Group 1 - The Hong Kong stock market experienced a significant decline, with the Hang Seng Technology Index dropping nearly 3%, indicating a convergence of liquidity, fundamentals, and valuation pressures [1] - Recent inflows of southbound funds have slowed, potentially due to new fund management regulations that impose stricter performance benchmarks, leading to selling pressure on Hong Kong stocks [1] - The Hong Kong Internet sector, as a unique asset class, has attracted attention, with the Hong Kong Internet ETF (513770) seeing a net inflow of 853 million yuan over nine consecutive days [1] Group 2 - The valuation of the Hong Kong Internet sector is notably lower, with the CSI Hong Kong Internet Index's price-to-earnings ratio (TTM) at 24.92, significantly below that of the ChiNext Index and Nasdaq 100 [3][4] - Looking ahead to 2026, it is anticipated that policy improvements, such as enhanced connectivity mechanisms and relaxed QDII restrictions, will attract long-term capital to the Hong Kong market, with an expected increase of 1.54 trillion HKD in southbound long-term funds [4] - The Hong Kong Internet ETF and its associated funds are heavily invested in leading internet companies, with over 73% of the top ten holdings focused on AI cloud computing and applications, indicating a strong competitive advantage [5]
ETF盘前资讯|恒生科技跌破牛熊分界线，什么信号？抄底资金涌入港股“独有资产”
Jin Rong Jie·2025-12-22 16:13