港股通互联网ETF基金（520910）跌幅持续收窄，机构称“春季躁动”驱动下或存在阶段性修复机会

Group 1 - The Hong Kong stock market showed mixed performance on February 3, with the Hang Seng Index rising by 0.2%, while the Hang Seng Tech Index and the National Enterprises Index fell by 1.32% and 0.22% respectively [1] - The decline in tech stocks was attributed to investor concerns over potential increases in value-added tax (VAT) for internet service companies, following a VAT hike for Chinese telecom stocks [1] - Institutions believe that the concerns regarding tax increases for internet companies are exaggerated and lack solid evidence, noting that any tax hikes would contradict current policies aimed at promoting consumption [1] Group 2 - GF Securities indicated that the global dollar cycle is at a peak and is now in a decline phase, while the RMB has transitioned from depreciation to a mild appreciation, creating a favorable revaluation window for Chinese equity assets [2] - The report suggests embedding currency logic into asset allocation, focusing on "core manufacturing assets + beneficiaries of appreciation" in A-shares, and prioritizing sectors sensitive to import costs and high-quality liquid stocks in Hong Kong [2] - The Hong Kong Stock Connect Internet ETF (520910) tracks the CSI Hong Kong Stock Connect Internet Index, focusing on leading internet companies such as Alibaba, Tencent, Meituan, and Kuaishou, which are expected to benefit from AI penetration [2]