港股持续走牛，多只ETF却表现迥异，啥情况？

Market Performance - The Hong Kong stock market has shown strong upward momentum, with the Hang Seng Index increasing nearly 30% and the Hang Seng Tech Index rising over 40% since January 14 this year [3] - Notable stock performances include Alibaba Health up over 70%, SMIC, Alibaba, and Kuaishou up over 60%, and Xiaomi up over 50% year-to-date [3] Investment Trends - There is a divergence in investor sentiment, as some ETFs focused on Hong Kong stocks have seen a decrease in circulating shares, while others have experienced an increase [5] - The China AI model breakthroughs have improved market expectations, making Hong Kong stocks more attractive to investors [3] Fund Flow Analysis - Southbound capital inflow has been significant, with net inflows reaching HKD 339.51 billion this year and a cumulative net inflow of approximately HKD 4.04 trillion since the launch of the Stock Connect [4] - The performance of ETFs varies, with the Huaxia Hang Seng Internet Technology ETF seeing a decrease of 207.56 million shares since the beginning of the year, while the Fortune CSI Hong Kong Internet ETF increased by 115.58 million shares [6][8] Structural Characteristics - The current market rebound is characterized by a focus on technology stocks, which have outperformed other sectors in terms of both price increase and trading volume [4] - The optimism surrounding technology trends and AI developments is seen as a key driver for future market performance, although caution is advised regarding short-term catalysts and external risks [9][10]