Xin Lang Cai Jing·2025-12-09 11:37Market Overview - On December 9, Hong Kong stocks experienced volatility, with the Hang Seng Index and Hang Seng Tech Index falling by 1.29% and 1.9% respectively [1][8] - Major tech stocks saw collective declines, with Xiaomi Group-W down over 3%, Kuaishou-W and Meituan-W down over 2%, Alibaba-W down over 1%, and Tencent Holdings stabilizing at a 0.41% drop [1][8] ETF Performance - The Hong Kong Internet ETF (513770), a key tool for AI investment, saw a price drop of 1.09%, while the Hong Kong Large Cap 30 ETF (520560) fell by 1.37% [1][8] - Both ETFs experienced significant premium trading, indicating active buying interest during price dips [1][8] Investment Insights - The approval by Trump for Nvidia to deliver H200 to Chinese clients is expected to enhance China's overall computing power supply, benefiting domestic cloud service providers and promoting AI applications among companies like Tencent and Alibaba [3][10] - Analysts remain optimistic about the internet sector's cyclical properties combined with the upward trend in AI, suggesting that major players will likely lead any technological advancements [3][10] - The upcoming Federal Reserve interest rate decision is anticipated to be a "hawkish rate cut," which may temporarily suppress Hong Kong stock rebounds but could enhance the long-term investment appeal of the tech sector [3][10] Fund Inflows - Recent data indicates significant capital inflows into the Hong Kong Internet ETF (513770) and the Hong Kong Large Cap 30 ETF (520560), with net inflows of 164 million and 35.16 million respectively [4][11] - The top holdings in these ETFs include Alibaba-W and Tencent Holdings, with respective weights of 18.74% and 14.84% for the Internet ETF, and 16.74% and 14.89% for the Large Cap ETF [4][11] ETF Characteristics - The Hong Kong Internet ETF (513770) tracks the CSI Hong Kong Internet Index, which heavily invests in leading internet companies, with over 73% of its top 10 holdings focused on AI cloud computing and applications [6][13] - The fund has a scale exceeding 10 billion, with an average daily trading volume of over 600 million, providing good liquidity and supporting T+0 trading without QDII restrictions [6][14] - The Hong Kong Large Cap 30 ETF (520560) employs a "technology + dividend" strategy, balancing high-growth tech stocks with stable dividend-paying companies, making it an ideal long-term investment tool [6][14]