“美联储今年应降息100个基点”，港股AI迎黄金窗口！港股互联网ETF回调区间溢价狂涌，此前5日狂揽逾3亿元

Core Viewpoint - The Hong Kong stock market's AI sector experienced its first pullback of the year, with the Hong Kong Internet ETF (513770) declining over 2% despite active buying interest during the dip [1][9]. Group 1: Market Performance - The Hong Kong Internet ETF (513770) opened lower and fell by more than 2%, with a real-time premium rate exceeding 0.4%, indicating active buying during the decline [1]. - The ETF saw a net inflow of 1.31 billion CNY on the latest trading day, accumulating a total net inflow of 3.18 billion CNY over the past five days [9][10]. - Major tech stocks like Meituan-W, Tencent Holdings, Bilibili-W, Kuaishou-W, and Alibaba-W experienced declines of over 1% to 3%, while Xiaomi Group-W showed resilience with gains [3][9]. Group 2: Industry Insights - Citigroup highlighted three key themes for the Chinese internet industry by 2026: growth in recurring revenue from cloud infrastructure and AI models, competition among major internet firms for AI chatbot user traffic, and the deployment of proprietary AI agents by vertical companies to enhance user engagement and monetization [3][9]. - The Hong Kong Internet ETF 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 [4][10]. - The top ten holdings of the ETF focus on AI cloud computing and applications, representing over 78% of the portfolio, showcasing the dominance of leading firms in the AI sector [4][10]. Group 3: Economic Context - The Federal Reserve's anticipated interest rate cuts in 2026 are expected to ease external liquidity pressures, providing a favorable environment for the valuation recovery of Hong Kong tech stocks [10]. - Analysts suggest that the combination of AI-driven market dynamics and the potential for capital inflows from both domestic and foreign investors could lead to a bullish sentiment towards leading internet firms in China [10].