Core Viewpoint - The Hong Kong stock market continues to experience fluctuations, with major tech stocks declining, while the Hong Kong Internet ETF shows signs of resilience and optimism from investors [1][3]. Market Performance - As of October 10, major indices in the Hong Kong stock market opened lower, with Alibaba-W, Kuaishou-W, and Xiaomi Group-W dropping over 2%, and Tencent Holdings falling more than 1% [1]. - The Hong Kong Internet ETF (513770) saw a price drop of 2%, indicating a wide premium in the drop range, suggesting active buying interest from investors [1]. Fund Flows - Despite market volatility, there was a net inflow of 266.1 million yuan into the Hong Kong Internet ETF on the previous day, with a total net inflow of 1.336 billion yuan over the past 20 days [3]. - The Hong Kong Internet ETF has surpassed 11 billion yuan in size, reaching a historical high, with an average daily trading volume exceeding 600 million yuan [7]. Sector Outlook - According to China Merchants Securities, while market fluctuations may intensify, the long-term upward trend remains intact, with AI being a key driver for the Hong Kong market [3]. - Guotai Junan Securities anticipates a recovery in the fundamentals and continuous improvement in capital flow, suggesting that the Hong Kong stock market may reach new highs in the fourth quarter [3]. Index Performance - The CSI Hong Kong Internet Index has shown higher elasticity this year, outperforming the Hang Seng Tech Index, with a year-to-date increase of 55.11% compared to 45.79% for the Hang Seng Tech Index [5]. - The latest PE ratio for the CSI Hong Kong Internet Index is 26.69, which is significantly lower than the historical average of 38.31 for the Hang Seng Tech Index, indicating a more attractive valuation [5]. Major Holdings - The top three holdings in the Hong Kong Internet ETF are Alibaba-W (18.92%), Tencent Holdings (15.60%), and Xiaomi Group-W (11.54%), collectively accounting for over 73% of the top ten holdings [3][4].
港股延续震荡,资金溢价抢筹AI龙头,港股互联网ETF(513770)下跌2%,近20日吸金逾13亿元
Xin Lang Ji Jin·2025-10-10 02:56