阿里千问进军AI硬件，港股AI应用走强！港股互联网ETF（513770）上探逾1%，基金经理：当前是中长期低点

Core Viewpoint - The Hong Kong stock market showed strength on February 27, with the Hang Seng Technology Index rising nearly 1.5% at one point and closing up 0.56%, driven by gains in major internet companies and AI applications [1][9]. Group 1: Market Performance - The Hang Seng Technology Index experienced a significant intraday increase, with major internet stocks like Kingsoft Cloud rising over 7% and Tencent Holdings and Bilibili both gaining over 1% [1][9]. - The Hong Kong Internet ETF (513770) saw a price increase of 1.47% during early trading, closing up 0.21% [1][9]. Group 2: AI Developments - Alibaba's AI assistant "Qianwen" announced its entry into the AI hardware market, planning to launch various AI hardware products globally, including AI glasses, rings, and headphones [1][9]. - The Qianwen app's functionalities, such as food delivery and ride-hailing, will seamlessly integrate with the new AI hardware devices [1][9]. Group 3: Market Analysis - The Hong Kong technology sector has faced a cumulative decline of over 12% since February, primarily due to external macroeconomic factors, including a strong US dollar and concerns over global liquidity tightening [3][11]. - The release of AI models like Claude Opus 4.6 and Claude Sonnet 4.6 has contributed to a downward trend in both Hong Kong and US SaaS companies [3][11]. Group 4: Valuation Insights - The current price-to-earnings (P/E) ratio of the Hong Kong internet sector has fallen to the 11th percentile over the past five years, indicating that companies like Tencent are at historically low valuation levels [4][12]. - Major internet companies maintain advantages in technology, ecosystem, and infrastructure, with increasing demand for cloud computing services driven by the growth of open-source large models [4][12]. Group 5: Future Outlook - Analysts suggest that the emotional suppression in the Hong Kong market has largely been released, and there is potential for a recovery in sentiment and capital inflow if positive catalysts emerge [4][12]. - The Hong Kong Internet ETF (513770) and its linked funds are positioned to benefit from the anticipated commercialization of AI in 2026, with a significant concentration of leading tech stocks [4][12].