10月收官，恒指跌落26000点，港股互联网ETF（513770）溢价揽筹，5日吸金3.3亿元

Group 1 - The Hong Kong stock market showed a decline on the last trading day of October, with the Hang Seng Index falling 1.43% to below 26,000 points, and the Hang Seng Tech Index dropping over 2% [1] - Major tech stocks such as Alibaba, Tencent, Kuaishou, and Xiaomi experienced significant pullbacks, with Alibaba down over 4% and Tencent and Kuaishou down over 3% [1] - The Hong Kong Internet ETF (513770), which heavily invests in leading internet companies, saw a slight decline of 0.34% but recorded a net inflow of 335 million yuan over the past five days [1] Group 2 - CITIC Securities noted that the recent index drop may reflect a "good news fully priced in" adjustment, but reduced uncertainty from trade frictions could enhance risk appetite in the Hong Kong market [3] - The Hang Seng Index fell 3.53% in October, while the Hang Seng Tech Index dropped 8.62%, and the Hong Kong Internet Index saw a decline of 10% [3] - Current favorable conditions in fundamentals, capital flows, and valuations are highlighted, with the Hong Kong market benefiting from the emphasis on technological self-reliance in the 14th Five-Year Plan [3] Group 3 - The Hong Kong Internet ETF (513770) and its linked funds track the CSI Hong Kong Internet Index, with Alibaba, Tencent, and Xiaomi being the top three holdings, accounting for 19.22%, 16.46%, and 10.41% of the total weight, respectively [5][6] - The ETF has a current scale exceeding 11.4 billion yuan, with an average daily trading volume of over 600 million yuan, indicating good liquidity [8] Group 4 - Morgan Stanley indicated that the current valuation of the Hong Kong stock market remains relatively low, making it the cheapest stock market in the Asia-Pacific region outside of ASEAN [4] - The price-to-earnings ratio (PE) of the Hong Kong Internet Index is 25.2 times, significantly lower than that of the Nasdaq 100 (36.79 times) and the ChiNext Index (42.39 times) [4]