ETF盘前资讯|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

Core Insights - The report from Citigroup highlights three major themes for China's internet industry by 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] Group 1: Investment Opportunities - Citigroup identifies Tencent Holdings and Alibaba-W as core AI investment concept stocks, reflecting confidence in the leading companies' ability to implement AI and the capital market's reassessment of AI-driven industry value [1] - The Hong Kong stock market has seen a significant rise in AI-related stocks, with the Hong Kong Internet ETF (513770) increasing by 6.17% over two trading days at the start of 2026, and a net inflow of 1.31 billion yuan on the latest trading day, totaling 3.18 billion yuan over the past five days [1] Group 2: ETF Composition and Performance - 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 [3] - The top ten holdings of the ETF focus on AI cloud computing, large models, and various AI applications, comprising over 78% of the total holdings, indicating a strong advantage for leading companies [3] Group 3: Market Valuation - 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 (P/E) ratio of 24.43, which is significantly lower than the 26.36% percentile over the past five years, indicating a valuation advantage compared to other indices like the ChiNext Index and Nasdaq 100 [4][5] - The leading internet companies in China are expected to benefit from increased foreign and domestic investment as AI applications deepen, potentially leading to an upward adjustment in long-term profit growth expectations and valuation improvements [5]