Group 1 - The core viewpoint of the news is that the disappointing U.S. non-farm payroll data has raised recession concerns and increased expectations for interest rate cuts by the Federal Reserve [1] - In August, U.S. non-farm employment increased by 22,000, significantly below the market expectation of 75,000, and the unemployment rate rose to 4.3%, the highest level since the end of 2021 [1] - The market anticipates a 100% probability of a rate cut by the Federal Reserve in September, with a potential reduction of at least 25 basis points, possibly up to 50 basis points [2] Group 2 - Following the expected rate cuts, global liquidity is expected to improve, benefiting the Hong Kong stock market, particularly the high-growth and high-elasticity technology sector [2] - The Hong Kong technology sector is currently undervalued and is highly sensitive to changes in the U.S.-China interest rate differential, making it likely to benefit from a loose overseas liquidity environment [2] - Since June, the Hong Kong technology sector has underperformed compared to the A-share technology sector, but with improving liquidity narratives, it may experience stronger upward momentum and a "catch-up" rally [2] Group 3 - The AH share premium has risen to 127.5%, indicating a resurgence of valuation advantages for Hong Kong stocks [3] - Concerns over earnings have subsided following the release of interim reports, particularly with Alibaba Cloud's performance and capital expenditures exceeding market expectations [3] - The Hong Kong technology market has been primarily driven by AI this year, with the Hong Kong Internet ETF (513770) significantly outperforming the Hang Seng Technology Index by over 10 percentage points in cumulative returns [3] Group 4 - The Hong Kong Internet ETF (513770) has seen substantial inflows, with a net inflow of 557 million yuan last week and over 2.1 billion yuan in the past 20 days [4] - The fund's latest scale exceeds 9.7 billion yuan, with an average daily trading volume of 596 million yuan, indicating good liquidity [7] - The top four holdings in the fund include Xiaomi Group-W, Tencent Holdings, Alibaba-W, and Meituan-W, collectively accounting for 54.74% of the fund's assets [5]

资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。对原样本的可投资性筛选设置缓冲区，剔除过去12个月或过去3个月平均月换手率不足0.1%的 原样本，除非该证券过去一年日均成交金额大于5000万港元。权重因子随样本定期调整而调整，调整时 间与指数样本定期调整实施时间相同。在下一个定期调整日前，权重因子一般固定不变。特殊情况下将 对指数进行临时调整。如果新进入港股通的互联网公司市值超过100亿美元且在全部样本公司中排名前 二十，将在其进入港股通后的第十一个交易日快速纳入指数。当样本退市时，将其从指数样本中剔除。 样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。当港股通证券范围发生变动 导致样本不再满足互联互通资格时，指数将相应调整。 跟踪港股通互联网的公募基金包括：兴业中证港股通互联网指数A、华宝中证港股通互联网联接C、易 方达中证港股通互联网联接C、广发中证港股通互联网指数A、易方达中证港股通互联网ETF、富国中 证港股通互联网联接A、博时中证港股通互联网ETF、富国中证港股通互联网ETF、兴业中证港股通互 联网指数C、华宝中证港股通互联网E ...

Group 1 - The core viewpoint indicates that the fundamentals are likely to continue supporting the relative performance of Hong Kong stocks, particularly in the internet sector, as evidenced by the rise of the Hong Kong Internet ETF (159568) and individual stocks like Kingdee International [1][2] - As of March 25, 2025, the Hong Kong Internet ETF has shown a maximum monthly return of 30.31% since its inception, with a historical one-year profit probability of 100% [1][2] - The ETF's management fee is 0.50% and the custody fee is 0.10%, which are among the lowest in comparable funds [2] Group 2 - The Hong Kong Internet ETF closely tracks the CSI Hong Kong Internet Index, which consists of 30 listed companies involved in internet-related businesses [3] - The top ten weighted stocks in the CSI Hong Kong Internet Index account for 78.75% of the index, with major players including Alibaba, Xiaomi, and Tencent [3][4] - The current price-to-earnings ratio (PE-TTM) of the index is 24.21, indicating it is at a historical low compared to the past five years [2]