降息落地后，港股AI牛还有多少空间？

Core Viewpoint - The Hong Kong stock market, particularly the technology sector, is experiencing volatility with mixed performances among major tech companies, while the Hong Kong Internet ETF (513770) shows significant trading activity and potential for growth in the AI sector [1][3][6]. Group 1: Market Performance - The Hong Kong Internet ETF (513770) saw a price increase of over 2% before retreating, indicating market divergence, with a trading volume exceeding 700 million yuan [1]. - The Hang Seng Index and Hang Seng Tech Index have reached four-year highs, with historical analysis suggesting that the current market cycle has room for further growth [2][3]. - The Hong Kong Internet ETF has outperformed the Hang Seng Tech Index by over 15 percentage points in terms of cumulative gains this year [7]. Group 2: AI and Technology Sector - The AI narrative in the Hong Kong market is gaining traction, with major players like Alibaba and Tencent making significant advancements in AI capabilities [3][6]. - The Chinese cloud computing market is projected to exceed 400 billion yuan by 2025, benefiting cloud service providers like Tencent Cloud and Alibaba Cloud [3]. - The valuation of the Hong Kong technology sector is notably lower compared to its US and A-share counterparts, presenting a potential investment opportunity [4]. Group 3: ETF Composition and Performance - The Hong Kong Internet ETF is heavily weighted towards major tech companies, with Tencent and Alibaba accounting for 15.61% and 13.37% of the ETF, respectively [6][7]. - The ETF's underlying index, the CSI Hong Kong Internet Index, has a PE ratio of 25.55, which is at a historical low compared to the past decade [4]. - The ETF has reached a record size of over 11 billion yuan, with an average daily trading volume of nearly 600 million yuan this year [8].