Core Viewpoint - The Hong Kong internet ETF (513770) has become a market leader, reflecting strong performance in the AI sector and significant inflows of capital, indicating positive market sentiment towards technology stocks [1][3][8]. Group 1: Market Performance - The Hong Kong internet ETF (513770) saw an increase of 2.49%, with a peak rise of over 3% during trading [1][2]. - The cumulative increase of the index tracked by the ETF is 26.11%, outperforming the Hang Seng Index during the same period [3][4]. - Recent data shows net inflows of 57.02 million and 155 million in the last 5 and 10 days respectively, highlighting optimistic expectations for future market performance [4][6]. Group 2: Fund Growth - The fund size of the Hong Kong internet ETF (513770) has surpassed 5 billion, marking a historical high, with a growth of over 60% this year [6]. - The ETF has demonstrated strong liquidity, with an average daily trading volume of 639 million since the beginning of the year [9]. Group 3: Investment Outlook - Analysts suggest that the ongoing U.S.-China trade negotiations have boosted risk appetite for Hong Kong stocks, with ample liquidity supporting continued capital inflows [7]. - The technology sector, particularly AI and hard technology, is recommended for investment due to its potential for growth and the scarcity of quality assets in the Hong Kong market [8].

Core Viewpoint - NetDragon (00777) is accelerating its global expansion in the "AI + Education" sector, aiming to reshape global education models and establish itself as an industry leader [1] Group 1: Company Leadership and Recognition - Dr. Liu Dejian, founder and chairman of NetDragon, was invited as the sole corporate representative to the "United Nations Online University" meeting, reflecting the company's strong leadership position in the international education market [1] - The invitation also signifies international recognition of Dr. Liu's strategic vision and NetDragon's robust R&D capabilities [1] Group 2: AI + Education Strategy - NetDragon's EDA strategy aims to create a borderless educational community, promoting a more equitable and high-quality education system globally, focusing on three main aspects: AI production center, 3E high-quality educational content, and EDA education metaverse platform [6] - The company has already implemented the "AI + Education" model in global educational scenarios, with a recent collaboration with Thailand's Ministry of Higher Education to launch the AI education platform MHESI Skill [6][12] Group 3: Market Potential and Growth - The AI + Education market is expected to exceed 300 billion yuan, driven by the rapid adoption of educational information technology and online education, particularly accelerated by the COVID-19 pandemic [8] - AI's integration into education enhances various processes, including lesson preparation, teaching, assessment, and management, benefiting both teachers and students [8] Group 4: Policy Support and Industry Dynamics - Recent policies from the Ministry of Education and other departments promote the digitalization of education and encourage AI's application across all educational sectors, further stimulating market growth [9] - NetDragon is positioned as a leader in the AI education sector, with a comprehensive product lineup and a strong global competitive advantage [11][14] Group 5: Future Outlook and Financial Implications - The company's strategic deployment of AI + Education is expected to lead to a significant revaluation of its business, with ongoing developments in both AI education and AI gaming sectors contributing to cash flow and core profits [7][14] - The anticipated explosion of AI applications in 2025 will further solidify NetDragon's competitive edge in the education market [13]

Core Insights - The article highlights the participation of Dr. Liu Dejian, Chairman of NetDragon, in a high-level expert group meeting organized by the United Nations to discuss establishing online STEM education platforms for Least Developed Countries (LDCs) [1][3] - Dr. Liu proposed a new concept of "on-demand learning" aimed at addressing the challenges faced by LDCs in providing quality education, emphasizing the need for global coordination and collaboration [3][5] - The article emphasizes the urgent need for investment in higher education, particularly in STEM fields, as LDCs have a gross enrollment rate in higher education of only 11%, significantly lower than the global average of 40% [5] Group 1: AI and Education - The article discusses how advancements in AI technology are reshaping the education landscape, with Dr. Liu advocating for a redefinition of STEM education to better meet local needs [6] - NetDragon has integrated AI into its educational strategy, achieving 100% AI coverage in educational content production, significantly reducing production time and costs [6][8] - The company is developing an education metaverse platform, EDA, aimed at creating a more equitable and high-quality education system globally [8] Group 2: Global Collaborations and Initiatives - NetDragon has established partnerships with influential educational organizations, including UNESCO and Beijing Normal University, to enhance its global educational reach [9] - The company has launched various AI education platforms in countries like Thailand and Serbia, providing vocational training and advanced digital education resources [10] - Dr. Liu expressed the company's commitment to developing inclusive tools that connect education with real-world productivity, aiming to empower LDC youth with STEM skills [12]

Group 1 - Major overseas tech companies like Microsoft, Google, Meta, Amazon, and Apple have released their Q1 2025 financial reports, highlighting strong capital expenditure (Capex) in the AI sector despite macroeconomic challenges and rising hardware costs [1] - Tencent plans to reshape its AI strategy with an expected capital expenditure of around 100 billion yuan in 2025, based on a projected revenue and a low double-digit percentage of Capex [1] - Alibaba's cloud division, Alibaba Cloud, announced a 7 billion yuan investment over the next three years to build an international localized ecosystem, including the establishment of six overseas service centers [1] Group 2 - The Hang Seng Internet ETF (513330) supports T+0 trading and focuses on the internet platform economy, including major companies like Alibaba, JD.com, Tencent, Meituan, Kuaishou, and Baidu, with an AI content of 97% and DeepSeek content of 86% [2]

Core Insights - The core focus of the news is on NetDragon's founder and chairman, Dr. Liu Dejian, presenting a framework for STEM education at a United Nations high-level expert group meeting, emphasizing the role of AI in enhancing educational equity and quality in least developed countries (LDCs) [1][3][6] Group 1: AI and Education Initiatives - Dr. Liu proposed an "On-Demand Learning" framework with three main initiatives: encouraging global developers to create open-source tools, advocating for the global sharing of standardized STEM curricula, and urging businesses to participate in providing STEM job opportunities [3] - The framework aims to create practical and inclusive STEM educational tools by breaking down complex tasks into clear steps, integrating learning with real tasks, and ensuring content is localized [3] - NetDragon has established an AI production center that automates the creation of high-quality educational content, achieving a 100% AI coverage rate in content production, reducing production time to one hour, and lowering marginal production costs to a hundred yuan level [3][4] Group 2: 3E Quality Education Content - NetDragon's strategic goal is to develop high-quality educational content characterized by effectiveness, efficiency, and engagement (3E), aiming to provide comprehensive educational resources across all subjects and levels [4] - The ultimate form of this 3E content will be interactive educational games that facilitate learner-centered, immersive inquiry-based learning, potentially disrupting traditional teaching methods [4] Group 3: EDA Education Metaverse Platform - The EDA platform, a product of the AI production center's output, aims to create a boundary-less educational community that promotes equitable and high-quality education globally [5] - EDA will redefine the essence of learning through an intelligent learning plan system, focusing on on-demand learning and the concept of "learning as entertainment" [5] - A recent collaboration with Thailand's Ministry of Higher Education and Research Innovation resulted in the launch of an AI education platform offering vocational training in electric vehicles, exemplifying EDA's localized deployment [5] Group 4: Future Aspirations - Dr. Liu expressed confidence in attracting millions of active users globally through the innovative community ecosystem created by EDA, which will leverage blockchain technology to record and quantify learner contributions [6] - The company aims to replicate its past successes in creating highly active online communities in the desktop and mobile internet eras, now targeting the AI era [6]

Core Viewpoint - The gaming sector in A-shares has experienced a significant rally, driven by various factors including market sentiment, policy support, and valuation improvements [2][4]. Group 1: Market Performance - As of the latest update, several A-share gaming companies have seen substantial gains, with Zhangqu Technology rising by 13.15%, Giant Network by 7.06%, and G-bits by 6.57% [2]. - In the Hong Kong market, NetDragon increased by 6.68%, and Tencent Holdings also showed strength [3]. Group 2: Industry Growth - According to Gamma Data's report, the Chinese gaming market reached a size of 27.351 billion yuan in April 2025, marking a year-on-year growth of 21.93% and a month-on-month increase of 2.47% [4]. - The client game market specifically accounted for 5.799 billion yuan, with a month-on-month growth of 3.75% and a year-on-year growth of 2.78% [5]. - The mobile gaming market size was 20.424 billion yuan, showing a year-on-year increase of 28.41% and a month-on-month growth of 3.07% [5]. Group 3: Policy and Supply Improvements - The National Press and Publication Administration recently approved 130 domestic games and 14 imported games, signaling a continued friendly policy environment [5]. - By the end of May 2025, 654 domestic game licenses and 44 imported game licenses had been issued, significantly improving the supply side of the gaming industry [5]. Group 4: Valuation Insights - Analysts noted that the current dynamic PE for leading A-share gaming companies ranges from 11 to 17 times, which is still at historical low levels [5]. - The presence of high dividend yields among some leading companies suggests that the gaming sector may offer a compelling combination of growth and dividend potential [5]. Group 5: Technological Advancements - The rapid development of AI technology is seen as a crucial factor for cost reduction and efficiency improvement in the gaming industry, potentially enhancing long-term value [6]. - The integration of AI in gaming is expected to improve user experience and commercial viability, leading to a resurgence in sector growth [6].

Group 1: Stock Movements and Market Reactions - JunDa Co., Ltd. (02865) fell by 12.69% due to weak fundamentals, expected shareholder sell-off, and cash flow concerns [1] - Rongchang Biopharmaceutical (09995) rose by 4.61% after ASCO announced positive data for RC108 combined with vorinostat, enhancing its commercialization prospects [1] - Datang Gold (08299) increased by 7.27% as it partnered with Wuxi to develop AI mining applications, benefiting from gold's safe-haven demand [1] - Kanglong Chemical (03759) gained 4.35% by investing in a biopharmaceutical fund, strengthening its investment ecosystem [1] - Automotive stocks surged following a significant increase in May's new energy vehicle sales, with Li Auto (2015) rising nearly 6% and Great Wall Motors (2333) up over 3% [1] - Gold stocks led the market as COMEX gold prices returned to $3,400, with Goldman Sachs predicting $4,200, driven by geopolitical tensions [1] Group 2: Company-Specific Developments - Changfei Optical Fiber (06869) rose by 8.34% as its Wuhan base began mass production of 6-inch silicon carbide wafers, achieving a 97% yield rate [2] - China Shipbuilding Defense (00317) increased by 7.58% after securing the highest global new orders from January to April, with Q1 net profit up 1,099% [2] - Hengrui Medicine (00013) rose by 5.09% as SACHI III phase data met expectations, opening up market space for MET amplification lung cancer treatment [2] - Lepu Medical Technology (02157) gained 5.76% following positive ASCO data for its ADC drug MRG003, boosting approval expectations for nasopharyngeal carcinoma [2] - Aidi Kang Holdings (09860) increased by 5.2% after acquiring Suzhou Yuande Youqin to enhance blood disease diagnostics [2] - NetDragon (00777) rose by 5.82% due to its collaboration with Thailand on an AI education platform, attracting investor interest [2] Group 3: Notable Market Trends - China Everbright Holdings (00165) surged over 21% following the enactment of Hong Kong's stablecoin regulations, with Circle's IPO expectations boosting related equity valuations [3] - iFlytek Medical (02506) rose by 6.62% as its medical AI model demonstrated superior accuracy, supported by favorable policies [3] - MicroPort NeuroTech (02172) increased by 9.59% as it initiated clinical research on brain-machine interfaces, benefiting from policy incentives [3] - Longpan Technology (02465) rose by 14.9% after its subsidiary signed a $7.1 billion contract with Yiwei Lithium Energy for lithium iron phosphate [4] - Hansoh Pharmaceutical (03692) gained 3.85% after reaching a global licensing agreement with Regeneron, receiving an $80 million upfront payment [4] Group 4: U.S. Market Highlights - Steel and aluminum stocks surged over 10%-28% as Trump proposed increasing steel tariffs to 50%, benefiting domestic companies [5] - Blueprint Medicines (BPMC.US) rose by 26% following Sanofi's $9.1 billion acquisition, enhancing its rare disease pipeline [5] - BioNTech (BNTX.US) increased by 18% due to a collaboration with Bristol-Myers Squibb, securing a $1.5 billion upfront payment [5] - Applied Digital (APLD.US) surged by 48.46% after signing a $7 billion AI data center lease, validating its business model [5] - Tempus AI (TEM.US) rose by 15% as it launched an AI medical innovation plan, attracting investor interest [7]

Group 1 - NetDragon has launched the AI education platform "MHESI Skill" in collaboration with Thailand's Ministry of Higher Education, Science, Research and Innovation (MHESI), marking a significant step in digitalizing skills training in Thailand [1][2] - The "MHESI Skill" platform will offer officially certified electric vehicle (EV) technology training courses, enhancing employment opportunities in the EV sector for the Thai population [1] - The initial courses available on the platform include "Basic Electric Vehicle Technology" and "Electric Vehicle Maintenance," with plans to introduce advanced courses covering EV system design, infrastructure, and business management [1] Group 2 - The "EV Ready+" program employs a blended learning approach, combining online self-study through the "MHESI Skill" platform with practical training at renowned Thai universities [2] - MHESI aims to empower Thai talent by providing free access to advanced knowledge and professional training, enhancing Thailand's competitiveness in the global automotive industry [2] - NetDragon's Vice Chairman emphasized the importance of the "MHESI Skill" platform in supporting Thailand's vision to become a hub for the EV industry in the Asia-Pacific region, equipping citizens with essential skills for the digital and green economy [2]

招商证券指出，4月社零及电商维持相对稳健增长，国补类目保持增速领先。当前内需有望发力，后续 若刺激消费政策出台消费互联网龙头将显著受益，建议关注质地好、业绩佳、回购高、估值低的消费互 联网龙头公司。 消息面来看，5月19日，国家统计局发布数据显示，4月份，社会消费品零售总额37174亿元，同比增长 5.1%。其中，除汽车以外的消费品零售额33548亿元，增长5.6%。1—4月份，社会消费品零售总额 161845亿元，增长4.7%。其中，除汽车以外的消费品零售额147005亿元，增长5.2%。 5月20日早盘，港股集体上涨，截至发稿，中证港股通消费主题指数涨0.74%。 港股消费ETF（159735）跟踪中证港股通消费主题指数，该指数选取港股通范围内流动性较好、市值较 大的50只消费主题相关股票组成指数样本，采用自由流通市值加权，以反映港股通内消费类股票的整体 表现。 相关ETF方面，截至发稿，港股消费ETF（159735）涨1.1%，换手率2.25%。成分股中，零跑汽车涨超 4%，小米集团-W涨超2%，理想汽车-W、泡泡玛特等跟涨。 开源证券认为，消费复苏主旋律下，关注契合"情绪消费"主题且品牌势能和竞争力边 ...

消息面，外资爆买港股互联网龙头。桥水基金公布了截至今年3月31日的一季度持仓报告（13F）表。 增持方面，买入逾540万股阿里巴巴，环比增幅高达21倍，直接跃升为其第四大持仓股，建仓方面，桥 水一季度买入黄金ETF-SPDR110万份，成第六大持仓标的，新进278万股京东。截至今年3月31日，桥 水基金总规模为216亿美元，环比增1.47%。 申万宏源表示，继续维持港股优于A股的判断，本轮港股是中国资产重估的先锋，港股在AI产业链、新 消费和创新药领域拥有相比A股有阿尔法的优质资产，且2024年年报也显示，这部分行业的基本面已有 明显边际改善，继续推荐科技（港股互联网平台）、创新药和新消费。 今日，港股科技走低，汽车、工业母机、计算机、机器人等热门概念全线下探，港股科技ETF （513020）跌近1.5%。 注：指数/基金短期涨跌幅及历史表现仅供分析参考，不预示未来表现。市场观点随市场环境变化而变 动，不构成任何投资建议或承诺。文中提及指数仅供参考，不构成任何投资建议，也不构成对基金业绩 的预测和保证。如需购买相关基金产品，请选择与风险等级相匹配的产品。基金有风险，投资需谨慎。 （文章来源：每日经济新闻） 港 ...