否极泰来？港股AI逆转5连阴，资金大举低吸

Core Viewpoint - Hong Kong stocks continued to decline, with the Hang Seng Index and Hang Seng Tech Index dropping by 2.38% and 3.21% respectively, influenced by overnight movements in US stocks. However, the Hong Kong Internet ETF (513770) showed signs of stabilization, recovering from earlier losses and closing down only 0.92% after a significant drop of over 2% in the morning session [1][4]. Market Performance - The Hong Kong Internet ETF (513770) experienced a net inflow of 54.14 million CNY over the past five days, with a total of 4.271 billion CNY accumulated over the last 60 days, indicating strong buying interest despite recent declines [2][6]. - The ETF has seen a significant drop over five consecutive days, yet investors have been increasingly buying into the fund, demonstrating confidence in the sector [2][6]. Sector Analysis - The performance of tech giants in the Hong Kong market was mixed, with Xiaomi Group-W rising by nearly 3% at one point, while other major players like Kuaishou-W, Tencent Holdings, and Alibaba-W saw declines of over 1% to 4% [4][6]. - The market's overall weakness was attributed to the lack of clear signals regarding interest rates from the latest US non-farm payroll data, alongside ongoing concerns about the high valuations of AI stocks [4][6]. Valuation Insights - The current price-to-earnings (PE) ratio of the CSI Hong Kong Internet Index stands at 22.47, which is significantly lower than the NASDAQ 100 (34.42) and the ChiNext Index (39.2), indicating a historical low valuation compared to the past decade [4][5]. - According to招商证券, the valuation of the Hong Kong tech sector remains at historically low levels, suggesting substantial room for valuation recovery [5][6]. Future Outlook - Analysts from 中信证券 predict that the Hong Kong market will experience a second round of valuation recovery and performance resurgence by 2026, driven by a rebound in fundamentals and significant valuation discounts [6]. - 广发证券 believes that the foundation for a bull market in Hong Kong remains intact, with a potential for a "volatile upward trend" as liquidity improves, which could attract funds into core assets in the internet sector [6][7]. ETF Composition - The Hong Kong Internet ETF (513770) has a total scale exceeding 11.2 billion CNY, with an average daily trading volume of over 600 million CNY, indicating good liquidity [7]. - The ETF tracks the CSI Hong Kong Internet Index, which is heavily weighted towards major internet companies, with Alibaba-W, Tencent Holdings, and Xiaomi Group-W comprising the top three holdings, accounting for 18.89%, 17.01%, and 10.05% of the index respectively [6][7].