南水入港1.4万亿创纪录！港股互联网ETF（513770）基金经理：港股估值拉升只差一个逻辑

Group 1 - The core asset of Hong Kong's AI sector, the Hong Kong Internet ETF (513770), experienced a short-term decline of 1.89%, indicating active buying interest during price dips [1] - Over the past 20 days, the Hong Kong Internet ETF (513770) has attracted over 1.8 billion yuan in capital [1] - Southbound funds have recorded a historic net inflow of 1,404.844 billion HKD into Hong Kong stocks for the year 2025, with a cumulative net inflow of 44.162 billion HKD as of January 14, 2026, showing a strong momentum in increasing positions in Hong Kong stocks [1] Group 2 - According to Guotai Junan Securities, AI applications are expected to transition from usable to highly usable by 2026, with diverse business models becoming established, positioning AI applications as a core theme in the AI industry market for that year [1] - The Hong Kong Internet ETF (513770) and its linked fund (017125) passively track the CSI Hong Kong Internet Index, heavily investing in leading internet companies like Alibaba-W and Tencent Holdings, with the top 10 holdings accounting for over 76% of the total [1] - The latest fund size of the Hong Kong Internet ETF (513770) exceeds 14.8 billion yuan, nearing the 15 billion yuan mark, setting a new record for fund size, and it supports T+0 trading, enhancing liquidity [1] Group 3 - The fund manager of the Hong Kong Internet ETF (513770) noted that while the Hong Kong market was disappointing in Q4 2025, this could lead to better performance in 2026 [2] - As of January, the daily trading volume in Hong Kong was less than 300 billion HKD, compared to 3 trillion HKD in A-shares, suggesting that a 10% capital outflow from A-shares to Hong Kong could double the trading activity in Hong Kong [2] - The current situation in the Hong Kong market is seen as lacking a logical catalyst, and once this logic is corrected, a rapid valuation increase is anticipated [2]