Xin Lang Ji Jin·2025-10-13 05:28Core Viewpoint - The Hong Kong stock market experienced a collective decline, with the Hang Seng Technology Index dropping by 4.54%, and major tech stocks like Alibaba and Tencent facing significant pullbacks. The Hong Kong Internet ETF (513770) also saw a decrease of 4.17%, indicating a bearish trend in the market [1]. Group 1: Market Performance - The Hong Kong Internet ETF (513770) recorded a trading volume of nearly 500 million yuan, reflecting a significant market activity despite the downturn [1]. - The ETF has seen a net inflow of over 1.1 billion yuan in the past 20 days, indicating a strong interest from investors despite recent volatility [3]. - The ETF's latest scale has surpassed 11 billion yuan, marking a historical high, with an average daily trading volume exceeding 600 million yuan this year [9]. Group 2: Key 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 ETF's total weight [5][6]. - The ETF tracks the CSI Hong Kong Internet Index, which has shown significant resilience and outperformance compared to the Hang Seng Technology Index this year [7]. Group 3: Industry Insights - The recent announcement by the Ministry of Commerce regarding the use of WPS format for official documents is seen as a move towards promoting key technology independence and ensuring information security [3]. - The AI industry is expected to see accelerated domestic production processes, with significant capital expenditures anticipated from major tech players, indicating a broad growth potential in the sector [3]. - The valuation of the CSI Hong Kong Internet Index is currently at a PE ratio of 26.69, which is lower than both the US and A-share tech sectors, suggesting a potentially attractive investment opportunity [7].