港股午后开盘涨幅扩大，恒生科技指数领涨，恒生科技ETF易方达(513010)上涨1.58%。 消息面上：①阿里云正式发布函数计算AgentRun，是一款一站式AgenticAI基础设施平台。此外，Meta 使用阿里千问优化其最新AI模型，以及新加坡国家人工智能计划（AISG）此前宣布采用阿里通义千问 开源模型，取代此前使用的Meta模型，再次证明了阿里在AI方面的实力不容小觑。 恒生科技指数当前PE为23.23倍，处于近5年32.142%历史低位，估值优势明显。恒生科技ETF易方达 (513010)自10月9日-12月11日以来累计回调15%，期内获70.19亿元资金抄底。中概互联网ETF （513050）同期净流入30.5亿元。 恒生科技ETF易方达(513010)最新规模为256.92亿元，年内日均成交额超12亿元，满足大额交易需求， 避免流动性风险，同时管理费+托管费为0.25%年，以100万元本金持有5年计算，比费率0.65%的产品节 省约2万元费用。 ②美联储12月如期降息25基点以及公布了400亿美元的短债购买计划，将对全球流动性宽松有益。 国产AI链的积极进展越来越多，特别是港股互联网大厂，在资 ...

Core Viewpoint - The Hong Kong stock market is experiencing a significant rally, driven by strong performances from major Chinese internet companies, with the China Internet 50 Index reaching a nearly four-year high, reflecting a robust recovery trend [1] Group 1: Market Performance - As of 14:00, Baidu Group-SW has risen over 8% and Alibaba-W has increased over 5%, contributing to a more than 3% rise in the China Internet 50 Index [1] - The China Internet 50 Index has shown a cumulative increase of approximately 40% since the beginning of the year, indicating strong recovery momentum [1] - The trading volume of the China Concept Internet ETF (513050) has surpassed 3 billion yuan, highlighting increased investor interest [1] Group 2: Driving Factors - The recent rebound is primarily driven by valuation expansion, supported by the positive development of AI businesses, which has led to an overall increase in the valuations of large-cap companies [1] - Improved macro expectations and favorable policies are contributing to a sustained increase in risk appetite within the Hong Kong equity market, particularly in the internet sector [1] - Factors such as expectations of interest rate cuts by the Federal Reserve, deregulation in the U.S. financial sector, and adjustments in U.S. Treasury durations are creating a conducive environment for further declines in the U.S. dollar index, enhancing the attractiveness of the Hong Kong market to foreign capital [1] Group 3: Index Composition - The China Internet 50 Index comprises 50 Chinese internet company securities selected from the Hong Kong stock market and other overseas exchanges, reflecting the overall performance of Chinese internet enterprises listed abroad [1] - Tencent Holdings and Alibaba-W have weights of 33% and 20% respectively in the index, indicating their significant influence on the index's performance [1] - The China Concept Internet ETF (513050) is the only product tracking this index, providing a unique opportunity for investors to conveniently access the Chinese internet sector [1]

Group 1 - Hong Kong's three major indices collectively rose, with Baidu increasing over 9% and Alibaba rising over 5%, driving the China concept internet ETF (513050) up by 2.11% and the Hang Seng Technology ETF (513010) up by 1.46% [1] - The China concept internet ETF (513050) is the only ETF tracking the CSI Overseas China Internet 50 Index, with a latest scale of 38.208 billion yuan, high liquidity, and supports T+0 trading; Tencent Holdings is the largest weight at 33.21%, followed by Alibaba at 20.64%, together accounting for over 53% of the index [1] - The Hang Seng Technology ETF (513010) focuses on core Chinese technology assets, with constituent stocks deeply engaged in the AI industry chain [1] Group 2 - Alibaba has launched the next-generation foundational model architecture Qwen3-Next and open-sourced the Qwen3-Next-80B-A3B series model based on this architecture [1] - Baidu has officially released the Wenxin large model X1.1, which outperforms DeepSeek R1-0528; compared to the previous version X1, X1.1 shows a 34.8% improvement in factual accuracy, a 12.5% increase in instruction adherence, and a 9.6% enhancement in intelligent agent performance [1] - Alibaba and Baidu have begun using self-designed chips to train their AI models, partially replacing chips produced by Nvidia [2] Group 3 - International investment banks have shown a significant increase in interest in Chinese assets, with Morgan Stanley reporting that over 90% of investors they spoke with expressed a willingness to increase their exposure to the Chinese market, the highest level since early 2021 [2]

Core Viewpoint - The Chinese internet sector is experiencing a positive momentum, with significant stock price increases for major companies like Alibaba and Baidu, driven by strong earnings reports and growing demand for AI-related services [1] Group 1: Stock Performance - The CSI Overseas China Internet 50 Index rose by 4.7%, with Alibaba-W up over 18%, Alibaba Health up over 8%, Baidu Group-SW up over 4%, and JD Group-SW up over 3% [1] - The trading volume of the China concept internet ETF (513050) exceeded 3 billion yuan in a single day [1] Group 2: Company Earnings - Alibaba's latest financial report indicates that its cloud business revenue reached 33.398 billion yuan, marking a year-on-year growth of 26%, the highest growth rate in three years [1] - AI-related revenue for Alibaba continues to grow at triple-digit rates, contributing over 20% to external commercialization revenue [1] - Other companies also reported strong earnings, with Baidu Cloud growing by 27% and Kingsoft Cloud by 24%, exceeding market expectations [1] Group 3: Market Sentiment - Analysts suggest that the strong performance of leading companies will positively impact stock prices and improve sentiment across the sector [1] - The CSI Overseas China Internet 50 Index includes 50 major Chinese internet companies, including Alibaba, Baidu, and Kingsoft, indicating a broad representation of the sector [1] - The China concept internet ETF (513050) is currently the only product tracking this index, with an average daily trading volume of 2.75 billion yuan this year, highlighting its liquidity and appeal for investors [1]

Core Viewpoint - The Chinese internet sector is experiencing a rebound, with significant increases in related ETFs, driven by ongoing digital transformation and the adoption of new technologies such as AI and cloud computing [1][2]. Group 1: ETF Performance - The Chinese internet ETFs showed notable gains, with the Chinese Internet ETF (159607) rising by 2.46% and the Chinese Internet ETF (159605) increasing by 2.26% [2][5]. - The trading volume for the Chinese Internet ETF (513050) reached 2.32 billion yuan, indicating active market participation [1][5]. - The Chinese Internet ETF (159605) has a scale of 4.256 billion units, with a half-day transaction amount of 478 million yuan [2]. Group 2: Industry Drivers - The Chinese internet industry is in a deepening phase of digital transformation, with growth driven by new technologies such as AI, cloud computing, and smart vehicles [2]. - Companies like Tencent and Alibaba are seeing rapid growth in AI-related revenues and applications in various sectors, including e-commerce and manufacturing [2]. Group 3: Index Composition - The CSI Overseas China Internet 30 Index includes 30 Chinese internet companies listed on overseas exchanges, reflecting investment opportunities in well-known Chinese internet firms [3]. - Major weighted stocks in the CSI Overseas China Internet 30 Index include Tencent Holdings (14.99%), Alibaba (14.04%), and Xiaomi (12.58%) [4]. - The CSI Overseas China Internet 50 Index, which tracks 50 Chinese internet companies, has Tencent and Alibaba as its top weighted stocks, with weights of 30.26% and 20.57% respectively [6]. Group 4: Market Outlook - The market for the Chinese internet sector is expanding due to consumer recovery and globalization efforts, which further open up market space [2]. - The CSI Global China Internet Index focuses on leading internet companies, indicating a trend of "the strong getting stronger" in the industry [7].

Group 1 - The core viewpoint of the article highlights the robust development vitality of China's technology industry, particularly in artificial intelligence (AI) and robotics, as innovations accelerate [1] - The Chinese AI industry has established a complete ecological closed loop of "computing power - model - application" [1] - The resilience of the domestic technology industry has significantly increased, with breakthroughs in strengthening the supply chain since 2018, leading to a systematic capability in computing power infrastructure [1] Group 2 - On the demand side, domestic large models are becoming more accessible, and AI applications are expected to lead the market [1] - The rapid development of applications in robotics, intelligent driving, and AI terminals indicates that China's AI industry has reached a world-leading level [1] - The company maintains a long-term optimistic outlook on the development prospects of the technology industry, especially in the AI sector, despite potential short-term external impacts [1] Group 3 - E Fund's AI index product line features multiple flagship products, comprehensive layouts, and low fees, with flagship products including AI ETFs and internet ETFs with scales exceeding 100 billion [1] - The comprehensive layout covers the entire AI industry chain, from upstream computing infrastructure to downstream applications, catering to various investment needs [1] - The company adheres to a low fee structure, with several products, including AI ETFs, cloud computing ETFs, and chip ETFs, adopting a management fee rate of 0.15% per year, which is among the lowest in the market [1]