截至2025年11月12日 10:11，中证港股通互联网指数上涨0.58%，成分股平安好医生上涨5.81%，趣致集 团上涨5.04%，京东健康上涨4.80%，小米集团-W上涨3.07%，狮腾控股上涨3.00%。港股互联网 ETF(159568)上涨1.13%，最新价报1.87元。拉长时间看，截至2025年11月11日，港股互联网ETF近3月累 计上涨2.66%。 流动性方面，港股互联网ETF盘中换手10.23%，成交3881.56万元，市场交投活跃。拉长时间看，截至 11月11日，港股互联网ETF近1年日均成交2.21亿元。 截至2025年11月12日 10:11，恒生科技指数上涨0.59%，成分股京东健康上涨4.80%，小米集团-W上涨 3.07%，阿里健康上涨2.77%，舜宇光学科技上涨2.44%，携程集团-S上涨2.38%。恒生科技指数 ETF(159742)上涨0.73%，最新价报0.83元。拉长时间看，截至2025年11月11日，恒生科技指数ETF近3月 累计上涨9.93%。 流动性方面，恒生科技指数ETF盘中换手1.43%，成交6588.04万元。拉长时间看，截至11月11日，恒生 科技指数ETF ...

Group 1: ETF Performance - The Hang Seng Tech Index ETF (159742) increased by 0.60%, with a latest price of 0.84 yuan as of October 29, 2025 [3] - Over the past week, the Hang Seng Tech Index ETF has accumulated a rise of 0.36% [3] - The ETF recorded a turnover of 1.25% during the trading session, with a transaction volume of 57.8964 million yuan [3] - The average daily transaction volume for the past month is 6.73 billion yuan [3] Group 2: Internet ETF Performance - The Hong Kong Internet ETF (159568) rose by 0.63%, with a latest price of 1.93 yuan as of October 29, 2025 [6] - The ETF has seen a cumulative increase of 1.22% over the past two weeks [6] - It recorded a turnover of 3.14% during the trading session, with a transaction volume of 12.4515 million yuan [6] - The average daily transaction volume for the past year is 2.18 billion yuan [6] Group 3: Company Developments - Tencent has established a "Positive Energy Algorithm Working Group" to enhance its algorithmic capabilities [6] - Alibaba plans to invest over 380 billion yuan in cloud and AI infrastructure from fiscal years 2025 to 2027 to accelerate the industrialization of AI technology in e-commerce and cloud computing [6][7] Group 4: AI and Market Trends - Amazon views AI as the most transformative technology since the internet, emphasizing its impact on core businesses like cloud computing and e-commerce [7] - The company is making significant investments in generative AI and machine learning infrastructure to enhance logistics, customer service, and content creation [7] - The social media sector is exploring a "content + AI search" model, with Tencent's advertising performance outperforming the market [7] - Alibaba is restructuring its growth logic through strategic focus and deep integration of AI, with expectations of increased user engagement and revenue growth [7] Group 5: ETF Size and Share Information - The latest size of the Hang Seng Tech Index ETF is 4.590 billion yuan [8] - The latest share count for the Hang Seng Tech Index ETF is 5.554 billion shares, marking a one-year high [9] - The ETF has seen continuous net inflows over the past 13 days, with a maximum single-day net inflow of 138 million yuan, totaling 271 million yuan in net inflows [10] Group 6: Index Composition - The Hang Seng Tech Index closely tracks the performance of the top 30 Hong Kong-listed companies related to technology, with the top ten stocks accounting for 69.87% of the index [11] - The Hong Kong Internet ETF tracks the CSI Hong Kong Internet Index, with the top ten stocks comprising 72.48% of the index [11]

Core Points - The Hang Seng Tech Index has seen a decline of 0.12% as of October 14, 2025, with mixed performance among constituent stocks, including a 4.10% increase in Xpeng Motors and a 4.65% drop in Kingsoft [3][7] - The Hong Kong Internet Index decreased by 0.24%, with Dama Entertainment leading gains at 9.09% and Kingsoft again showing a significant decline [5][7] - The Hang Seng Tech Index ETF has shown a 2.82% increase over the past month, ranking 2nd among comparable funds [3][7] - The recent adjustments in both indices have provided a potential investment opportunity, particularly in the tech sector, which is expected to benefit from the ongoing AI narrative [7] Market Performance - The Hang Seng Tech Index has adjusted over 8% since reaching a high of 6682.86 points on October 2, 2025 [7] - The Hong Kong Internet Index has seen a 6.77% decline in the first three trading days of October [7] - The Hang Seng Tech Index ETF has a current price of 0.85 yuan, with a trading volume of 2.41 billion yuan and a turnover rate of 5.23% [3][8] Fund Flows - The Hang Seng Tech Index ETF has recorded a net inflow of 41.82 million yuan, with a total of 230 million yuan net inflow over the last four trading days [8] - The Hong Kong Internet ETF has seen a net inflow of 36.89 million yuan, with a total of 44.97 million yuan over the last four trading days [10] Valuation Metrics - The current PE ratio for the Hang Seng Tech Index is 23.31, placing it at the 37.95% historical percentile over the past five years [7] - The PE ratio for the Hong Kong Internet Index stands at 25, at the 32.27% historical percentile over the same period [7] ETF Details - The Hang Seng Tech Index ETF has reached a new high in size at 4.539 billion yuan and a record share count of 5.444 billion [8] - The Hong Kong Internet ETF has also achieved a new size high of 400 million yuan and a share count of 206 million [9]

Market Performance - As of August 8, 2025, the CSI Hong Kong Internet Index (931637) decreased by 1.33% with mixed performance among constituent stocks [3] - Leading gainers included Dongfang Zhenxuan (01797) up 7.38%, and Lion Group Holdings (02562) up 3.19%, while leading decliners were Qutoutiao (00917) down 6.40% and Kingsoft Cloud (03896) down 5.10% [3] - The Hong Kong Internet ETF (159568) fell by 1.10%, currently priced at 1.8 yuan, but has seen a 0.55% increase over the past week [3] Liquidity and Trading Activity - The Hong Kong Internet ETF had a turnover rate of 19.46% with a trading volume of 62.965 million yuan, indicating active market participation [3] - Over the past year, the average daily trading volume of the Hong Kong Internet ETF was 187 million yuan [3] User Engagement and Ecosystem - Bilibili's user ecosystem is thriving, with 368 million monthly active users and 107 million daily active users as of Q1 2025 [3] - The platform has 32 million monthly paying users and an average daily usage time of 108 minutes, with a 70% penetration rate among Gen Z users [3] ETF Performance Metrics - As of August 7, 2025, the Hong Kong Internet ETF has seen a net value increase of 72.24% over the past year, ranking 138 out of 2949 in the index fund category [5] - The ETF's highest monthly return since inception was 30.31%, with a longest consecutive monthly gain of 3 months and an average monthly return of 8.62% [5] Risk and Fee Structure - The management fee for the Hong Kong Internet ETF is 0.50% and the custody fee is 0.10%, which are among the lowest in comparable funds [7] - The ETF's tracking error over the past three months was 0.050%, indicating high tracking precision compared to similar funds [7] Valuation Insights - The latest price-to-earnings ratio (PE-TTM) for the index tracked by the Hong Kong Internet ETF is 23.8, which is below the 80.03% historical average over the past five years, suggesting a low valuation [7] - The CSI Hong Kong Internet Index consists of 30 publicly listed companies related to internet businesses, reflecting the overall performance of internet-themed stocks within the Hong Kong Stock Connect [7][8]

Core Insights - The Hong Kong Internet ETF (159568) has shown a significant increase, with a 1.44% rise recently and a 73.33% increase over the past year, ranking in the top 4.18% among comparable funds [5][6] Group 1: Market Performance - The CSI Hong Kong Internet Index (931637) rose by 0.90%, with notable increases in constituent stocks such as Meitu Inc. (12.13%) and Huya Inc. (11.00%) [3] - The Hong Kong Internet ETF has seen a trading volume of 8501.42 million, indicating active market participation [3] - Over the past two weeks, the Hong Kong Internet ETF has accumulated a 1.80% increase [3] Group 2: Financial Metrics - Meitu Inc. expects a 65% to 72% year-on-year increase in adjusted net profit, with total revenue projected to grow by 25% to 2 billion RMB [3] - The Hong Kong Internet ETF has a management fee of 0.50% and a custody fee of 0.10%, which are among the lowest in comparable funds [5] - The ETF's tracking error over the past three months is 0.051%, indicating high tracking precision [5] Group 3: Institutional Interest - The media sector's allocation in heavy stocks has increased to 4.11%, with a notable focus on the gaming sector, reflecting optimism in AI-enhanced content industries [4] - The latest net inflow for the Hong Kong Internet ETF is 182.33 million, with a total of 1089.70 million net inflow over the last five trading days [4] Group 4: Index Composition - The CSI Hong Kong Internet Index comprises 30 companies, with the top ten stocks accounting for 72.11% of the index [7] - Major constituents include Xiaomi Corp., Tencent Holdings, and Alibaba Group, highlighting their core positions in the industry [7]

Market Performance - As of July 24, 2025, the CSI Hong Kong Internet Index (931637) increased by 0.49%, with notable gains from companies such as Dongfang Zhenxuan (01797) up 4.49% and Yuedu Group (00772) up 2.59% [3] - The Hong Kong Internet ETF (159568) rose by 0.76%, closing at 1.86 yuan, and has seen a cumulative increase of 3.77% over the past week [3] Liquidity and Trading Activity - The Hong Kong Internet ETF had a turnover rate of 23.14% during the trading session, with a transaction volume of 81.49 million yuan, indicating active market participation [3] - The average daily trading volume for the Hong Kong Internet ETF over the past year was 181 million yuan [3] Company Developments - Bilibili disclosed during its 16th anniversary that its platform's Daily Active Users (DAU) and Monthly Active Users (MAU) reached 107 million and 368 million, respectively, with an average daily usage time of 108 minutes, indicating strong user engagement [3] - Guosheng Securities noted that Bilibili's advertising revenue during the 618 shopping festival increased by 41% year-on-year, with the number of advertising clients rising by 59% [3] ETF Performance Metrics - The Hong Kong Internet ETF's latest scale reached 347 million yuan, marking a one-month high [4] - As of July 23, 2025, the ETF's net value increased by 69.17% over the past year, ranking 111 out of 2936 in the index fund category [4] - The ETF has recorded a maximum monthly return of 30.31% since inception, with a historical one-year profit probability of 100% [4] Risk and Fee Structure - The Hong Kong Internet ETF has a management fee of 0.50% and a custody fee of 0.10%, which are among the lowest in comparable funds [5] - The ETF has a tracking error of 0.051% over the past three months, indicating high tracking precision compared to similar funds [5] Index Composition - The CSI Hong Kong Internet Index consists of 30 listed companies involved in internet-related businesses, with the top ten weighted stocks accounting for 72.11% of the index [5]

Group 1 - The Hong Kong Internet ETF (159568) has shown strong performance, with a recent increase of 1.36% and a year-to-date net value increase of 52.15% [3][4] - The underlying index, the CSI Hong Kong Stock Connect Internet Index (931637), is currently viewed as being in a "valuation trough" phase, with significant support from capital, policy, and technology factors [3] - The top ten weighted stocks in the CSI Hong Kong Stock Connect Internet Index account for 72.11% of the index, including major companies like Xiaomi, Tencent, and Alibaba [6] Group 2 - The gaming market in China continues to grow, with actual sales revenue reaching 280.51 billion yuan in May 2025, a year-on-year increase of 9.86% [4] - The mobile gaming market specifically has seen a significant increase, with a market size of 211.77 billion yuan, growing by 11.96% year-on-year [4] - The industry is expected to benefit from advancements in AI and cloud gaming technologies, enhancing content production efficiency and user experience [4] Group 3 - The Hong Kong Internet ETF has a management fee of 0.50% and a custody fee of 0.10%, which are among the lowest in comparable funds [5] - The ETF's tracking error over the past three months is 0.052%, indicating the highest tracking precision among similar funds [5] - The current price-to-earnings ratio (PE-TTM) of the index is 21.7, which is below the 89.81% of the time over the past year, indicating a historical low valuation [5]

Market Performance - As of July 10, 2025, the CSI Hong Kong Internet Index (931637) decreased by 0.06%, with mixed performance among constituent stocks [3] - Leading gainers included Beike-W (02423) up 5.71%, China Ruoyi (00136) up 4.67%, and Lion Group (02562) up 4.34%, while leading decliners were Kingsoft (03888) down 2.65%, Yimaitong (02192) down 2.30%, and Reading Group (00772) down 1.96% [3] - The Hong Kong Internet ETF (159568) showed a recent price of 1.69 yuan, with a 14.51% increase over the past three months [3] Liquidity and Trading Activity - The Hong Kong Internet ETF had a turnover rate of 21.07% during the trading session, with a transaction volume of 68.0941 million yuan, indicating active market trading [3] - The average daily trading volume for the Hong Kong Internet ETF over the past year was 175 million yuan [3] Fund Performance and Metrics - As of July 9, 2025, the Hong Kong Internet ETF had a net value increase of 51.68% over the past year, ranking 184 out of 2907 index equity funds, placing it in the top 6.33% [4] - The fund achieved a maximum monthly return of 30.31% since inception, with the longest consecutive monthly gain being three months and a maximum cumulative gain of 24.85% [4] - The fund's historical holding period of one year has a 100% probability of profit [4] Risk and Fee Structure - The Hong Kong Internet ETF has a Sharpe ratio of 1.49 since inception, with a relative drawdown of 4.64% as of July 9, 2025 [5] - The management fee is 0.50% and the custody fee is 0.10%, which are among the lowest in comparable funds [5] - The tracking error for the Hong Kong Internet ETF over the past three months was 0.052%, indicating the highest tracking precision among comparable funds [5] Valuation Metrics - The latest price-to-earnings ratio (PE-TTM) for the CSI Hong Kong Internet Index is 21.74, which is in the 10.57th percentile over the past year, indicating a valuation lower than 89.43% of the time in the past year [5] - The index consists of 30 listed companies involved in internet-related businesses, reflecting the overall performance of internet-themed stocks within the Hong Kong Stock Connect [5][6] Top Holdings - As of June 30, 2025, the top ten weighted stocks in the CSI Hong Kong Internet Index included Xiaomi Group-W (01810), Tencent Holdings (00700), Alibaba-W (09988), Meituan-W (03690), and Kingsoft (03888), collectively accounting for 72.11% of the index [6]

Group 1 - The U.S. announced new tariff rates of up to 40% on 14 countries, leading to a decline in U.S. stock indices while Chinese concept stocks rose [1] - Hong Kong's stock indices opened higher, with the Hang Seng Index up 0.17%, driven by gains in major tech stocks like Baidu and JD.com [1] - Southbound funds recorded a net purchase of HKD 12.067 billion in Hong Kong stocks, marking the largest single-day net inflow since May 6 [1] Group 2 - The Hong Kong Internet ETF (159568) tracks sectors such as internet software and services, with top holdings including Alibaba, Xiaomi, and Tencent, indicating a high concentration of major players [2] - The index has seen a 47.38% increase over the past year, outperforming the Hang Seng Index, driven by the commercialization of AI models and profit releases from internet leaders [2] - The market capitalization of companies in the index is significant, with 50% of firms valued over HKD 1 trillion, highlighting a "giant-led + mid-tier innovation" investment landscape [2] Group 3 - The influx of southbound capital and increased retail trading are expected to drive up the turnover rate in Hong Kong stocks, which has historically been lower compared to global markets [3] - Southbound funds have a trading turnover rate 2.4 times higher than non-southbound funds, indicating a shift in market dynamics [3] Group 4 - A strong recovery in the Hong Kong IPO market is noted, with 24 A-share companies listing in Hong Kong in the first half of 2025, covering key industries [4] - The trend of high-quality assets crossing borders continues, with major firms like Heng Rui Pharmaceutical and Ningde Times leading the way [4] Group 5 - The potential return of Chinese concept stocks to Hong Kong is expected to bring additional capital, as U.S. regulations pose risks to these companies [5] - The Hong Kong government has established a regulatory framework to facilitate dual listings for companies previously listed overseas [5] Group 6 - Hong Kong's absolute valuations are relatively low, with long-term investment potential remaining high despite global macroeconomic risks [6] - The technology sector is highlighted as having significant investment opportunities, supported by policy and strong earnings growth [6] - Consumer sectors, particularly pharmaceuticals and discretionary spending, are expected to see improved performance due to domestic consumption policies [6]

Core Viewpoint - The Hong Kong internet sector is experiencing a competitive landscape, highlighted by a significant promotional battle between Alibaba's Ele.me and Meituan, indicating aggressive market share acquisition strategies [3][4]. Group 1: Market Performance - As of July 7, 2025, the CSI Hong Kong Internet Index (931637) decreased by 0.46%, with mixed performance among constituent stocks [3]. - Notable gainers included Zhong An Online (06060) up 5.52%, Ping An Good Doctor (01833) up 3.23%, and Dongfang Zhenxuan (01797) up 3.11% [3]. - Conversely, Kingdee International (00268) led the declines at 4.29%, followed by Kingsoft (03888) down 4.06% and Yimaitong (02192) down 2.92% [3]. - The Hong Kong Internet ETF (159568) saw a slight increase of 0.06%, closing at 1.67 yuan, with a 1.21% rise over the past two weeks [3]. Group 2: Liquidity and Trading Activity - The Hong Kong Internet ETF recorded a turnover of 20.01% during the trading session, with a transaction volume of 63.6452 million yuan, indicating active market participation [3]. - Over the past year, the ETF has averaged daily trading volume of 174 million yuan [3]. Group 3: Industry Trends and Investment Outlook - According to CICC, the internet sector has entered a new investment cycle since 2025, with AI, overseas expansion, and instant retail emerging as key focus areas [4]. - The Hong Kong Internet ETF has shown a net value increase of 47.93% over the past year, ranking 218 out of 2897 index funds, placing it in the top 7.53% [4]. - The ETF's highest monthly return since inception was 30.31%, with a historical one-year holding profitability rate of 100% [4]. Group 4: Valuation and Tracking Accuracy - The latest price-to-earnings ratio (PE-TTM) for the CSI Hong Kong Internet Index is 21.75, indicating a valuation below 89.06% of the past year, suggesting historical low valuation levels [5]. - The ETF has the highest tracking accuracy among comparable funds, with a tracking error of 0.052% over the past three months [5]. - The top ten weighted stocks in the index account for 72.11% of the total, including major players like Xiaomi Group-W (01810), Tencent Holdings (00700), and Alibaba-W (09988) [5].