AI营收劲增34%

Core Viewpoint - The Hong Kong stock market is experiencing a rally driven by AI, with the Hong Kong Internet ETF (513770) showing a three-day consecutive increase, closing slightly up by 0.18% [1]. Group 1: ETF Performance - The Hong Kong Internet ETF (513770) saw a peak increase of over 1% during trading, reflecting strong investor interest in internet leaders [1]. - The ETF has accumulated a total of 1.14 billion HKD in inflows over the past five days, indicating a growing appetite for AI-related assets [5]. Group 2: Company Insights - Alibaba's stock fluctuated, initially dropping over 2% but later recovering before closing down by 1.9%. The company's operational profit declined due to significant investments in Taobao Flash Sale and AI, despite cloud revenue exceeding 39.8 billion CNY, a 34% year-on-year increase [2][3]. - Omdia reported that Alibaba Cloud holds a 35.8% market share in China's AI cloud market, significantly surpassing its competitors [3]. - Meituan-W led the market with a 5.65% increase, as Alibaba announced a scaling back of its Taobao Flash Sale investments, boosting market expectations for Meituan's profitability recovery [3]. Group 3: Market Valuation - The Hong Kong Internet ETF (513770) is currently trading at a price-to-earnings (P/E) ratio of 21.93, which is at the historical bottom 8.3% percentile over the past decade, making it more attractive compared to the P/E ratios of 37.72 for the ChiNext Index and 34.75 for the Nasdaq 100 [4][5]. - The ETF's top three holdings are Alibaba-W, Tencent Holdings, and Xiaomi Group-W, which together account for over 45% of the ETF's weight, emphasizing the dominance of these companies in the AI and cloud computing sectors [7].