Core Viewpoint - The valuation of the Hong Kong internet sector has reached an attractive level after a long adjustment period, with the Hang Seng Internet Technology Index's latest price-to-earnings (PE) ratio at 21.73, which is at the 16.67% historical low over the past decade [1] Group 1: Valuation Insights - The current PE ratio of 21.73 indicates that the sector's valuation is at a historically low level [1] - The shift in focus from user growth and business models to "AI empowerment" is expected to create a new growth curve for the sector [1] Group 2: Industry Dynamics - Recent developments, such as Alibaba's establishment of a "Robotics and Embodied AI Group" and Tencent's mixed Yuan image model achieving first place in global blind tests, demonstrate the transition of AI from concept to practical application [1] - These advancements are likely to reshape the market value of internet giants [1] Group 3: Investment Trends - The Hang Seng Internet ETF (513330) has seen over 1 billion yuan inflow in just three trading days, with a total of over 1.7 billion yuan accumulated in the first five trading days of October, indicating strong confidence from large investors in the Hong Kong tech sector [1] - The focus on leading internet companies is exemplified by the Hang Seng Internet ETF (513330) and the comprehensive coverage of the tech industry chain by the Hong Kong Stock Connect Technology ETF Fund (159101) [1]

东吴证券认为，关税重回视野，港股短期波动风险加大。往后看，中长期上行趋势还在。其一，短期中 美关税问题超市场预期，或导致港股有回调风险。叠加近期美股AI泡沫叙事再起，港股AI科技方向短 期波动或会加大。资金会转向避险行业。其二，除关税外，投资者仍关心本月四中全会十五五规划定调 会。如果政策超预期，市场修复力度会更强。其三，中长期看，我们对港股并不悲观。一是，全球仍处 在降息周期，货币宽松背景下，股市仍有上涨空间；二是，AI产业趋势不可阻挡，中国AI产业加速， 港股科技龙头仍有上涨空间。三是，我们认为明年一季度，经济基本面和企业盈利会进一步改善。 恒生指数低开0.08%，恒生科技指数跌0.14%。新东方涨超6%，泡泡玛特涨超2%。三花智控(02050)跌近 5%，公司否认"机器人大额订单"传言，亦不存在应披露而未披露的重大事项。 关于港股后市 中国银河证券认为，短期内，中美贸易摩擦升级导致投资者风险偏好下降，带动港股估值回调。但在国 内稳增长政策支持下，以及中长期资金稳股市举措影响下，投资者情绪有望逐渐稳定。当前港股估值整 体处于历史中高水平，预计未来港股市场或宽幅震荡。配置方面，建议关注以下板块：1)美国联邦 ...

Core Viewpoint - The Hong Kong stock market has rebounded following the Federal Reserve's dovish stance, with significant gains in technology stocks, particularly Alibaba and Bilibili [1][4]. Group 1: Market Performance - Alibaba's stock rose by 3.86%, reaching a peak increase of 4.56% during the trading session [1]. - Bilibili's stock increased by over 4%, while Xiaomi and Meituan saw gains of over 1% [1]. - The Hong Kong Internet ETF (513770) experienced a 2.54% increase, ending a four-day decline with a trading volume of 875 million yuan [2][3]. Group 2: Investment Trends - The Hong Kong Internet ETF has seen a net inflow of 130 million yuan over the past four days, indicating strong buying interest [3]. - The ETF's total size has surpassed 11 billion yuan, marking a historical high, with an average daily trading volume exceeding 600 million yuan this year [10]. Group 3: Industry Outlook - The ongoing global interest rate cut cycle is expected to provide upward momentum for the stock market, with Hong Kong's tech sector poised to attract foreign capital due to its valuation advantages [4][5]. - The AI industry is accelerating in China, with major players like Alibaba and Tencent making significant advancements, which could lead to a revaluation of internet stocks [4][5]. - The Hong Kong Internet sector is currently trading at a lower valuation, with a price-to-earnings ratio of 26.69, which is significantly lower than that of US and A-share tech stocks [8]. Group 4: Key Players - The top three holdings in the Hong Kong Internet ETF are Alibaba (18.92% weight), Tencent (15.60% weight), and Xiaomi (11.54% weight), collectively accounting for over 73% of the ETF [5][6]. - The ETF tracks the CSI Hong Kong Internet Index, which has shown significant outperformance compared to the Hang Seng Tech Index this year [7].

Group 1 - The Hang Seng Index opened up by 1.08%, with the Hang Seng Tech Index rising by 1.31%. Notable stock movements include Midea Group increasing by nearly 3%, JD Health and JD Group rising over 2%, and Alibaba and Xiaomi Group gaining nearly 2% [1] - Dongwu Securities suggests that the re-emergence of tariffs has increased short-term volatility risks for Hong Kong stocks. However, the medium to long-term upward trend remains intact, supported by global monetary easing and the unstoppable trend of the AI industry in China [1] - China Galaxy Securities indicates that the escalation of Sino-U.S. trade tensions has led to a decline in investor risk appetite, resulting in a valuation correction for Hong Kong stocks. However, domestic growth stabilization policies and medium to long-term measures to support the stock market are expected to stabilize investor sentiment [2] Group 2 - The valuation of the Hong Kong internet sector is now highly attractive after a prolonged adjustment, with the latest PE ratio of the CSI Hong Kong Internet Index at 26.69, which is at a low percentile compared to the past decade [2] - The narrative surrounding Hong Kong internet stocks is undergoing a fundamental shift from user growth and business models to new growth curves driven by AI empowerment, as evidenced by recent developments from Alibaba and Tencent [2] - The upcoming "14th Five-Year Plan" is anticipated to provide further insights into key sectors, which could influence market recovery if policies exceed expectations [1][2]