年末收官战，港股加速寻底，资金逆行加码港股AI，什么信号？
Xin Lang Cai Jing·2025-12-31 02:06

Core Viewpoint - The Hong Kong stock market has not managed to reverse its downward trend as it approaches the end of 2025, with major indices opening lower and the Hong Kong Internet ETF (513770) experiencing a decline of 0.95% [1][10]. Group 1: Market Performance - The Hong Kong Internet ETF (513770) has seen a cumulative decline of 18.55% since October, with the latest price-to-earnings ratio (PE TTM) at 24.56, significantly lower than the 25.87% percentile over the past five years [3][10]. - The valuation of the Hong Kong Internet sector is notably lower than that of the A-share and US tech indices, highlighting a price-performance advantage [3][10]. - Recent data indicates that the Hong Kong Internet ETF has attracted a net inflow of 83.5 million yuan over the past two days, suggesting a shift towards left-side positioning by investors [11]. Group 2: Future Outlook - Looking ahead to 2026, there is an expectation for the Hong Kong stock market to experience a gradual upward trend, supported by a loose monetary policy environment and continued net inflows from foreign and southbound capital [5][12]. - The focus on technological innovation and supply-side reforms is anticipated to enhance the profitability of listed companies in Hong Kong, leading to a scenario of rising earnings and valuations [5][13]. - AI remains a key catalyst for valuation increases in the Hong Kong Internet sector, with emphasis on model iteration, application implementation, and performance realization [6][13]. Group 3: Investment Strategies - The Hong Kong Internet ETF (513770) and its associated funds are designed to passively track the CSI Hong Kong Internet Index, with significant holdings in major players like Alibaba, Tencent, and Xiaomi, which collectively account for over 73% of the top ten holdings [6][13]. - For investors seeking to mitigate volatility while still capitalizing on technology, the Hong Kong Large Cap 30 ETF (520560) is recommended, combining high-growth tech stocks with stable dividend-paying companies [6][13].