Xin Lang Ji Jin·2025-09-16 11:52Group 1 - The core viewpoint of the article highlights the continued upward trend of Hong Kong's tech stocks, with Meituan leading the gains at 3% and Alibaba experiencing a slight decline of 0.71% at the close [1][3] - The Hong Kong Internet ETF (513770) has seen a significant net inflow of 2.816 billion yuan over the past 20 days, indicating strong investor interest [3] - Alibaba announced plans to issue $3.2 billion in zero-coupon convertible bonds, primarily to enhance its cloud infrastructure, while Tencent has also restarted its bond issuance plan after four years [3][4] Group 2 - Southbound funds have been actively buying Hong Kong stocks, with a net purchase of 14.473 billion yuan yesterday, reflecting strong interest in AI core assets [4] - The Federal Reserve's anticipated interest rate cuts are expected to reshape global capital flows, potentially driving foreign capital back into Hong Kong stocks, particularly in the tech sector [4] - AI remains a key focus for Hong Kong stocks, with domestic cloud service revenue growth surpassing that of state-owned telecom companies for the first time in four years [4] Group 3 - The Hong Kong Internet ETF (513770) has outperformed the Hang Seng Tech Index by over 15 percentage points in terms of cumulative returns this year, indicating strong market performance [5][6] - The price-to-earnings (P/E) ratio of the Hong Kong Internet ETF is currently at 25.25, significantly lower than the historical average of 27.05% over the past decade, suggesting potential undervaluation [6] - The latest scale of the Hong Kong Internet ETF has surpassed 11 billion yuan, achieving a historical high, with an average daily trading volume of nearly 600 million yuan [8]