Ge Long Hui·2025-09-12 10:59Core Viewpoint - The Hong Kong stock market has experienced a significant surge, with the Hang Seng Index rising by 1.42% and the Hang Seng Tech Index soaring by 2.04%, reflecting renewed confidence in the valuation reassessment of Hong Kong stocks [1] Group 1: Market Performance - Baidu's stock price surged over 12%, reaching a new high since January of the previous year, while Alibaba rose by 5.58%, and other tech stocks like Tencent, NetEase, and JD.com also saw gains exceeding 2% [1] - The Hong Kong Tech 50 ETF (159750) increased by 1.95%, with a net inflow of 172 million in the past month, bringing its total size to over 950 million, marking a historical high [1][2] - Southbound funds have continuously increased their holdings in Alibaba, totaling 37.1 billion HKD over 15 consecutive days, indicating a shift in market sentiment from "buying the dip" to "chasing the rise" [1] Group 2: Underlying Factors - The surge in Hong Kong tech stocks is attributed to a shift in the underlying logic of the sector, with major players like Alibaba and Baidu announcing self-developed AI chips, indicating the rise of China's AI capabilities [3] - AI is transitioning from a "burning money" narrative to a genuine performance booster, as evidenced by Alibaba's Q2 report showing triple-digit growth in AI-related revenue and a 26% increase in cloud sales [3] - Tencent's advertising business has also benefited from AI, achieving a 20% growth rate, significantly above the industry average, with Morgan Stanley predicting an additional 426 billion in revenue from Tencent's AI by 2030 [3] Group 3: Market Dynamics - The Hong Kong market is entering a "buyback year," with Tencent having repurchased 49.9 billion HKD worth of shares, followed by Kuaishou, Meituan, and Xiaomi, which supports stock prices and earnings per share [3] - A liquidity turning point is anticipated due to lower-than-expected U.S. CPI and PPI data, leading to increased expectations for a rate cut by the Federal Reserve, which could benefit emerging markets, including Hong Kong [3][4] Group 4: Valuation and Investment Opportunities - The Hong Kong Tech 50 ETF (159750) tracks a comprehensive index covering major tech players like Alibaba, Tencent, and Baidu, focusing on high-growth sectors such as AI and semiconductors [5] - The index's latest PE-TTM stands at 23.37, which is at the 12th percentile of its historical range, indicating it is cheaper than 90% of the time in the past, suggesting a potential historical configuration window for investment [5] - The ETF is also a margin trading target and allows T+0 trading, providing multiple investment strategies for investors [9]