低位港股科技再遭错杀，阿里扔出超级AI王炸，百亿港股互联网ETF（513770）10日吸金9.8亿元

Market Overview - The Hong Kong stock market has weakened due to overseas risk aversion, with the Hang Seng Index and Hang Seng Tech Index falling by 0.92% and 1.8% respectively [1] - Major tech stocks like Alibaba, Xiaomi, Tencent, and Meituan experienced declines, with Alibaba and Xiaomi dropping nearly 3% and Kuaishou plunging nearly 6% [1] - Southbound funds actively bought on dips, with a net purchase of HKD 7.523 billion, and Xiaomi received an additional investment of HKD 989 million [1] ETF Performance - The Hong Kong Internet ETF (513770) saw a net inflow of HKD 137 million on the latest trading day, accumulating a net inflow of HKD 976 million over the past 10 days [3] - The ETF opened lower and fell by 2.89%, reaching a six-month low, indicating active buying interest despite the decline [1][3] Federal Reserve Insights - Fed officials expressed dovish sentiments, revealing internal disagreements on future interest rate cuts, which negatively impacted market sentiment [5] - The probability of a 25 basis point rate cut in December is estimated at 70.6% [5] - Analysts suggest that external liquidity uncertainties may lead to short-term volatility in the Hong Kong market, but a long-term easing cycle from the Fed could attract both southbound and foreign capital into the market [5] AI and Internet Sector Developments - Alibaba's CEO announced plans to build large-scale AI infrastructure and enhance investments in AI cloud services during the World Internet Conference [5] - The narrative in the internet sector is shifting from user growth and business models to "AI empowerment" as a new growth curve [6] - The valuation of the Hong Kong internet sector appears attractive, with the CSI Hong Kong Internet Index's latest P/E ratio at 24.68, significantly lower than the NASDAQ 100 and ChiNext [6][7] Investment Opportunities - The Hong Kong market is seen as a gathering place for core domestic AI assets, benefiting from the rising global AI computing power industry [7] - Analysts predict a potential style shift in the fourth quarter, with low-growth sectors like Hang Seng Tech possibly outperforming, while the internet sector may see a rebound [7] - The Hong Kong Internet ETF (513770) tracks the CSI Hong Kong Internet Index, heavily weighted towards leading internet companies, with Alibaba, Tencent, and Xiaomi being the top three holdings [8] Historical Performance - The CSI Hong Kong Internet Index has shown varied performance over the past five years, with a notable increase of 23.04% in 2024 following declines in previous years [10]