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]

流动性方面，港股互联网ETF盘中换手23.8%，成交8501.42万元，市场交投活跃。拉长时间看，截至7月30日，港股互联网ETF近1年日均成交1.83亿元。 消息面上，近日，美图公司发布盈喜公告，料上半年调整后净利润预计按年增长65%至72%，预计总收入按年增长25%至20亿元人民币（下同），调整后净 利润按年增长68%至4.58亿元。上半年，港股科技行情向好，AI应用受热捧。华创证券认为，美图是少数具备全球化+持续盈利能力的AI落地应用公司。 截至2025年7月31日 10:57，中证港股通互联网指数(931637)上涨0.90%，成分股美图公司(01357)上涨12.13%，汇量科技(01860)上涨11.00%，金山云(03896)上 涨8.51%，金蝶国际(00268)上涨7.41%，东方甄选(01797)上涨6.91%。港股互联网ETF(159568)上涨1.44%，最新价报1.84元。拉长时间看，截至2025年7月30 日，港股互联网ETF近2周累计上涨1.80%。 费率方面，港股互联网ETF管理费率为0.50%，托管费率为0.10%，费率在可比基金中最低。 跟踪精度方面，截至2025年7月30 ...

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].

Group 1 - The core viewpoint of the news highlights the positive performance of the Hong Kong stock market, particularly the internet sector, driven by undervalued assets and increased IPOs of quality mainland companies [3][4] - The Hong Kong Internet ETF has seen a significant increase in net value, rising by 47.77% over the past year, ranking in the top 4.95% among index equity funds [4] - The ETF's management fee is competitive at 0.50%, and it has the highest tracking precision among comparable funds, with a tracking error of only 0.050% over the past three months [4] Group 2 - The CSI Hong Kong Internet Index consists of 30 companies related to internet businesses, with the top ten stocks accounting for 77.23% of the index [5] - The top weighted stocks include Alibaba-W, Xiaomi Group-W, and Tencent Holdings, with respective weights of 18.49%, 15.72%, and 14.90% [7] - The current price-to-earnings ratio (PE-TTM) of the index is 22.41, indicating it is at a historical low compared to the past three years [4]

Core Viewpoint - The Hong Kong Internet ETF is showing strong performance, with a significant increase in net value and favorable market conditions for technology stocks, particularly in the context of the AI industry transformation [1][2]. Group 1: Market Performance - As of June 4, 2025, the Hong Kong Internet ETF has risen by 0.49%, with notable increases in constituent stocks such as Alibaba Pictures (3.33%) and Xiaomi Group (1.88%) [1]. - The Hong Kong Internet ETF has seen a net value increase of 39.38% over the past year, ranking 143 out of 2831 index stock funds, placing it in the top 5.05% [2]. - The ETF has a historical one-year profit probability of 100% and an average monthly return of 9.47% during the rising months [2]. Group 2: Financial Metrics - The ETF's Sharpe ratio since inception is 1.51, indicating a favorable risk-adjusted return [3]. - The relative drawdown since inception is 4.62% compared to its benchmark [4]. - The management fee is 0.50% and the custody fee is 0.10%, making it one of the lowest in its category [5]. Group 3: Valuation and Composition - The latest price-to-earnings ratio (PE-TTM) for the index tracked by the ETF is 21.67, which is below 90.91% of the historical data over the past year, indicating a low valuation [5]. - The top ten weighted stocks in the index account for 77.23% of the total, with Alibaba-W (18.49%) and Xiaomi Group-W (15.72%) being the most significant [5][7].

Core Insights - The Hong Kong Internet ETF (159568) has shown a significant increase of 35.70% in net value over the past year, ranking 131 out of 2770 index equity funds, placing it in the top 4.73% [5] - Alibaba's Qwen3, released on April 29, 2025, is recognized as the world's strongest open-source large model, outperforming competitors like DeepSeek-R1 and OpenAI o1, particularly excelling in the Agent domain [4][6] - The valuation of the Hong Kong Internet ETF, tracking the CSI Hong Kong Internet Index, is currently at a low price-to-earnings ratio (PE-TTM) of 22.35, indicating it is below 86.04% of its historical valuation over the past year [6] Performance Metrics - The Hong Kong Internet ETF has a maximum monthly return of 30.31% since inception, with the longest consecutive monthly gain being 3 months and a maximum gain of 24.85% [5] - The ETF has a Sharpe ratio of 1.63 over the past year, indicating a favorable risk-adjusted return [5] - The ETF's management fee is 0.50% and the custody fee is 0.10%, which are among the lowest in comparable funds [5] Market Activity - As of April 29, 2025, the Hong Kong Internet ETF has seen an average daily trading volume of 1.97 billion yuan over the past month, indicating active market participation [5] - The ETF's turnover rate during trading was 17.05%, with a total transaction value of 59.92 million yuan on the day [5] Industry Impact - Alibaba's open-source initiative has released over 200 models with a global download count exceeding 300 million, establishing Qwen as the largest open-source model family [4] - The release of Qwen3 is expected to accelerate the commercialization of AI applications, showcasing the strong influence of Chinese tech companies in the global open-source AI ecosystem [4]