年生基金 上演网大 如 用 ( ) // m 小米集团 第二季度 超预期 1159.62 30.5% 9.3% 营收 同比增长 预估 盟预期 108.3 @ 75.4% 0 15% 经调整净利润 同比增长 预估 8月财报前瞻 = 石 六 E 日 1 8 22 18 19 20 23 24 21 RF 川米 集团 唯唯唯 25 26 27 28 29 30 31 阿里 美团 四四 重合港股互联网龙头 前十大权重股占比超70% Tencent == 7 股讯 55 保护 8 .. 联接A 017125 联接C 017126 注: 权重数据源于中证指数公司,截至2025.7.31,港股互联网ETF (513770) 标的指数前十大权重股分别为腾讯控股(14.93%)、阿里巴巴-W(13.86%)、 小米集团-W (13.07%)、美团-W (10.06%)、美图公司 (3.79%)、金蝶国际 (3.22%)、快手-W (3.13%)、京东健康(3.1%)、哔哩哔哩-W (3.04%)、商汤 -W (2.76%)。 责任编辑：杨赐 MACD金叉信号形成，这些股涨势不错！ ...

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].