估值筑底，外卖大战助推，恒生互联网板块进入配置窗口期

Group 1 - The Hang Seng Index rose by 0.73%, the Hang Seng Tech Index increased by 0.76%, and the Hang Seng China Enterprises Index strengthened by 0.78%, closing at 8922.57 points, with a half-day trading volume of 1360.50 million HKD [1] - Major players in the food delivery sector, including Meituan, JD.com, and Taobao, are engaged in intense competition, investing a total of 25 billion HKD in the second quarter alone [1] - Investor confidence has been affected by this "burning money war," leading to a net sell-off of Tencent, Alibaba, and Xiaomi stocks totaling 46.4 billion HKD in June [1] Group 2 - Despite the unsustainability of high subsidies, private equity firms suggest that the low stock prices of internet tech companies present good odds, with AI expected to drive industry growth [2] - The subsidy battle is viewed as a short-term disturbance, and stock prices have already factored in the "burning money" expectations [2] - The Hong Kong internet sector is entering a configuration window as AI becomes a new growth engine, alongside the return of global sovereign funds [2]