Group 1 - The core viewpoint of the article highlights the performance of various indices related to Hong Kong stocks, with the Consumer Theme Index rising by 0.7% and the Hang Seng Technology Index increasing by 0.5% [1] - The net inflow for the Hang Seng Technology ETF and the Hong Kong Internet ETF in the current month reached 960 million and 450 million respectively, indicating strong investor interest [1] - Analysis suggests that Hong Kong internet companies have a first-mover advantage in AI-native applications and smart hardware integration due to their platform scale, data resources, and cloud computing infrastructure [1] Group 2 - The article notes that as super applications, intelligent agent platforms, and full-link AIGC capabilities mature, the profitability structure of leading internet companies in advertising, cloud services, local life, and e-commerce efficiency is expected to improve [1] - The industry valuation is currently at a historically low level, and the trend of AI investment converting to revenue is becoming clearer, enhancing the long-term allocation value of the sector [1]

12月10日，港股震荡回落，科网龙头多数回调，不过美团-W涨逾1%，阿里巴巴-W一度下跌后迅速翻 红。热门ETF方面，港股AI核心工具——港股互联网ETF（513770）早盘下跌后有所回弹，现跌0.9%， 盘中持续溢价交易，显示买盘资金强势。 中泰证券表示，港股科技龙头在AI投入加大背景下，当前估值合理且分红回购增强。随着美联储降息 周期开启、南向资金持续流入，港股科技板块的估值洼地效应与盈利弹性正同步显现。值得一提的是， 近日来资金密集涌入相关资产，港股互联网ETF（513770）近4日获资金连续净流入合计超1.7亿元。 港股互联网ETF（513770）及其联接基金（017125）被动跟踪中证港股通互联网指数，该指数重仓互联 网龙头，前10大持仓汇聚AI云计算、大模型+各领域AI应用公司，合计占比超73%，龙头优势显著，阿 里巴巴-W、腾讯控股、小米集团-W是其前3大权重股，权重占比分别为18.89%、17.01%、10.05%。港 股互联网ETF（513770）基金规模超百亿元，年内日均成交额超6亿元，支持日内T+0交易，不受QDII 额度限制，流动性佳。 中信证券分析，继续看好互联网板块顺周期属性叠加A ...

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]

Core Viewpoint - The China Securities Index for Hong Kong Stock Connect Internet has shown significant growth, with a year-to-date increase of 36.73% and a recent monthly rise of 9.04% [1] Group 1: Index Performance - The China Securities Index for Hong Kong Stock Connect Internet rose by 0.34% to 1095.25 points, with a trading volume of 42.8 billion yuan [1] - The index has increased by 11.38% over the past three months [1] - The index was established on December 30, 2016, with a base point of 1000.0 [1] Group 2: Index Composition and Adjustments - The index consists of 30 publicly listed companies involved in internet-related businesses within the Hong Kong Stock Connect [1] - The sample for the index is adjusted biannually, specifically on the second Friday of June and December [2] - Companies with an average monthly turnover of less than 0.1% over the past 12 months are excluded unless their average daily trading amount exceeds 50 million HKD [2] Group 3: Fund Tracking the Index - Several public funds track the China Securities Index for Hong Kong Stock Connect Internet, including various ETFs and mutual funds from different asset management companies [3]

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]