港股互联网ETF（513770）再探阶段新低，是否调整到位？南向资金爆买！

Core Viewpoint - The Hong Kong stock market, particularly the AI sector, is experiencing a correction, with the Hong Kong Internet ETF (513770) dropping 1.44% to a near 10-month low [1][9]. Group 1: Market Performance - The technology sector in Hong Kong has seen significant adjustments, with the CSI Hong Kong Internet Index recording a cumulative decline of over 10% since February [3][11]. - Notable individual stock performances include Xiaomi Group-W rising over 1%, while Alibaba-W, Kuaishou-W, Meituan-W, and Tencent Holdings all experienced declines [1][9]. Group 2: Capital Inflows - Southbound capital has increased its buying intensity, with a cumulative net purchase exceeding 80 billion HKD since February 2026, surpassing the total for January 2026 [3][11]. - Major Hong Kong internet leaders have been heavily accumulated, with Tencent Holdings and Alibaba-W each seeing over 30 million shares added [3][11]. - The Hong Kong Internet ETF (513770) has attracted a net inflow of 445 million CNY over the past 20 days, with fund shares surpassing a historical high of 26.6 billion [3][11]. Group 3: Future Outlook - CICC believes that the future of the market depends on three dimensions: credit cycles affecting index space, industry trends influencing structural strength, and liquidity amplifying volatility [3][11]. - GF Securities suggests that if positive catalysts emerge, the Hong Kong market could see a recovery in sentiment and capital inflows, particularly in technology stocks benefiting from AI trends [4][12]. Group 4: Investment Strategies - The Hong Kong Internet ETF (513770) and its linked funds are recommended for passive tracking of the CSI Hong Kong Internet Index, with top holdings including Alibaba-W, Tencent Holdings, and Xiaomi Group-W, collectively accounting for over 76% [4][12]. - For investors seeking to reduce volatility while maintaining exposure to technology, the Hong Kong Large Cap 30 ETF (520560) is highlighted as a suitable long-term investment tool [4][14].