking news or geopolitical events between 3-4 PM**), we previously wrote an analysis of the index constituents ([1,000-word Hang Seng Tech | Xiaomi, Alibaba, Tencent, SMIC, JD.com, Meituan, Kuaishou, Li Auto, XPeng](https://mp.weixin.qq.com/s?__biz=MzU0NDk1OTkyMg==&mid=2247486481&idx=1&sn=23b9684dfbcdd059f03feb7dfc842abe&scene=21#wechat_redirect)). Four months later, this article provides a brief update. $CAM HS TECH(03088.HK)

**Alibaba** is affected by ①**the drag from instant retail investments** on TTG and local services' EBITDA performance; but ②the release of GPT5 positions Alibaba as the "best AI enabler," especially with **Alibaba Cloud's highly elastic revaluation**. $BABA-W(09988.HK)

**Meituan**, as the leader in food delivery, has **a core competitive advantage in precise subsidies for different customer segments and exceptional execution**. The competition in the instant retail sector is fiercer than in any previous internet cycle, and **long-term margin pressure is widely expected**, but investment opportunities coexist. $MEITUAN(03690.HK)

**JD.com** ①**faces profit drag from a 10-billion-yuan investment in food delivery**, aiming to launch a differentiated delivery model distinct from Meituan's; ②its e-commerce main platform shows steady growth, with **plans to acquire German electronics retailer Ceconomy for $2.6 billion to expand overseas**. Its international e-commerce business will adopt a localized operation model rather than a cross-border e-commerce approach; ③it is also expanding into the travel sector. $JD-SW(09618.HK)

**Xiaomi** has seen a rebound in its stock price since the launch of the YU7, but the current price already reflects optimistic expectations for 2026 EV deliveries and capacity expansion. Future **catalysts include overseas expansion**, such as increasing the proportion of premium smartphones and opening Xiaomi stores to tap into the global IoT market, paving the way for Xiaomi's EV exports in 2027. $XIAOMI-W(01810.HK)

**Tencent** ①its mobile game "Valorant" is one of the most popular PC shooters globally, effectively supporting its gaming revenue, with **expected 14% YoY growth in online game revenue for FY2025**; ②it is also advancing AI empowerment across multiple dimensions. $TENCENT(00700.HK)

**Kuaishou** ①will not directly participate in food delivery but will **open its ecosystem and traffic to Meituan, driving more ad demand**; ②**Kling's user payment data is more convincing than engagement metrics**. Its valuation has improved by shifting from **DCF to SOTP**. $KUAISHOU-W(01024.HK)

**SMIC** has a full order book, with Q3 guidance flat compared to Q2. **Increased 28nm and below capacity offsets rising depreciation**, and gross margins are expected to remain stable. $SMIC(00981.HK)

**Li Auto** ①the i8 launch marks the start of its pure EV cycle, positioned as the first pure electric mid-to-large SUV with pricing exceeding expectations; ②the i6 is expected to launch in September at a lower price point, further completing its product matrix. **The current stock price is at a low of about 1x 2025E PS**. $LI AUTO-W(02015.HK)

**XPeng** has **imaginative SOTP valuation among the "new forces" in EV manufacturing**. ①P7's pre-orders have exceeded 20,000, significantly surpassing expectations; the X9 extended-range model will launch in October-November; the MONA series is set for early 2026. **The 2026 sales target is around 600,000-700,000 units, with a valuation of 100-150 billion at 1-1.5x PS;** ②progress in new ventures, **a next-gen robot may launch by late October**, equipped with Turing chips and over 2,000 TOPS computing power, to be deployed in XPeng factories and stores as semi-sales staff, **with a valuation of 30 billion**; ③**its flying car business has over 4,000 orders, potentially more**, with a profit of 100,000 yuan per unit, valuing this segment at 30-40x, or **a few hundred billion**.

Beyond Hang Seng Tech, the Hang Seng ESG ETF-**$CAM HSI ESG(3403.HK)** is also worth noting, **helping investors avoid corporate governance issues**. It tracks the Hang Seng ESG Enhanced Index, with a market cap nearing 10 billion, low fees, and at least a 20% reduction in ESG risk ratings, while **closely correlating with the Hang Seng Index and outperforming it long-term**, as **lower ESG risks boost ROE**, balancing stability and sustainability. Key holdings include Tencent, AIA, HKEX, and other stable blue chips. $CAM HSI ESG(03403.HK)

### Related Stocks

- [83690.HK](https://longbridge.com/en/quote/83690.HK.md)
- [MPNGY.US](https://longbridge.com/en/quote/MPNGY.US.md)
- [03690.HK](https://longbridge.com/en/quote/03690.HK.md)
- [BABA.US](https://longbridge.com/en/quote/BABA.US.md)
- [89988.HK](https://longbridge.com/en/quote/89988.HK.md)
- [09988.HK](https://longbridge.com/en/quote/09988.HK.md)
- [89618.HK](https://longbridge.com/en/quote/89618.HK.md)
- [JD.US](https://longbridge.com/en/quote/JD.US.md)
- [09618.HK](https://longbridge.com/en/quote/09618.HK.md)
- [01810.HK](https://longbridge.com/en/quote/01810.HK.md)
- [81810.HK](https://longbridge.com/en/quote/81810.HK.md)
- [HXXD.SG](https://longbridge.com/en/quote/HXXD.SG.md)
- [XIACY.US](https://longbridge.com/en/quote/XIACY.US.md)
- [01024.HK](https://longbridge.com/en/quote/01024.HK.md)
- [81024.HK](https://longbridge.com/en/quote/81024.HK.md)
- [00981.HK](https://longbridge.com/en/quote/00981.HK.md)
- [HSMD.SG](https://longbridge.com/en/quote/HSMD.SG.md)
- [688981.CN](https://longbridge.com/en/quote/688981.CN.md)
- [02015.HK](https://longbridge.com/en/quote/02015.HK.md)
- [LI.US](https://longbridge.com/en/quote/LI.US.md)
- [HMTD.SG](https://longbridge.com/en/quote/HMTD.SG.md)
- [HBBD.SG](https://longbridge.com/en/quote/HBBD.SG.md)
- [HJDD.SG](https://longbridge.com/en/quote/HJDD.SG.md)

## Comments (1)

- **无限火力 · 2025-08-14T10:09:13.000Z**: First?