多模态商业化落地加速，关注恒生科技ETF易方达（513010）、港股通互联网ETF易方达（513040）投资价值

Core Insights - Recent advancements in domestic multimodal models and applications have accelerated, particularly in the video generation sector, with Seedance 2.0 and Keling 3.0 achieving significant breakthroughs in consistency, controllability, and audio-visual synchronization [1] - The commercialization of AI applications is progressing rapidly, with leading AI video products showing improved revenues; Keling's revenue exceeded $20 million in December, driven by the new version's sequential revenue increase [1] - The simultaneous advancement of domestic multimodal models in capability and commercialization is reshaping content production efficiency and industry supply structure, enhancing the long-term investment value of the Hong Kong tech sector amid historically low valuations [1] Market Analysis - The Hang Seng Tech Index consists of the 30 largest stocks related to the tech theme listed in Hong Kong, focusing on core tech assets; the CSI Hong Kong Stock Connect Internet Index targets Hong Kong internet platform companies, gathering China's core AI enterprises [1] - Both indices have rolling price-to-earnings ratios below 25 times, positioned at the 24.3% and 20.8% percentiles since their inception, respectively [1] Investment Trends - According to Wind data, the net inflow for the Hang Seng Tech ETF (E Fund, 513010) and the Hong Kong Stock Connect Internet ETF (E Fund, 513040) last week was 1.8 billion and 600 million respectively, indicating investor confidence in the future development of AI applications [2]