Xin Lang Cai Jing·2026-03-26 03:03Market Overview - Hong Kong stocks opened lower on March 26, following two days of gains, with major internet stocks experiencing a pause in their upward momentum. Alibaba-W fell over 3%, Meituan-W dropped more than 2%, Tencent Holdings slightly decreased by 0.89%, while Xiaomi Group-W rose against the trend. The Hong Kong Internet ETF Huabao (513770) saw a decline of 1.14% in its market price [1][7]. Regulatory Impact - A significant turning point occurred in the food delivery market as the National Market Regulation Administration circulated a commentary titled "The Food Delivery War Should End," interpreted as a clear signal from regulators to halt "involutionary" price wars. Following this, Meituan-W and Alibaba-W surged, with southbound funds recording a net purchase exceeding 20 billion yuan throughout the day. This series of anti-involution policies is expected to cool down price wars among major platforms, leading to performance recovery expectations [3][9]. Industry Outlook - The fund manager of the Hong Kong Internet ETF Huabao, Feng Chen, noted that recent price increases from major model manufacturers and cloud service providers indicate significant upward elasticity in the pricing of internet leaders' computing power and cloud services amid changing demand. Coupled with the diminishing competition from involution, multiple positive factors are expected to resonate, leading to a gradual improvement in the fundamentals of Hong Kong internet stocks starting from the second quarter. Valuation and positioning are seen as safeguards for future elasticity [3][9]. Investment Tools - For investors looking to reduce volatility while remaining optimistic about Hong Kong technology stocks, the Hong Kong Large Cap 30 ETF (520560) is highlighted as the first in the market to adopt a "technology + dividend" strategy. This ETF includes high-elasticity tech stocks like Alibaba, as well as stable high-dividend stocks from banks and insurance companies, making it an ideal long-term investment tool for the Hong Kong market [4][10]. ETF Details - The Hong Kong Internet ETF Huabao (513770) and its linked funds (Class A 017125; Class C 017126) passively track the CSI Hong Kong Internet Index, with the top ten weighted stocks comprising major tech giants like Alibaba-W and Tencent Holdings, as well as various AI application companies. The ETF offers T+0 trading and good liquidity [3][9].