中信建投指出，2025年港股整体表现亮眼，受宏观经济基本面转好、政策红利释放、国内产业结构升级 与全球流动性改善等多重因素共同作用，港股科技、医药等新经济行业迎来价值重估机遇。2026年，港 股市场预计将继续维持较高活跃度，主要基于三方面判断：一是美联储货币政策转向提供流动性支持； 二是南向资金持续流入增添动力，2025年南向资金累计净买入创历史新高，2026年1月净买入环比大幅 增长；三是港股估值优势依然显著，即便经过前期上涨，港股估值仍处于历史相对低位，对全球资本具 有较强吸引力。 （文章来源：每日经济新闻） 港股互联网ETF国泰（513720）跟踪的是港股通互联网指数（931637），该指数从港股通范围内选取涉 及互联网相关业务的上市公司证券作为指数样本，覆盖传媒、零售和消费者服务等行业，以反映港股通 内互联网主题上市公司证券的整体表现。 ...

Group 1 - The core viewpoint of the news is that the Hong Kong stock market experienced a sharp decline followed by a gradual recovery, primarily due to rumors regarding potential tax rate adjustments targeting the financial and internet value-added services sectors, which led to a collective drop in stock prices of related companies [1] - The rumors about tax adjustments are deemed unfounded based on analyses from RandomlyWriting and Everbright Securities, indicating that the logic behind the comparisons to other industries' tax rates is flawed and that significant tax reforms are complex and typically follow a structured process [1] - The expectation of tightening monetary policy by the Federal Reserve and a strengthening dollar has put pressure on the valuations of Hong Kong tech stocks, particularly under foreign capital influence [1] Group 2 - Looking ahead, the overall liquidity in the Hong Kong stock market may be suppressed due to the anticipated continuation of loose monetary and fiscal policies in the U.S. until 2026, with a low probability of a weak dollar trend similar to the first half of 2025 [2] - The potential for a rebound in the Hong Kong stock market may depend on breakthroughs in AI and related technologies, as well as a recovery in domestic consumption, which could support long-term growth momentum for the sector [2] - Investors are encouraged to consider Hong Kong tech ETFs (513020) or the Cathay Internet ETF (513720) as potential investment options, given the current low historical valuations of the Hong Kong stock market [2]