国信证券表示，11月以来，港股互联网板块经历明显调整，当前腾讯、美团、阿里等个股估值均明显回 调，整体重回高胜率的布局区间，建议增加港股互联网板块的仓位配置。港股互联网板块汇聚了一批A 股稀缺的平台型科技巨头与硬科技领军者，这些企业在AI大模型、云计算、智能硬件、半导体等关键 领域已深度嵌入全球供应链，并开始从技术投入期迈入价值兑现期，值得重点关注。 12月12日，港股互联网板块触底反弹，午后进一步走强，资金低位抄底热情高涨。昨日，热门ETF—— 港股互联网ETF(513770)获资金大举增仓3.52亿元，近6日资金连续净流入合计5.84亿元。有分析认为， 港股互联网板块当前已接近"利空出尽"状态，呈现磨底迹象，资金趁低位加速入场。 港股互联网ETF(513770)及其联接基金(017125)被动跟踪中证港股通互联网指数，该指数重仓互联网龙 头，前10大持仓汇聚AI云计算、大模型+各领域AI应用公司，合计占比超73%，龙头优势显著，阿里巴 巴-W、腾讯控股、小米集团-W是其前3大权重股，权重占比分别为18.89%、17.01%、10.05%。港股互 联网ETF(513770)基金规模超百亿元，年内日均成交额超 ...

Group 1 - The core viewpoint of the article highlights the significant rise in the stock prices of Alibaba and other tech giants in the Hong Kong market, driven by the integration of AI technologies and the positive sentiment surrounding the "new productive forces" in the market [2][13][14] - Alibaba's stock surged by 9.16%, reaching a four-year high, indicating strong investor interest and confidence in the company's growth potential within the AI sector [2][13] - The article emphasizes the strategic positioning of Hua Bao Fund in the Hong Kong market, with multiple ETFs focusing on sectors like innovative drugs, low-volatility dividends, and internet consumption, which are heavily invested in leading tech companies like Alibaba [2][3][11] Group 2 - The Hong Kong Top 30 ETF (520560) launched by Hua Bao Fund is set to track the Hang Seng China (Hong Kong-listed) 30 Index, which consists of the largest 30 companies by market capitalization, reflecting the performance of major Chinese companies listed in Hong Kong [3][6] - The top ten constituents of the Hang Seng China (Hong Kong-listed) 30 Index include Alibaba, Tencent, and Xiaomi, with Alibaba holding an 18.41% weight in the index, showcasing its dominance in the tech sector [4][6] - The article notes that the Hong Kong Internet ETF (513770) has also seen significant growth, with assets exceeding 11.5 billion, and Alibaba being the largest weight in its index at 18.11%, indicating strong performance and investor interest in tech stocks [7][11] Group 3 - The article discusses the favorable market conditions for Hong Kong stocks, driven by the revaluation of Chinese assets and the global liquidity environment, which has contributed to the bullish trend in the market [11][15] - Analysts predict a potential long-term bull market for both A-shares and Hong Kong stocks, driven by a shift in wealth allocation towards equities and a positive feedback loop in the Hong Kong market ecosystem [15][16] - The article highlights the increasing inflow of southbound capital into Hong Kong stocks, with net inflows exceeding 1 trillion HKD in 2025, further supporting the bullish outlook for the market [15][16]

Core Insights - The article highlights the significant rise of Alibaba's stock, which surged by 9.16%, marking a four-year high, and reflects the growing enthusiasm for tech stocks in the Hong Kong market, particularly in the context of AI integration [1][7] - The article discusses the strategic positioning of Huabao Fund in the Hong Kong market, emphasizing its focus on sectors like innovative drugs, low-volatility dividends, and internet consumption, with several ETFs heavily invested in tech companies like Alibaba [1][2] Group 1: Market Performance - Alibaba's stock performance is seen as a symbol of the broader appeal of core assets in the Hong Kong market, attracting global capital due to its valuation advantages and growth potential [1][7] - The Hong Kong market is experiencing a bullish trend, with significant inflows of southbound capital, exceeding 1 trillion HKD in 2025, indicating a positive shift in investor sentiment [8][9] Group 2: Fund Strategies - Huabao Fund's Hong Kong Large Cap 30 ETF (520560) and other related funds are designed to track the performance of the Hang Seng China (Hong Kong Listed) 30 Index, which consists of the largest 30 companies by market capitalization [2][3] - The Hong Kong Internet ETF (513770) has seen rapid growth in assets, exceeding 11.5 billion, and is heavily weighted towards Alibaba, which constitutes 18.11% of its index [4][5] Group 3: AI Integration and Future Outlook - Alibaba's collaboration with NVIDIA on Physical AI and its plans for a 380 billion investment in AI infrastructure signal a robust commitment to advancing its technological capabilities [7] - Analysts predict a potential long-term bull market for both A-shares and Hong Kong stocks, driven by a shift in wealth allocation towards equities and a favorable market environment [8][9]

Group 1 - Xiaomi Group reported a revenue of 1159.62 million, representing a year-on-year growth of 30.5% [1] - The adjusted net profit increased by 9.3% compared to the previous year, exceeding market expectations [1] - The upcoming financial report for August is anticipated to provide further insights into the company's performance [1] Group 2 - The top ten weighted stocks in the Hong Kong internet sector account for over 70% of the index, with Tencent holding 14.93%, Alibaba at 13.86%, and Xiaomi at 13.07% [2] - Other significant players include Meituan at 10.06% and various other companies contributing to the index [2] Group 3 - MACD golden cross signals have formed, indicating a positive trend for certain stocks [3]

Group 1 - The Hong Kong stock market has entered a bull market after 40 trading days, with significant indices such as the Hong Kong Internet Index, Hang Seng Tech Index, and Hang Seng China Enterprises Index rising over 20% since their April lows [2][3] - The Hong Kong Internet Index surged by 23.63% in the first quarter, leading global major indices, and has seen a net inflow of 688 million HKD into the Hong Kong Internet ETF (513770) since the second quarter, surpassing 5 billion HKD in total size [3][25] - Southbound capital has recorded unprecedented inflows into Hong Kong stocks, with a cumulative net purchase of over 620 billion HKD this year, the highest for the same period in history [12][19] Group 2 - The influx of southbound capital has been more rational this time, focusing on technology giants, high dividends, and new consumption strategies, with Alibaba, Meituan, and Tencent being the most popular choices [21][23] - The Hong Kong Internet ETF (513770) has become a key investment tool, with its size reaching 50.84 billion HKD, benefiting from the strong performance of the underlying index, which has risen over 27% this year [25][26] - The current price-to-earnings ratio of the Hong Kong Internet Index stands at 22.73, which is lower than most major global markets, indicating potential for further growth [28][29] Group 3 - The market is experiencing a liquidity boom due to the rapid weakening of the US dollar, with the Hong Kong Monetary Authority injecting nearly 130 billion HKD into the market, leading to a significant drop in the one-month HIBOR rate [17][19] - The return of foreign capital to Chinese assets is expected to increase, driven by the changing global narrative around Chinese technology and the ongoing IPO boom in Hong Kong, which has raised over 77.6 billion HKD this year [30][31] - The current market dynamics suggest a historical shift, with the potential for Hong Kong stocks to attract more investment as they offer a variety of high-quality assets [31][32]

Core Viewpoint - The article emphasizes that Chinese assets, particularly in the Hong Kong technology sector, are experiencing a significant revaluation, driven by a combination of improved fundamentals and external capital inflows [4][29]. Group 1: Market Performance - The Hong Kong Internet ETF (513770) has seen a substantial increase, achieving a new high with three consecutive days of gains [1]. - Since the market rally began on January 14, the Hang Seng Index and the Hang Seng Tech Index have risen by 29.12% and 43.74%, respectively, while the Hong Kong Internet Index has surged by 51.53% [2]. Group 2: Institutional Insights - Morgan Asset Management believes that the revaluation of Chinese assets is just beginning, predicting a "Davis Double Play" where both valuations and corporate earnings improve [4]. - The macroeconomic environment is stabilizing, which is conducive to a better pricing environment for the market [7]. Group 3: Foreign Capital Inflows - There is a significant amount of capital waiting to enter the market, primarily from long-term foreign investors, which could lead to a new rally in Chinese technology assets [3][15]. - The CEO of Norway's sovereign wealth fund has suggested reallocating investments from U.S. tech stocks to Chinese stocks, indicating a shift in foreign investment strategies [12]. Group 4: AI and Technology Investments - The article highlights the increasing capital expenditures by Chinese tech companies in AI, with ByteDance investing hundreds of billions in AI technology, similar to investments made by U.S. tech giants [20][27]. - The rise of AI technology in China is seen as a pivotal moment that could attract long-term foreign capital back into the market [29]. Group 5: Market Sentiment and Future Outlook - Despite skepticism from some investors due to past market volatility, the current upward trend in Hong Kong tech stocks is expected to continue as more capital flows in [30][36]. - The article suggests that the current valuations of major Hong Kong tech stocks like Tencent and Alibaba are still below their 2021 highs, indicating potential for further growth [36].