Xin Lang Ji Jin·2025-09-25 02:41Core Viewpoint - The Hong Kong stock market is experiencing a rise in AI-related stocks, with the Hong Kong Internet ETF (513770) approaching its previous high, driven by significant gains in major companies like Alibaba and Tencent [1][3]. Group 1: AI Investment and Market Trends - Alibaba announced an additional investment in AI, totaling 380 billion, in collaboration with Nvidia, and launched seven new large models [3]. - The Hong Kong Internet companies are categorized into two groups based on their AI strategies: those focusing on general large models and cloud computing (e.g., Alibaba, Tencent) and those targeting niche applications (e.g., Meitu, Kuaishou) [3]. - The demand for Chinese companies to expand overseas and the rapid growth of local AI applications abroad are creating significant business opportunities in the cloud computing market [3]. Group 2: Fund Flows and Investor Sentiment - Foreign investment interest is returning, as evidenced by Cathie Wood's Ark Investment purchasing Alibaba ADR for the first time in four years, indicating renewed confidence in Chinese tech giants [3]. - Domestic capital is also actively buying into AI core assets, with net purchases of 137.05 billion HKD from southbound funds, including 53.39 billion HKD in Alibaba over 24 consecutive trading days [3]. Group 3: ETF Performance and Composition - The Hong Kong Internet ETF (513770) has surpassed 11 billion HKD in size, achieving a record high, with an average daily trading volume of nearly 600 million HKD [6]. - The ETF tracks the CSI Hong Kong Internet Index, with Alibaba being the largest holding at 18.11%, followed by Tencent and Xiaomi, collectively representing over 72% of the top ten holdings [4][5]. - The CSI Hong Kong Internet Index has outperformed the Hang Seng Tech Index this year, highlighting the resilience of internet stocks in the AI sector [5].