AI产业链拥挤度回落至7月以来低位，关注港股科技等低位标的，港股互联网ETF（513770）创本轮调整新低

Core Viewpoint - The Hong Kong stock market continues to experience volatility, particularly in the tech sector, with major companies like Xiaomi and Kuaishou seeing declines, while Alibaba shows resilience [1][3]. Group 1: Market Performance - The Hong Kong stock market opened lower, with major tech stocks like Xiaomi Group-W down over 3% and Kuaishou-W down over 2% [1]. - The Hong Kong Internet ETF (513770) has seen a decline of 0.71%, marking three consecutive days of losses and reaching a new low in this adjustment phase [1]. - The index tracking the Hong Kong Internet sector has outperformed the Hang Seng Tech Index, with a year-to-date increase of 40.81% compared to 32.23% for the Hang Seng Tech [6]. Group 2: Investment Opportunities - Huatai Securities highlights that the low valuation of certain sectors presents short-term rebound opportunities, particularly in the AI industry chain, which has seen a decrease in crowding since July [3]. - The Hong Kong Internet sector is home to leading companies in the AI space, including Alibaba and Tencent, which are positioned to benefit from the ongoing AI transformation [3][4]. - Minsheng Securities expresses optimism about the revaluation of Chinese AI companies, particularly those with synergies in computing resources, model capabilities, and application scenarios, such as Tencent, Kuaishou, and Alibaba [3]. Group 3: ETF and Index Composition - The Hong Kong Internet ETF (513770) passively tracks the CSI Hong Kong Internet Index, with major holdings including Alibaba-W (18.89%), Tencent Holdings (17.01%), and Xiaomi Group-W (10.05%) [4][5]. - The top ten holdings in the index account for over 73% of the total, focusing on AI cloud computing, large models, and various AI applications [4]. - The current P/E ratio of the CSI Hong Kong Internet Index is 24.44, significantly lower than that of the NASDAQ 100 (35.94) and the ChiNext Index (41.27), indicating a potentially attractive valuation [6].