Group 1 - The Hang Seng Internet Technology Index has strengthened, rising by 2.9% as of the report, with an intraday increase exceeding 3.3% [1] - The Hang Seng Internet ETF (159688) has also seen gains, up 3.15% at the time of reporting, with a peak increase of 3.55% and a turnover rate exceeding 35% [1] - Key component stocks include Kingsoft Cloud, which rose over 13%, and Alibaba-W, which increased by more than 5% [1] Group 2 - According to Guosen Securities, Alibaba's revenue for the first quarter of the fiscal year 2026 is projected to be 247.8 billion yuan, reflecting a year-on-year growth of 2% [1] - The company is expected to face short-term pressure on profits due to increased investment in instant retail, but this strategy is anticipated to enhance user engagement and purchase frequency in the long term [1] - Revenue forecasts for Alibaba from FY2026 to FY2028 are 1,062.3 billion yuan, 1,149.0 billion yuan, and 1,217.4 billion yuan, respectively, with adjusted net profit estimates of 138.8 billion yuan, 171.8 billion yuan, and 195.4 billion yuan for the same period [1] Group 3 - Huatai Securities notes that the Hong Kong stock market has experienced a rebound over the past two months, approaching the high point of the first quarter of 2025 [2] - The market may lack a strong basis for significant short-term upward movement due to factors such as interest rates, risk premiums, and earnings, alongside uncertainties in the global economy and geopolitical environment in the third quarter [2] - Despite increasing attention from domestic and foreign investors towards Chinese assets and the expansion of the Hong Kong stock market, the risk of a significant market downturn is considered relatively controllable, highlighting the importance of sector rotation [2]

5月14日早盘，港股集体上涨。截至发稿，恒生指数涨1.18%，恒生科技指数涨1.85%。 ETF方面，截至发稿，恒生科技ETF指数基金(513580)涨1.69%，年初以来（1月2日-5月13日）累计涨幅 达16.75%。恒生互联网ETF(159688)涨1.33%，年初以来（1月2日-5月13日）累计涨幅达14.67%。 中金发布研报称，今年以来，在AI浪潮激励下，国内互联网公司估值较2024年悲观模式有所修复，而 叠加近期外部关税变化加剧，导致估值又有所回调。整体来看，该行认为国内互联网板块目前仍处于合 理偏低区间，安全边际仍在。而面对外部不确定性，过去几年以基本面为锚或仍是确定性较高的投资方 式。 （本文机构观点来自持牌证券机构，不构成任何投资建议，亦不代表平台观点，请投资人独立判断和决 策。） 5月13日，京东集团发布2025年第一季度业绩。业绩显示，公司一季度净利润同比增长52.73%。并且随 着618大促临近，各电商GMV规模近日引发关注。京东2024年GMV在4.5万亿元左右。 上海证券指出，海内外AIAgent商业化持续演进，市场空间广阔。B端，微软、谷歌、Salesforce、 Zoom、百 ...