阿里、百度争相自研芯片，AI点燃看涨狂潮，恒生科技有望再度向上突破。展望后市，美联储降息重 启，南向资金有望持续流入，在内外资共振以及AI叙事回归的共同催化下，恒生科技估值重构可期。 公开信息显示，阿里巴巴当前为恒生科技指数的第一大权重股，权重高达8.79%。没有港股通账户的投 资者或可通过恒生科技指数ETF（513180）一键布局中国AI核心资产。 资金方面，截至9月23日，南向资金已连续23个交易日净买入阿里巴巴，期间合计净买入621.16亿港 元。此外，公开消息显示，"木头姐"（Cathie Wood）掌门的Ark Investment Management旗下ETF向中概 股投资了约2100万美元，涉及的股票包括阿里巴巴、百度等中国科技股。其中最大的一笔交易是公司旗 下ARKF和ARKW两只ETF共买入99090股阿里巴巴股票，总价值超1600万美元。这项最新的投资可能标 志着Ark再次开始扩大其在中国互联网领域的投资。 9月24日早盘，港股三大指数震荡上行。盘面上，科网股涨跌分化，半导体股延续涨势。A股同赛道规 模最大的恒生科技指数ETF（513180）小幅上涨，持仓股中，ASMPT、阿里巴巴、中芯 ...

Market Overview - The Hong Kong stock market opened lower on September 24, with the Hang Seng Index down 0.33% at 26,073.69 points, the Hang Seng Tech Index down 0.54%, and the Hang Seng China Enterprises Index down 0.30% [1] - Technology stocks showed mixed performance, while the automotive sector weakened [1] Fund Flow - On September 23, southbound funds recorded a net sell of HKD 4.069 billion in Hong Kong stocks [1] - Alibaba saw a net buy of HKD 1.673 billion from southbound funds, marking 23 consecutive trading days of net buying, totaling HKD 62.116 billion during this period [1] Industry Events - The 2025 Cloud Habitat Conference will be held in Hangzhou from September 24 to 26, focusing on the theme "Cloud Intelligence Integration and Carbon-Silicon Symbiosis" [1] - The conference will feature three main forums and over 110 sub-topic activities, showcasing the evolution of AI technology from infrastructure to industry applications [1] - Changjiang Securities views the conference as a significant event for technology demonstration and industry strategy alignment, indicating that China's AI industry is entering a new phase of infrastructure upgrades and large-scale implementation [1] Company Developments - Alibaba and Baidu are competing in self-developed chips, driven by a bullish sentiment in AI, which may lead to a potential upward breakthrough for the Hang Seng Tech Index [2] - Alibaba is currently the largest weighted stock in the Hang Seng Tech Index, with a weight of 8.79% [2] - Investors without a Hong Kong Stock Connect account may consider the Hang Seng Tech Index ETF (513180) to gain exposure to core Chinese AI assets [2]