海外“空头”扰动情绪，恒生科技惨遭错杀，港股互联网ETF（513770）重挫2.5%，资金逆向加码近5亿元

Market Overview - US stock markets experienced a significant decline, with the Nasdaq China Golden Dragon Index dropping by 2.05% [1] - Hong Kong stocks opened lower, with the Hang Seng Tech Index falling by 1.75%, and major tech stocks like Alibaba and Kuaishou declining over 2% [1] ETF Performance - The Hong Kong Internet ETF (513770) saw a decrease of 2.57%, with a current price of 0.569, reflecting a net outflow of nearly 5 billion in the past four days [2][5] - The ETF's latest scale exceeds 11.4 billion, with an average daily trading volume of over 600 million this year, indicating good liquidity [6][8] Valuation Insights - The Hong Kong Internet Index's price-to-earnings (P/E) ratio stands at 25.2, which is below the Nasdaq 100's 36.79 and the ChiNext Index's 42.39, suggesting a valuation gap [3][4] - The current market sentiment is overly pessimistic, with predictions of a potential interest rate cut by the Federal Reserve in December, which could positively impact the Hang Seng Index [3] Investment Outlook - Analysts suggest that the recent market pullback may provide a good opportunity for positioning, particularly in AI-related sectors, as the "15th Five-Year Plan" exceeds market expectations [4][5] - The top holdings in the Hong Kong Internet ETF include Alibaba, Tencent, and Xiaomi, which collectively represent over 73% of the ETF, highlighting their dominance in the AI sector [8]