Xin Lang Ji Jin·2025-09-12 12:11Market Overview - The Hong Kong stock market continues to rebound, with the Hang Seng Index rising over 1% to reach a new high for the current phase, driven by major technology leaders [1] - Alibaba's stock surged over 6% at one point, closing up more than 5%, marking a nearly four-year high [1] - Other tech stocks such as Tencent, Kuaishou, Bilibili, and Xiaomi also saw gains of over 2% [1] Performance of Key Stocks - Alibaba-W (9988) closed at 151.1, up 7.8, a 5.44% increase [2] - Tencent Holdings (0700) and Kuaishou (1024) both saw increases of over 2% [1][2] - The Hong Kong Internet ETF (513770) reached a historical high, with a daily trading volume of 606 million yuan, reflecting increased market activity [2] AI and Technology Developments - Alibaba and Baidu have begun using self-designed chips to train their AI models, partially replacing Nvidia's chips, indicating the rise of China's AI capabilities [3] - Alibaba's Tongyi Qianwen released the next-generation model architecture Qwen3-Next, achieving significant breakthroughs in computational efficiency [4] - The supply of chips and model iterations are seen as core foundations for accelerating cloud computing and are crucial for the valuation reassessment of the internet sector [4] Investment Trends - Southbound funds have returned to aggressively purchase internet leaders, with Alibaba, Tencent, and Meituan being the top three net buyers [5] - As of September 11, Alibaba has seen net purchases from southbound funds for 15 consecutive trading days, totaling over 37.1 billion HKD [5] - Analysts suggest that the internet sector's leading companies are poised to benefit from the AI industry's growth [5] ETF Performance - The Hong Kong Internet ETF (513770) has shown strong performance, with a cumulative net inflow of 2.792 billion yuan over the past 20 days [5] - The ETF's underlying index has outperformed the Hang Seng Tech Index by over 10 percentage points in terms of cumulative returns [8] - The ETF's latest scale has surpassed 10 billion yuan, achieving a historical high, with an average daily trading volume of nearly 600 million yuan [9]