Xin Lang Ji Jin·2025-09-10 05:57Core Viewpoint - The Hong Kong stock market has seen a resurgence, particularly in AI-related stocks, with the Hong Kong Internet ETF (513770) reaching a record high and significant trading volume [1][10]. Group 1: Market Performance - The Hong Kong Internet ETF (513770) experienced a price increase of over 3%, reaching a new all-time high, and currently shows a rise of 2.14% with a trading volume exceeding 600 million [1]. - Major stocks such as Alibaba-W and Tencent Holdings have shown strong performance, with Alibaba-W rising over 4% to a nearly four-year high, and Tencent Holdings increasing by nearly 2% to a year-to-date high [3]. - The Hong Kong Internet ETF has outperformed the Hang Seng Tech Index by over 10 percentage points in terms of cumulative returns and maximum gains [10]. Group 2: Company Performance - Tencent's revenue from marketing services (advertising) increased by 20% year-on-year, driven by AI-optimized advertising platforms, while its gaming segment has maintained over 20% growth for three consecutive quarters [5]. - Alibaba reported that its AI-related revenue has seen triple-digit growth for eight consecutive quarters, accounting for over 20% of its external commercialization revenue from Alibaba Cloud [5]. - The top four holdings in the Hong Kong Internet ETF include Xiaomi Group-W, Tencent Holdings, Alibaba-W, and Meituan-W, collectively accounting for 54.74% of the fund [6]. Group 3: Investment Trends - Analysts expect a shift in investment focus from consumer experience and service sectors to AI and cloud computing, as both Alibaba and Tencent demonstrate positive effects driven by AI [5]. - The Hong Kong Internet ETF has attracted significant capital inflow, with nearly 2.5 billion net inflow over the past 20 days [8]. - The fund's total size has surpassed 10 billion, marking a historical high, with an average daily trading volume of nearly 600 million this year [10].