Market Overview - The Hong Kong stock market continued its downward trend on January 8, with the Hang Seng Index and Hang Seng Tech Index both falling over 1% [1][9] - Major tech stocks such as Meituan, Alibaba, and Tencent experienced declines, while Bilibili saw a rise of over 2% [1][9] - The Hong Kong Internet ETF (513770) closed down 0.93%, indicating a persistent premium and a positive attitude from buyers, with over 500 million yuan net inflow in the last three days [1][9] Alibaba Developments - Alibaba announced significant progress in its Taobao Flash Sales in the latest quarter and plans to increase investments to achieve market leadership [3][11] - Forecasts suggest that the market share of Taobao Flash Sales will continue to grow strongly by Q4 2025, with a faster reduction in losses compared to competitors [3][11] - The Ministry of Commerce predicts that China's instant retail market will exceed 1 trillion yuan by 2026 and reach 2 trillion yuan by 2030 [3][11] AI Advancements - Alibaba's Amap has upgraded its "Street Scanning List" with new features, leveraging self-developed world model technology to introduce a "Flying Street View" function [3][11] - Industry experts believe Amap is building a continuously evolving "true" digital asset pool, positioning itself as a super hub in the AI era [3][11] - The profitability cycle of the AI industry is expected to drive growth for major internet companies like Alibaba and Tencent, with a projected 34% EPS growth for the Hang Seng Tech Index by 2026 [3][11] Capital Inflows - Since the beginning of the year, southbound funds have significantly purchased Hong Kong stocks, with a net inflow of 30.78 billion HKD in the first three trading days of 2026 [4][12] - Major beneficiaries include Xiaomi, which received a net inflow of 3.148 billion HKD, and Alibaba, which saw over 2 billion HKD in net purchases [4][12] - Goldman Sachs forecasts that southbound fund inflows will reach a new high of 200 billion USD in 2026, driven by the current 37% premium of AH shares, highlighting the valuation advantages of Hong Kong stocks [4][12] Market Outlook - According to Guangfa Securities, the rise in Hong Kong assets is supported by fundamentals, with signs of structural recovery in profitability starting from the second half of 2024 [4][12] - The shift from liquidity-driven growth to a combination of profitability and liquidity is anticipated, especially with the decline of food delivery subsidies and the emergence of AI-driven advertising and cloud services as new growth points [4][12] - The Hong Kong Internet ETF and its linked funds track the CSI Hong Kong Internet Index, with major holdings in Alibaba, Tencent, and Xiaomi, accounting for over 78% of the top ten weighted stocks [4][12] Top Holdings in Hong Kong Internet ETF - Tencent Holdings (0700.HK) - 15.42% [5][13] - Alibaba (0988.HK) - 14.50% [5][13] - Xiaomi Group (1810.HK) - 13.11% [5][13] - Meituan (3690.HK) - 12.03% [5][13] - Kuaishou (1024.HK) - 4.24% [5][13]

兴业证券表示，互联网龙头为中国AI领域领头羊，有望迎来内、外资共振做多。随着AI应用深化，上调互联网龙头的长期盈利增长中枢，从而推动"盈利预 期上调"和"估值提升"的戴维斯双击。（兴业证券2026年1月5日发布《"年关"已过 港股新一轮攻势有望启动》） 1月7日，港股短线回调，科网龙头集体下行，港股AI核心资产——港股互联网ETF（513770）场内价格收跌2.54%，资金逢跌净流入2.72亿元。截至最新， 港股互联网ETF（513770）基金规模达133.05亿元，续刷历史新高。 港股互联网ETF（513770）及其联接基金（A类017125；C类017126）被动跟踪中证港股通互联网指数，权重股汇聚阿里巴巴-W、腾讯控股、小米集团-W等 AI云计算、大模型+各领域AI应用公司，前十大权重股合计占比超78%，龙头优势显著。 | 十大权重 | | | | 更新日期: 2026-01-06 | | --- | --- | --- | --- | --- | | 证券代码 | 证券名称 | 中证一级行业分类 | 中证二级行业分类 | 权重(%) | | 0700.HK | 腾讯控股 | 通信服务 | 侍媒 | 1 ...

此外，花旗研报首选腾讯控股及阿里巴巴-W作为核心AI概念股，看好腾讯控股在企业和用户应用方面 的AI发展前景，看好阿里巴巴在云端收入增长和效率提升方面的表现。（花旗2025年12月1日发布《中 国互联网2026年上半年展望》） 1月7日，港股短线回调，科网龙头集体下行，港股AI核心资产——港股互联网ETF（513770）场内价 格收跌2.54%，资金逢跌净流入2.72亿元。截至最新，港股互联网ETF（513770）基金规模达133.05亿 元，续刷历史新高。 港股互联网ETF（513770）及其联接基金（A类017125；C类017126）被动跟踪中证港股通互联网指 数，权重股汇聚阿里巴巴-W、腾讯控股、小米集团-W等AI云计算、大模型+各领域AI应用公司，前十 大权重股合计占比超78%，龙头优势显著。 | 十大权重 | | | | 中新日期: 2026-01-06 | | --- | --- | --- | --- | --- | | 证券代码 | 证券名称 | 中证一级行业分类 | 中证二级行业分类 | 权重(%) | | 0700.HK | 腾讯控股 | 通信服务 | 传媒 | 15.42 | | 99 ...

1月7日，强势开门红的港股掉头向下，三大指数低开低走，截至收盘，恒指、恒科指分别收跌0.94%、 1.49%。科网龙头短线回调，阿里巴巴-W跌超3%，快手-W跌逾2%，腾讯控股、美团-W、小米集团- W、哔哩哔哩-W跌逾1%。 开年前两日，科网龙头引领港股强劲上攻，一扫颓势，吸引市场关注。分析认为，流动性+盈利协同驱 动，港股修复行情已经开启，短期波动或不改长期估值修复趋势。* 实际上，今日板块已迎来多重积极因素的共振，配置价值值得关注。 此外，花旗最新研报指出，首选腾讯控股及阿里巴巴-W作为核心AI概念股，看好腾讯控股在企业和用 户应用方面的AI发展前景，看好阿里巴巴在云端收入增长和效率提升方面的表现。* 公开资料显示，港股互联网ETF（513770）及其联接基金（A类017125；C类017126）被动跟踪中证港 股通互联网指数，权重股汇聚阿里巴巴-W、腾讯控股、快手-W等AI云计算、大模型+各领域AI应用公 司，前十大权重股合计占比超78%，龙头优势显著。 港股AI核心资产——港股互联网ETF（513770）低开低走，场内价格收跌2.54%，全天持续宽幅溢价， 显示买盘资金逢跌积极介入。港股互联网ETF ...

花旗研报指出，2026年中国互联网行业将聚焦三大主题：一是云端基础设施、模型堆栈和推理令牌使用的经常性收入增长；二是主要互联网企业竞相抢占 AI聊天机器人的用户流量，以期未来生态系统变现；三是垂直领域企业部署自训练专有数据AI代理，以保持竞争优势并加强用户参与度和变现潜力。（花 旗12月1日发布《中国互联网2026年上半年展望》） 就中国互联网板块，花旗首选腾讯控股及阿里巴巴-W作为核心AI投资概念股，印证头部企业AI落地实力，也凸显资本对AI驱动行业价值重估的信心。 行情方面，2026开年以来，港股AI涨势如虹，港股AI核心资产——港股互联网ETF（513770）两个交易日场内价格累计上涨6.17%。资金积极加码，上交所 数据显示，港股互联网ETF（513770）最新单日再获资金净流入1.31亿元，近5日资金累计净流入3.18亿元。 风险提示：港股互联网ETF被动跟踪中证港股通互联网指数，该指数基日为2016.12.30，发布于2021.1.11，指数成份股构成根据该指数编制规则适时调整。 文中指数成份股仅作展示，个股描述不作为任何形式的投资建议，也不代表管理人旗下任何基金的持仓信息和交易动向。基金管理人评 ...

Group 1: Core Themes in China's Internet Industry - The Chinese internet industry will focus on three main themes in 2026: growth in recurring revenue from cloud infrastructure, model stacks, and inference token usage; competition among major internet companies for user traffic in AI chatbots; and vertical companies deploying self-trained proprietary data AI agents to maintain competitive advantages and enhance user engagement and monetization potential [1][9]. - Citigroup identifies Tencent Holdings and Alibaba-W as core AI investment concept stocks, reflecting confidence in the capital market regarding the value reassessment driven by AI in leading companies [1][9]. Group 2: Market Performance and Investment Trends - Since the beginning of 2026, the Hong Kong stock market has seen a significant rise in AI stocks, with the Hong Kong Internet ETF (513770) increasing by 6.17% over two trading days. There has been a net inflow of 131 million yuan on the latest trading day and a cumulative net inflow of 318 million yuan over the past five days [1][9]. - The Hong Kong Internet ETF (513770) and its linked funds passively track the CSI Hong Kong Internet Index, heavily weighted towards Alibaba-W and Tencent Holdings, which together account for nearly 30% of the ETF. The top ten holdings focus on AI cloud computing and applications, comprising over 78% of the portfolio [3][11]. Group 3: Valuation and Future Opportunities - As of the end of 2025, the CSI Hong Kong Internet Index has seen a cumulative decline of 18.55% since October, with a current price-to-earnings ratio (PE TTM) of 24.43, which is significantly lower than the valuations of the ChiNext Index and Nasdaq 100, indicating a value opportunity [4][12]. - Industry analysts suggest that leading internet companies in China are poised to benefit from a resurgence in both domestic and foreign investment, with the potential for upward adjustments in long-term profit growth expectations, leading to a "Davis Double" effect on valuations [5][12].

作为投资者，谁不希望买到牛股。 事实上，每一年都会有不少牛股出现，即便是在赚钱效应欠佳的2022年，A股百大牛股的年化收益门槛 值，依然超过了62%。 每一年的牛股长啥样？借助兴业证券对近五年来年度百大牛股画像的整理，我们得以窥见这期间每一年的 牛股面孔。 2021年，新能源产业链是孕育牛股的沃土。中游制造和中游材料板块诞生的牛股数量最多，分别贡献了占 比达29%和24%的牛股。机械、电力设备及新能源以及基础化工的"牛股辈出"。 但市值特点又有新变化。这些标的中，2024年年初在行业市值分位数排名在前20%的就有21只，较2023年 的4只大幅增加。上一年非常明显的小微盘风格不再明显。 与此同时，市场审美从大龙头转向"小高新"的现象初现端倪。比如，有21只年初时市值还在板块后20%、 但最终进入了年度的百大牛股排行榜的标的。 那一年的"市场审美"与前两年相比也有变化。2021年的百大牛股ROE虽仍高于A股整体，但领先幅度较 2019、2020年已有所收窄。但2021年A股整体前三季度归母净利润增速的中位数为20.4%，而百大牛股则 为132.6%，高出A股整体112.2%，领先幅度远大于2019年的47.6% ...

来源：华泰睿思 我们看好春季行情进一步强化，技术模型显示多数宽基指数得分回升、市场处于修复通道，上证指数已进入看多区间；宏观层面，1月份全天候策略亦押 注增长超预期并增配股票。配置上建议沿两条主线布局：一是成长风格，看好电力设备及新能源行业；二是围绕"十五五"开局之年的内需改善主题，推荐 社服、房地产、家电及饮料行业。 核心观点 本周观点：春季行情预期或进一步强化 2025年最后一个交易周，A股市场呈现出"修复中继"的行情特征——整体震荡，市场交投活跃，日均成交额维持在两万亿之上，为后续行情积蓄能量。我 们认为春季行情有望进一步强化：从技术维度看，A股技术模型最新信号显示，多数宽基指数技术得分回升，市场处于修复通道；其中，上证指数的技术 得分率先回升至模型设定的看多阈值上方；从宏观维度看，1月份全天候策略押注增长超预期象限，增配股票。具体配置上，建议沿两条主线布局：一是 风格上看好成长，模型推荐电力设备及新能源行业。二是紧扣"十五五"开局之年的内需改善主题，模型推荐社服、房地产、家电和饮料行业。 A股技术打分模型：上证指数技术得分率先回升至看多阈值之上 A股技术打分模型旨在充分挖掘技术面信息刻画市场状态，基于 ...

更多资料加入知识星球:水木调研纪要 关注公众号:水木纪要 2026:资本市场有哪些"预期差"值得重视?20260104 线 澳门赌场 澳门娱乐平台登录 » 大发 | 店民对俄可预期较低但逐步试水的心情 » | 亚洲 » | 亚洲 » | 亚洲 » | 亚洲 » | 亚洲 » | 亚 斯 | 维持,预计呈现震荡上行态势,主题轮动较换,关注机器人、核电等细分 领域。 童 匆 Q&A 节日期间全球地缘政治和国内政策信号对市场的影响如何? 节日期间,全球地缘政治出现了明显波动,特别是美国强行控制委内瑞拉总统马 杜罗以及伊朗国内的抗议事件。这些事件短期内可能会对"东升西降"的趋势产 生犹动,但从中期来看,对中国和俄罗斯在南美的地缘布局是利好的。委内瑞拉 政权虽然经济状况不佳,但对国内军队和反对派的控制力较强,因此即使马杜罗 被抓捕,其政权依然稳固。特朗普政府采取行动多为选举利益,不愿承担长期成 本,因此其政策往往虎头蛇尾,不会对全球原油价格产生重大影响。 国内方面, 新年贺词和《求是》杂志上的地产政策文章传递了重要信号。今年的新年贺词背 景从以往的库房变为万里长城,强调大国实力和科技突破,而非民生问题。这表 明政策更加 ...

Group 1 - The core viewpoint of the report is that the A-share market in 2026 will revolve around "structural transformation and confidence restoration," with a focus on technology investments and external demand recovery [3][4] - The report emphasizes a "systematic slow bull" market phase, suggesting a gradual upward trend in the market, with the Shanghai Composite Index expected to oscillate between the high point of February 2021 and the 0.809 quantile of 5178-2440 [9] - Investment strategies include focusing on four main lines: consumer services, sectors with growth potential like automotive and pharmaceuticals, traditional industries, and dividend-paying stocks such as banks and transportation [9] Group 2 - Policy risks are highlighted, particularly the impact of new public fund regulations on asset allocation, which may lead to a reallocation of equity fund performance benchmarks in the second half of 2026 [10][12] - Geopolitical risks are identified, with potential impacts from U.S. actions in Venezuela and Japan's political stance affecting market sentiment and inflation expectations [13][14] - Other risks include the pace of U.S. interest rate cuts, domestic economic recovery, and the performance of U.S. tech stocks, all of which could influence market dynamics in the second half of 2026 [15][17][20]