Core Viewpoint - The Hong Kong stock market is currently experiencing a consolidation phase after a series of rebounds, with major tech stocks showing slight declines, while the Hong Kong Internet ETF continues to attract significant capital inflows [1][3]. Group 1: Market Performance - The Hang Seng Index and Hang Seng Tech Index opened lower, with notable declines in major tech stocks such as Tencent, Alibaba, and Meituan, which fell by over 1% to 3% [1]. - The Hong Kong Internet ETF (513770) saw a price drop of 0.65%, indicating high market interest despite the decline [1]. - The ETF has accumulated a net inflow of 2.77 billion yuan over the past 20 days, reflecting strong investor interest [3]. Group 2: Capital Flows - Southbound capital has been consistently increasing its holdings in Hong Kong stocks, particularly in tech giants like Tencent and Alibaba, with a total net purchase of 33.414 billion HKD in Alibaba over 14 consecutive trading days [3]. - The overall performance of the internet sector's mid-year earnings has been stable, with AI-related companies showing strong revenue and profit growth [3]. Group 3: ETF and Index Performance - The Hong Kong Internet ETF has outperformed the Hang Seng Tech Index by over 10 percentage points in terms of cumulative returns and maximum returns [5]. - The ETF's latest scale has surpassed 10 billion yuan, achieving a historical high, with an average daily trading volume of nearly 600 million yuan [6]. - The top four holdings in the ETF include Xiaomi, Tencent, Alibaba, and Meituan, which collectively account for 54.74% of the fund [4].