降息预期升温+AI进展催化，港股AI低位反弹！百亿港股互联网ETF（513770）上探逾2%，行情持续性如何？

Core Viewpoint - The Hong Kong stock market is experiencing a rebound, driven by expectations of interest rate cuts from the Federal Reserve and advancements in AI technology, leading to a strong performance in the internet sector [1][3][10]. Group 1: Market Performance - On December 19, the Hang Seng Index and the Hang Seng Tech Index rose by 0.75% and 1.12% respectively, with major internet companies like Tencent, Kuaishou, and Meituan all gaining over 1% [1][4]. - The Hong Kong Internet ETF (513770) saw a high opening and increased by 1.54%, with an intraday price surge of over 2% [1][4]. Group 2: Economic Indicators - The latest U.S. core CPI for November increased by 2.6% year-on-year, marking the lowest level since 2021, indicating signs of cooling inflation [3][9]. - Market expectations for aggressive interest rate cuts by the Federal Reserve in 2026 have risen, with traders anticipating two rate cuts totaling 50 basis points next year [3][9]. Group 3: AI Developments - Meituan launched the LongCat-Video-Avatar, a virtual human video generation model that supports various core functionalities, including Audio-Text-to-Video [3][9]. - Tencent released the Mixed Yuan World Model 1.5, allowing users to create interactive worlds from text or images, and has open-sourced a comprehensive real-time world model framework [3][9]. Group 4: Investment Insights - The Hong Kong Internet ETF (513770) has attracted a net inflow of 1.33 billion yuan over the past 10 days, indicating strong investor interest [4][10]. - Dongwu Securities suggests that the Hong Kong market is at a rebound threshold, making it an attractive long-term investment opportunity [4][10]. - CITIC Securities remains optimistic about the internet sector's cyclical properties combined with the upward trend of AI, highlighting the potential for significant returns if AI technology exceeds expectations [11]. Group 5: ETF Characteristics - The Hong Kong Internet ETF (513770) tracks the CSI Hong Kong Internet Index, with over 73% of its top ten holdings concentrated in AI cloud computing and applications [11]. - The ETF has a market size exceeding 10 billion yuan and an average daily trading volume of over 600 million yuan, providing good liquidity [11].