降息预期反转，AI叙事重燃，南向资金再度扫货阿里，港股AI蓄势待发？

Core Viewpoint - The Hong Kong stock market is showing signs of resilience in the AI sector, with a potential upward trend following recent adjustments and increased capital inflow into key internet stocks like Alibaba and Xiaomi [3][5]. Group 1: Market Performance - On November 28, the Hong Kong stock market opened slightly higher but retreated, with the Hang Seng Index closing down 0.34% and the Hang Seng Tech Index nearly flat [1]. - The Hong Kong Internet ETF (513770) experienced a small rebound, rising 0.36% and maintaining a position above the 10-day moving average since hitting a recent low on November 21 [1]. Group 2: Economic Factors - A significant shift in Federal Reserve interest rate expectations has occurred, with the probability of a 25 basis point rate cut in December rising to 86.9%, up from less than 30% a week prior [4]. - The narrative around AI has been revitalized, with Alibaba's latest quarterly report showing a 34% year-on-year increase in AI cloud business revenue to 39.8 billion yuan, exceeding market expectations [4]. Group 3: Capital Inflows - Southbound capital has resumed significant investments in the internet sector, with Alibaba receiving a net inflow for 11 consecutive days, totaling 25.449 billion HKD [5]. - Xiaomi has also seen substantial investment, with a net inflow of 13.619 billion HKD over the past month [5]. Group 4: Valuation Insights - Following recent corrections, the Hong Kong AI sector is now considered to be in a high-value zone, with the price-to-earnings ratio of the Hong Kong Internet ETF at 23.51, significantly lower than the NASDAQ and ChiNext indices [7]. - The Hong Kong stock market serves as a unique bridge between Chinese innovation and global capital, featuring several leading tech companies deeply embedded in global supply chains [7].