Group 1: Core Themes in China's Internet Industry - The Chinese internet industry will focus on three main themes in 2026: growth in recurring revenue from cloud infrastructure, model stacks, and inference token usage; competition among major internet companies for user traffic in AI chatbots; and vertical companies deploying self-trained proprietary data AI agents to maintain competitive advantages and enhance user engagement and monetization potential [1][9]. - Citigroup identifies Tencent Holdings and Alibaba-W as core AI investment concept stocks, reflecting confidence in the capital market regarding the value reassessment driven by AI in leading companies [1][9]. Group 2: Market Performance and Investment Trends - Since the beginning of 2026, the Hong Kong stock market has seen a significant rise in AI stocks, with the Hong Kong Internet ETF (513770) increasing by 6.17% over two trading days. There has been a net inflow of 131 million yuan on the latest trading day and a cumulative net inflow of 318 million yuan over the past five days [1][9]. - The Hong Kong Internet ETF (513770) and its linked funds passively track the CSI Hong Kong Internet Index, heavily weighted towards Alibaba-W and Tencent Holdings, which together account for nearly 30% of the ETF. The top ten holdings focus on AI cloud computing and applications, comprising over 78% of the portfolio [3][11]. Group 3: Valuation and Future Opportunities - As of the end of 2025, the CSI Hong Kong Internet Index has seen a cumulative decline of 18.55% since October, with a current price-to-earnings ratio (PE TTM) of 24.43, which is significantly lower than the valuations of the ChiNext Index and Nasdaq 100, indicating a value opportunity [4][12]. - Industry analysts suggest that leading internet companies in China are poised to benefit from a resurgence in both domestic and foreign investment, with the potential for upward adjustments in long-term profit growth expectations, leading to a "Davis Double" effect on valuations [5][12].
花旗首选腾讯、阿里为核心AI概念股！港股AI开年狂飙，港股互联网ETF（513770）5日狂揽超3亿元
Xin Lang Cai Jing·2026-01-07 01:18