Core Viewpoint - The Hong Kong technology sector is experiencing a downturn, with the Hang Seng Internet ETF (513330) dropping nearly 2.5%, indicating a challenging market environment for major tech stocks [1] Group 1: Market Performance - The Hang Seng Internet ETF (513330) is closely tracking the Hang Seng Internet Technology Index, which encompasses leading companies in the Hong Kong internet technology sector [1] - Major stocks such as Meitu, Baidu Group-SW, Hezhima Intelligent, Weishi Jiajie, Bilibili-W, and Alibaba-W are among those experiencing significant declines [1] Group 2: Company Developments - Alibaba has recently launched its "most powerful model" application, the Qianwen APP, which is now in public testing and adopts a "free and open to all" strategy, marking its entry into the AI to C market [1] - This move is viewed as a critical step for Alibaba in enhancing its competitive position in the AI application layer [1] - According to招商香港, Alibaba's self-built ecosystem and free strategy provide a competitive advantage compared to ChatGPT's third-party application integration model [1] Group 3: Industry Dynamics - The growth drivers for the Hong Kong technology sector are supported by the widespread adoption of artificial intelligence technology, the improvement of digital ecosystems, and ongoing policy support [1]

Group 1 - The Hong Kong stock market is experiencing a "buy the dip" trend, particularly favoring the internet sector, with significant net inflows from southbound funds, exemplified by a net purchase of 12.887 billion HKD on a recent day [1] - The Hang Seng Internet ETF (513330) saw a counter-trend inflow of 1.039 billion HKD despite a 3% drop, accumulating nearly 2 billion HKD over the past 14 trading days, indicating strong investor interest [1] - Positive fundamentals are emerging for the sector, highlighted by Alibaba's AI application "Tongyi Qianwen" entering public testing and a shift towards the consumer market, marking an acceleration in domestic large model applications [1] Group 2 - Major players like Tencent and Bilibili reported better-than-expected Q3 earnings, with upcoming financial results from Xiaomi and Kuaishou expected to bring surprises during the earnings verification period [1] - Despite external environmental fluctuations, institutions generally view the current valuation of the Hong Kong internet sector as attractive, with AI technology breakthroughs and strong profitability of leading companies enhancing long-term investment value [1] - The Hang Seng Internet ETF (513330) focuses on the internet platform economy, including major companies like Alibaba, JD.com, Tencent, Meituan, Kuaishou, and Baidu, making it a suitable tool for investors looking to allocate to AI application and "AI + internet" core assets [2]

Core Viewpoint - The article discusses the recent adjustment in global tech stocks, particularly focusing on the inflow of funds into the Hong Kong internet sector despite the market downturn, highlighting the significant role of AI in driving growth for major companies like Alibaba and Tencent [2][3][4][31]. Group 1: Market Trends - The Hang Seng Internet Technology Index has dropped by 16.14% since October 3 [3]. - In the last two trading days, the Hang Seng Internet ETF (513330) saw a net inflow of 1.661 billion yuan, leading all ETFs tracking the Hong Kong market [5]. - Despite the market correction, there are clear signs of capital inflow into the sector [4]. Group 2: AI Development - Alibaba has officially launched the "Qianwen" project, aiming to enter the AI-to-C market, which will cover various life scenarios and is designed to enhance user interaction [7][8]. - Major internet companies, including Tencent, Baidu, JD.com, and Meituan, are actively investing in AI infrastructure and applications [9][10]. - AI is increasingly integrated into various business operations, enhancing efficiency and driving growth [10][11]. Group 3: Financial Performance - Tencent reported a revenue of 192.87 billion yuan for Q3 2025, a 15% year-on-year increase, with operating profit rising by 18% [12]. - AI has played a crucial role in Tencent's growth, optimizing advertising targeting and enhancing user engagement in gaming [13][14]. Group 4: Investment Trends - Top investment firms have shown a significant interest in Chinese concept stocks, with Hillhouse Capital increasing its holdings in Alibaba and Pinduoduo [16][17]. - Notable investment shifts include Warren Buffett's Berkshire Hathaway making a substantial investment in Alphabet, indicating a growing recognition of AI's potential [24][25]. Group 5: Capital Inflows - Southbound funds through the Hong Kong Stock Connect have seen a net inflow exceeding 1.3 trillion HKD this year, significantly higher than the previous year [26]. - Specific companies like Alibaba, Meituan, and Tencent have received substantial net inflows, indicating strong investor interest [27]. Group 6: Valuation and Future Outlook - The Hang Seng Internet ETF's index is currently at a historical low valuation, suggesting potential for revaluation as market conditions improve [24]. - Goldman Sachs predicts that the annual net inflow through the Hong Kong Stock Connect could maintain levels between 800 billion to 1 trillion HKD in 2026 [30]. - Despite the current market correction, companies with strong fundamentals in the AI sector are expected to remain in focus for investors [31][32].

Market Overview - The Hang Seng Index slightly declined by 0.20% to 26,595.97 points, while the Hang Seng Tech Index fell by 0.25% and the Hang Seng China Enterprises Index decreased by 0.32%. The market's half-day trading volume was HKD 118.31 billion [2]. Company Performance - Xpeng Motors (XPEV) saw a significant increase of 15.11%, while Baidu (BIDU) rose by 3.34% and Kingdee International (0268.HK) increased by 1.61%. Conversely, Tencent Music (TME) dropped by 2.35%, Alibaba (BABA) fell by 2.33%, and JD.com (JD) decreased by 2.09%. Tsinghua Tongfang (Tengsheng Bo Pharmaceutical) rose by 1.65% after presenting breakthrough data at the 2025 AASLD conference [2]. Industry Insights - Guotai Junan Securities reported that the valuation of the Hong Kong internet sector has become highly attractive after a prolonged adjustment. The latest price-to-earnings (PE) ratio for the Hang Seng Internet Technology Index is 21.73, placing it at the 16.67% historical low over the past decade, indicating that the sector is undervalued [3]. - A fundamental shift in the core narrative of the Hong Kong internet sector is occurring, moving from a focus on user growth and business models to the new growth curve brought by "AI empowerment." Recent developments, such as Alibaba's establishment of a "Robotics and Embodied AI Group" and Tencent's mixed-image model achieving first place in global blind tests, demonstrate that AI is transitioning from concept to practical application, potentially reshaping the market value of internet giants [3]. - The Hang Seng Internet ETF (513330) supports T+0 trading and focuses on the platform economy, including major internet leaders like Alibaba, JD.com, Tencent, Meituan, Kuaishou, and Baidu. With a DeepSeek content ratio of 86%, it possesses dual attributes of "new consumption + new technology," making it a suitable tool for investors looking to allocate resources to AI applications and "AI + internet" core assets [3].

Core Insights - The net inflow of southbound capital into Hong Kong stocks has reached 12,600 billion HKD this year, marking the fastest inflow since the launch of the Stock Connect, significantly surpassing the total inflow for the entire previous year [1] - Since the end of May, there has been a sustained high rate of inflow, with an average daily net inflow of 6.1 billion HKD by the end of September [1] - September recorded a net purchase of 188.5 billion HKD, making it the month with the highest net inflow this year, second only to January 2021 in historical terms [1] - In October, the net inflow exceeded 92 billion HKD [1] Industry Impact - The reduction in tariffs has alleviated significant uncertainties, aiding in stabilizing trade relations and improving external circulation, which in turn enhances market risk appetite [1] - The direct tax rate reduction benefits cross-border e-commerce, while trade improvements lead to macroeconomic recovery and increased consumer demand, positively impacting internet advertising and domestic e-commerce [1] Related ETFs - The Hong Kong Stock Connect Technology ETF (159101) covers the entire technology industry chain [1] - The Hang Seng Internet ETF (513330) focuses on leading internet companies [1]

Core Insights - The Hang Seng Index opened up 0.3% and the Hang Seng Tech Index rose 0.36%, with strong performance in lithium batteries and photovoltaic concepts, while innovative drugs, new energy vehicles, and robotics showed weakness [1] - Since the beginning of 2024, the Hong Kong stock tech sector has exhibited a "leading stocks driving the market" trend, becoming one of the most prominent themes in the market [1] - Foreign institutions, including JPMorgan and Aberdeen Investment, have expressed a bullish outlook on Chinese assets, highlighting the growth potential of the tech industry and the valuation advantages of the Hong Kong market [1] Industry Summary - The tech sector in Hong Kong is experiencing a positive cycle of "rising prices - capital inflow - performance," attracting more funds and expanding investment opportunities across the entire sector [1] - Foreign institutions expect the tech-driven market rally in Hong Kong to continue, with a focus on two types of opportunities: leading companies in high-end manufacturing such as AI and semiconductors, and growth companies with reasonable valuations and competitive advantages [1] - The dual drivers of "technological innovation + valuation recovery" are anticipated to continue generating excess returns for investors in the Hong Kong tech sector [1] Related ETFs - The Hong Kong Stock Connect Technology ETF (159101) covers the entire tech industry chain [2] - The Hang Seng Internet ETF (513330) focuses on leading internet companies [2]

四季度港股科技板块的配置价值在内外因素共振下持续凸显。 外部来看，美联储预防式降息周期开启，历史数据显示，此类周期股往往具备显著弹性，科技板块作为 成长型资产将率先受益。 覆盖科技全产业链——港股通科技ETF基金（159101） 聚焦互联网龙头——恒生互联网ETF（513330） 每日经济新闻 摩根大通研报指出，尽管MSCI香港指数年内涨幅显著，但其估值仍低于十年平均水平，是目前亚太地 区除东盟外最便宜的股票市场。这一优势吸引了外资持续涌入，截至9月底，年内被动型基金累计流入 中国股市已达180亿美元。 外资机构普遍认为，港股科技板块兼具估值安全边际与行业成长潜力，在当前全球市场波动加剧的背景 下，成为全球资产配置中不可或缺的一部分。 【相关ETF】 内部来看，中国经济展现超预期韧性，上半年5.3% 的GDP增速与新质生产力培育成果，为科技板块提 供了坚实的基本面支撑。 在全球流动性宽松与国内产业升级的双重利好下，港股科技板块的成长空间被进一步打开，四季度有望 迎来弹性拉满的行情。 ...

Core Viewpoint - The Hong Kong stock market, particularly the technology sector, is experiencing short-term adjustments but maintains a long-term upward trend, presenting strategic investment opportunities for investors. Group 1: Market Performance - On November 6, the Hang Seng Index opened up by 0.49%, and the Hang Seng Tech Index rose by 0.63% [1] - Stocks related to power grid equipment, charging piles, and energy storage continue to perform strongly, with companies like Hua Hong Semiconductor and SMIC rising over 2% [1] Group 2: Monetary Policy Impact - The Federal Reserve's initiation of a rate-cutting cycle is driving global capital reallocation, making the Hong Kong stock market an important destination for excess liquidity due to its offshore characteristics and undervaluation [2] - The technology sector, being sensitive to interest rates, is expected to attract significant capital [2] Group 3: AI and Industry Transformation - AI technology is undergoing comprehensive breakthroughs from hardware self-research to commercial applications, significantly restructuring the fundamentals of Hong Kong tech companies [3] - The surge in cloud services and model demand validates the commercial potential, providing a new narrative for sustained growth in the sector [3] Group 4: Valuation and Investment Appeal - The convergence of southbound funds and foreign capital is focusing on Hong Kong technology stocks, which are significantly undervalued compared to major global tech indices [4] - The unique risk-reward ratio, supported by AI growth expectations and the rate-cutting environment, highlights the investment value in this sector [4] Group 5: Related ETFs - The Hong Kong Stock Connect Technology ETF (159101) covers the entire technology industry chain [5] - The Hang Seng Internet ETF (513330) focuses on leading internet companies [5]

富达国际、施罗德基金等机构均表示维持对中国科技股的积极看法。他们认为，中国体系内充裕的流动 性将进一步推动资金向科技成长板块配置，而在全球资本寻求多元化投资的趋势下，港股科技股有望持 续获得增量资金支持。 在全球货币政策迎来转折的关键时刻，港股科技股正成为美联储降息周期的直接受益者。与历史经验不 同，本轮美联储宽松发生在企业利润上升、全球经济稳定增长的背景下，形成独特的"良性宽松"环境， 这对成长型资产构成显著利好。 覆盖科技全产业链——港股通科技ETF基金（159101） 摩根士丹利报告显示，2024年9月净流入中国股市的外资反弹至46亿美元，创近一年新高。分析认为， 这一资金流向与全球流动性预期改善密切相关。在利率下行环境中，港股科技股凭借其高成长性和估值 弹性，对全球资本的吸引力显著提升。 每日经济新闻 相关ETF： 聚焦互联网龙头——恒生互联网ETF（513330） ...

Core Insights - Despite a significant year-to-date increase in the MSCI Hong Kong Index, its valuation remains below the ten-year average, making it one of the cheapest stock markets in the Asia-Pacific region, excluding ASEAN [1] - As of the end of September, passive funds have seen a cumulative inflow of $18 billion into the Chinese stock market this year [1] - The technology sector in Hong Kong has become a focal point for foreign investment, with institutions viewing it as having both valuation safety margins and growth potential [1] - Analysts suggest that with local economic stabilization, a recovery in the IPO market, and improved global liquidity due to the Federal Reserve's interest rate cuts, the Hong Kong technology sector is likely to continue gaining revaluation momentum [1] - Morgan Stanley anticipates that this upward trend will extend until 2026, providing long-term investment opportunities for investors [1] Sector Analysis - The technology sector in Hong Kong is highlighted as a key area for foreign investment due to its attractive valuation and growth prospects [1] - Specific ETFs related to the Hong Kong technology sector include the Hong Kong Stock Connect Technology ETF (159101), which covers the entire technology supply chain, and the Hang Seng Internet ETF (513330), which focuses on leading internet companies [1]