百度、阿里两大AI巨头带动恒生科技指数ETF（513180）大涨，AI的下半场在恒生科技？

Core Viewpoint - The Hong Kong stock market, particularly the Hang Seng Technology Index, is experiencing a significant upward trend, driven by factors such as continuous inflow of southbound funds and the potential initiation of a new interest rate cut cycle in the U.S. [1] Group 1: Market Performance - On September 12, the three major indices of the Hong Kong stock market opened higher, with the Hang Seng Technology Index rising over 2% at one point [1] - The Hang Seng Technology Index ETF (513180) followed suit, with major holdings like Alibaba, Baidu, and Tencent seeing substantial gains, including Alibaba's rise of nearly 7% [1] Group 2: Investment Opportunities - The Hang Seng Technology Index is currently considered to be in a historically undervalued range, suggesting potential for a "catch-up" rally due to external liquidity sensitivity and previous market pressures [1] - The ongoing anti-involution policies, coupled with Alibaba's better-than-expected earnings report and rapid iterations in AI large models, indicate a shift back to AI narratives, which could lead to a valuation reconstruction for the Hang Seng Technology Index [1] Group 3: ETF and Sector Composition - The Hang Seng Technology Index ETF (513180) includes leading companies across sectors such as artificial intelligence, smart driving, gaming media, semiconductor manufacturing, consumer electronics, and platform economy [1] - Major holdings in the ETF include Alibaba, Tencent, Xiaomi, NetEase, and SMIC, providing investors without a Hong Kong Stock Connect account an opportunity to access core Chinese AI assets [1]