新高，巨震，港股AI核心工具——港股互联网ETF（513770）跌逾2%，机构：AI叙事重来，港股无需“惧高”

Core Viewpoint - The Federal Reserve has lowered interest rates by 25 basis points, leading to a re-evaluation of the "subsequent easing pace" in the market. The Hong Kong stock market has shown volatility, with the Hang Seng Index and Hang Seng Tech Index experiencing fluctuations, while major tech stocks have displayed mixed performance [1][3]. Group 1: Market Performance - The Hong Kong stock market experienced a volatile session, with the Hang Seng Index and Hang Seng Tech Index initially rising, but later closing lower. The Hang Seng Tech Index briefly surpassed 27,000 points before retreating [1]. - Major tech stocks such as Tencent Holdings and Kuaishou saw declines of over 2%, while Bilibili dropped more than 3%. In contrast, Meituan managed to close in the green [1]. - The Hong Kong Internet ETF (513770), a key tool for AI investments, reached a historical high before closing down 2.15%, with a trading volume of 1.264 billion yuan, indicating significant market activity [1]. Group 2: Investment Insights - Huatai Securities suggests that the Hong Kong stock market does not need to fear high valuations, as it has transformed compared to the past. The market is expected to benefit from abundant liquidity, potentially leading to a new round of increases [3]. - In the medium to long term, improvements in supply-demand dynamics and economic stabilization may signal a turning point for demand and corporate earnings [3]. - The AI narrative is gaining traction, with Alibaba's PPU chip reportedly matching NVIDIA's H20 chip in key parameters, and Tencent announcing the opening of its AI technology through Tencent Cloud [3][4]. Group 3: Capital Flows - Southbound capital has been a significant driver of the AI market in Hong Kong, with Alibaba receiving a net inflow of 54.89 billion yuan over 19 consecutive trading days [4]. - The Hong Kong Internet ETF (513770) and its related funds heavily invest in leading tech stocks, with Tencent and Alibaba being the top two holdings, accounting for 15.61% and 13.37% of the index, respectively [4]. Group 4: Performance Metrics - 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, highlighting its strong performance [5]. - The price-to-earnings (P/E) ratio of the Hong Kong Internet ETF stands at 25.25, significantly lower than that of both U.S. and A-share tech stocks, indicating a favorable valuation [6]. - The ETF's total assets have surpassed 11 billion yuan, reaching a historical high, with an average daily trading volume of nearly 600 million yuan, reflecting strong liquidity [6].