地缘冲突+英伟达绩后连跌，港股互联网ETF（513770）重挫4%，机构：3月中下旬是重要观察窗口

Market Overview - The Hong Kong stock market indices collectively declined on March 2, with the Hang Seng Index falling by 1.68% and the Hang Seng Tech Index dropping over 2% [1][3] - Major internet companies experienced a pullback, with Xiaomi Group-W down over 4%, Alibaba-W and Meituan-W down more than 3%, and Tencent Holdings down 0.58% [1][3] - The Hong Kong Internet ETF (513770) saw its price drop over 4%, reaching an 11-month low, and is currently down 3.36% [1][3] Market Sentiment and Analysis - The market pullback is attributed to heightened risk aversion due to geopolitical conflicts and concerns over an AI bubble following Nvidia's stock decline over two consecutive trading days [3][11] - Despite exceeding market expectations in recent earnings reports, significant increases in capital expenditures by tech leaders have raised concerns about Nvidia's financial sustainability and the actual profitability of AI investments [3][11] Valuation Insights - The current price-to-earnings (P/E) ratio of the Hong Kong internet sector has returned to the 11th percentile of the past five years, indicating that companies like Tencent are at historically low absolute valuation levels [3][12] - Leading internet companies maintain advantages in technology, market access, ecosystem, and infrastructure, with increasing demand for cloud computing services driven by the exponential growth in computing power consumption from open-source large models [3][12] Future Outlook - According to Guangfa Securities, the significant pressure factors on the Hong Kong market, such as the peak of lock-up expirations and earnings disclosures, may dissipate by mid to late March, potentially improving market sentiment [3][12] - The focus on AI large models needing scenario monetization and advancements in consumer applications could catalyze fundamental improvements [3][12] - Citic Securities suggests that the Hong Kong market remains supported by the Federal Reserve's interest rate cut cycle and continuous inflow of southbound funds, indicating that sectors with strong industrial logic are worth ongoing attention [3][12] Investment Opportunities - The Hong Kong Internet ETF (513770) and its linked funds are designed to passively track the CSI Hong Kong Internet Index, with the top ten weighted stocks including Alibaba-W, Tencent Holdings, and Xiaomi Group-W, collectively accounting for over 76% [4][12] - For investors looking to reduce volatility while maintaining exposure to technology, the Hong Kong Large Cap 30 ETF (520560) offers a "technology + dividend" strategy, including both high-growth tech stocks and stable dividend-paying companies [6][14]