阿里发布首个超万亿参数模型，恒生科技指数ETF(159742)连续10天“吸金”超5亿元，互联网板块有望回归AI成长叙事

Group 1: Market Performance - The Hang Seng Tech Index decreased by 0.06% as of September 8, 2025, with mixed performance among constituent stocks [3] - Alibaba-W led the gains with an increase of 4.25%, while Kuaishou-W experienced the largest decline at 3.08% [3] - The Hang Seng Tech Index ETF (159742) rose by 0.26%, with a recent price of 0.78 yuan, and has accumulated a 1.04% increase over the past two weeks [3] Group 2: Liquidity and Trading Activity - The Hang Seng Tech Index ETF had a turnover of 4.34% and a trading volume of 150 million yuan, indicating active market participation [3] - The average daily trading volume for the ETF over the past week was 440 million yuan [3] Group 3: AI Developments and Company Performance - Alibaba launched a large model, Qwen3 - Max - Preview, which surpassed global competitors in benchmark tests, indicating strong capabilities in AI [7] - The company’s clear strategy of "open source and self-research" has positioned it among the top players in the global large model field [7] - Alibaba's recent quarterly financial report exceeded market expectations, providing fundamental support for the internet sector [8] Group 4: Investment Opportunities - The external liquidity environment is improving with expectations of a new interest rate cut cycle by the Federal Reserve, which may benefit internet sector valuations [7] - The internet sector is expected to benefit from the ongoing AI trend, as it has rich application scenarios and mature commercialization [8] - The Hang Seng Tech Index and the Hong Kong Internet Index have clear multiple rebound logic under the backdrop of rising overseas interest rate cut expectations and AI application benefits [8] Group 5: ETF Performance and Fund Flows - The latest scale of the Hang Seng Tech Index ETF reached 3.43 billion yuan, marking a one-year high [8] - The ETF's share count reached 4.446 billion, also a one-year high [9] - The ETF has seen continuous net inflows over the past ten days, with a peak single-day net inflow of 190 million yuan, totaling 514 million yuan [10]