BABA(US:BABA) Ge Long Hui·2025-12-30 07:20Core Insights - The 2025 "Global Vision, Betting on China" top ten core ETFs recorded a 28.86% increase, significantly outperforming the CSI 300 index by 10.96 percentage points [1] - The semiconductor sector and Hong Kong internet stocks were key contributors to market performance, with the Sci-Tech Chip ETF (588200) and Hong Kong Internet ETF (159792) rising 64.32% and 21.73% respectively in 2025 [1] Semiconductor Sector - The domestic semiconductor sector's growth is driven by strong policy support and capital investment in "self-controllable" technologies, leading to accelerated industry consolidation [1] - Mergers and acquisitions in the semiconductor industry are becoming more active, with leading companies expanding through horizontal integration and supply chain strengthening [2] - The Sci-Tech Chip ETF (588200) focuses on leading chip companies in the Sci-Tech board, with a semiconductor purity of 94.21%, covering the entire semiconductor industry chain [2] - The latest scale of the Sci-Tech Chip ETF (588200) is 39.086 billion yuan, making it the largest product in the semiconductor theme, with a daily average trading volume of 2.612 billion yuan in 2025 [2] Hong Kong Internet Sector - The Hong Kong internet sector has shown strong performance due to a clearer regulatory environment, AI transformation of enterprises, and significant net inflows of southbound funds [3] - Major internet companies are increasing investments in AI infrastructure, with Alibaba's cloud and AI product revenues growing rapidly, and a significant investment of 380 billion yuan in AI and cloud infrastructure [3] - The Hong Kong Internet ETF (159792) has seen a net inflow of 56.997 billion yuan in 2025, leading the entire ETF market in capital attraction [3][4] - The ETF tracks the CSI Hong Kong Internet Index, focusing on 30 pure internet companies, with over 70% of its top ten holdings in major firms like Alibaba and Tencent [7] Future Outlook - The outlook for the Hong Kong internet sector remains positive, with attractive valuations despite macroeconomic pressures, suggesting a profit valuation midpoint of 15-20 times for leading companies in 2026 [7]