港股春躁不会缺席！机构：关注“独有资产”互联网，年线附近强支撑，港股互联网ETF（513770）再现溢价抢筹

Market Overview - The Hong Kong stock market is experiencing overall fluctuations, with major tech stocks like Alibaba, Xiaomi, Tencent, and Meituan showing declines of nearly 3%, over 2%, and over 1% respectively [1][8] - The Hong Kong Internet ETF (513770) saw a price drop of 1.46%, despite a previous decline of 2%, indicating active buying interest as the premium rate exceeded 0.5% [8] Fund Inflows - The Hong Kong Internet ETF (513770) has recorded a net inflow of 585 million yuan over the past seven days, reflecting strong buying momentum [8] Market Sentiment and Future Outlook - Huatai Securities notes that the current market sentiment remains pessimistic, suggesting limited downside but uncertain upside potential. Future catalysts may include RMB appreciation, overseas expansion of companies, and breakthroughs in domestic technology [3][10] - GF Securities anticipates that the spring market rally in Hong Kong stocks will not be absent this year, potentially driven by liquidity easing and unexpected inflows, with a focus on developments in DeepSeek's model and domestic internet companies' consumer applications [3][10] Valuation Metrics - The Hong Kong Internet ETF (513770) tracks the CSI Hong Kong Internet Index, which has a current P/E ratio (TTM) of 25.5, placing it at a historical low compared to the past five years and significantly lower than the P/E ratios of the ChiNext Index (40.74) and Nasdaq 100 (35.75) [4][11] ETF Composition and Strategy - The Hong Kong Internet ETF (513770) heavily invests in leading internet companies, with over 73% of its top ten holdings focused on AI cloud computing and various AI applications. The fund's total size exceeds 10 billion yuan, with an average daily trading volume of over 600 million yuan [4][11] - For investors seeking to reduce volatility while still investing in technology, the Hong Kong Large Cap 30 ETF (520560) is recommended, combining high-growth tech stocks with stable dividend-paying companies [4][11]