Xin Lang Ji Jin·2025-09-14 12:05Core Viewpoint - The Hong Kong stock market is experiencing a rebound, driven primarily by large technology companies, with Alibaba and Tencent leading the gains, indicating a strong performance in the tech sector [1][4]. Group 1: Market Performance - The Hang Seng Index rose over 1%, reaching a new high, with Alibaba-W increasing by over 6% and closing up more than 5%, marking a nearly four-year high [1]. - The Hong Kong Internet ETF (513770) saw a price increase of over 2%, reaching a historical high, with a daily trading volume of 606 million yuan, indicating increased market activity [2][9]. Group 2: Company Developments - Alibaba and Baidu have begun using self-designed chips to train their AI models, reducing reliance on Nvidia chips, showcasing the rise of China's AI capabilities [3]. - Alibaba's Tongyi Qianwen launched the next-generation model architecture Qwen3-Next, achieving significant computational efficiency with only 3 billion active parameters compared to its flagship model with 235 billion parameters [4]. Group 3: Investment Trends - There is a notable influx of southbound funds into major internet companies, with Alibaba, Tencent, and Meituan being the top three in net buying over the past 20 days, indicating strong investor interest [5]. - The Hong Kong Internet ETF has seen a net inflow of 2.792 billion yuan over the past 20 days, reflecting high investor enthusiasm for tech stocks [5][7]. Group 4: Future Outlook - The easing of monetary policy by the Federal Reserve is expected to attract foreign capital back to Hong Kong stocks, with analysts optimistic about the growth potential of sectors like AI, software, and innovative pharmaceuticals [4][5]. - The Hong Kong Internet ETF has outperformed the Hang Seng Tech Index by over 10 percentage points, highlighting its strong performance and potential for continued growth [9].