中银中证港股通互联网指数A（025186）：AI产业加速发展，港股互联网迎配置良机

Investment Rating - The report indicates a favorable investment opportunity in the Hong Kong internet sector, particularly with the acceleration of AI industry development [4][7]. Core Insights - The Hong Kong IPO market is experiencing a resurgence, with a significant increase in the number of mainland companies listing in Hong Kong, marked by improved financing amounts and stock performance post-listing [7][19]. - The AI application market is thriving, with expectations for a transformative leap as commercialization accelerates, particularly in the domestic market where growth rates surpass those of international counterparts [8][30]. - The China Securities Hong Kong Internet Index primarily consists of companies in the information technology and consumer discretionary sectors, with a total weight of 70.58%, indicating a concentrated investment focus [9][49]. Summary by Sections Hong Kong IPO Market - The IPO market in Hong Kong has become vibrant since September 2024, with a notable increase in the number of listings and financing amounts, suggesting a new trend for mainland companies to go public in Hong Kong [19][23]. - From Q3 2024 to June 2025, 62.1% of newly listed H-shares saw positive first-day performance, and 55.6% maintained positive returns after 30 days [20]. AI Application Development - The AI application market is witnessing rapid growth, with significant increases in user engagement across both web and app platforms, although the transition from novelty to necessity remains a challenge [30][34]. - Domestic AI products are growing at a faster rate compared to international products, with web product visits increasing by approximately 82% and app MAU rising by about 124% from January 2024 to April 2025 [30][34]. Investment Value of the China Securities Hong Kong Internet Index - The index, launched on January 11, 2021, reflects the performance of 30 selected internet-related companies, with a base point of 1000 as of December 30, 2016 [9][45]. - As of August 11, 2025, the index's components are heavily weighted towards information technology (43.08%) and consumer discretionary sectors, particularly in software and services (30.02%) and technology hardware (13.07%) [49][53].