A股新年“第一战”，沿着三个确定性出击

Group 1 - The core viewpoint emphasizes that 2026 presents three major certainties for investment opportunities, particularly in the Hong Kong internet sector, driven by AI's resurgence, continued liquidity from the Federal Reserve, and a return of southbound capital [1][2]. Group 2 - Certainty One: AI is expected to return to the market's core narrative in 2026, moving away from the "AI bubble" concerns, with Hong Kong internet companies playing a crucial role in AI infrastructure and applications [3]. Group 3 - Certainty Two: The Federal Reserve's continued easing, following three rate cuts in 2025 totaling 75 basis points, is anticipated to release significant liquidity into the market, benefiting growth sectors like Hong Kong internet [4]. Group 4 - Certainty Three: Historical patterns suggest that southbound capital will shift from a defensive retreat at the end of 2025 to aggressive accumulation in early 2026, favoring technology assets such as Hong Kong internet [4]. Group 5 - The Hong Kong Internet ETF, which tracks the Hong Kong Internet Index, is highlighted as a strategic investment tool, offering exposure to leading internet companies without QDII quota restrictions [5][6]. Group 6 - The Hong Kong Internet Index has shown high elasticity, outperforming the Hang Seng Index during previous market rallies, indicating potential for high returns [7]. Group 7 - The index is distinctly positioned, focusing on companies with internet platform ecosystems and technological innovation, while excluding non-internet sectors, thus providing a clear investment focus [9][10]. Group 8 - The index emphasizes leading companies with substantial market capitalization and liquidity, capturing long-term growth opportunities in the AI and internet sectors [10]. Group 9 - The current price-to-earnings ratio of the Hong Kong Internet Index stands at 22.08, which is lower than that of A-share and US tech indices, presenting a favorable investment opportunity [11][12].