Core Viewpoint - The Hong Kong stock market continues to experience fluctuations, with major tech stocks declining, while the Hong Kong Internet ETF shows signs of resilience and optimism from investors [1][3]. Market Performance - As of October 10, major indices in the Hong Kong stock market opened lower, with Alibaba-W, Kuaishou-W, and Xiaomi Group-W dropping over 2%, and Tencent Holdings falling more than 1% [1]. - The Hong Kong Internet ETF (513770) saw a price drop of 2%, indicating a wide premium in the drop range, suggesting active buying interest from investors [1]. Fund Flows - Despite market volatility, there was a net inflow of 266.1 million yuan into the Hong Kong Internet ETF on the previous day, with a total net inflow of 1.336 billion yuan over the past 20 days [3]. - The Hong Kong Internet ETF has surpassed 11 billion yuan in size, reaching a historical high, with an average daily trading volume exceeding 600 million yuan [7]. Sector Outlook - According to China Merchants Securities, while market fluctuations may intensify, the long-term upward trend remains intact, with AI being a key driver for the Hong Kong market [3]. - Guotai Junan Securities anticipates a recovery in the fundamentals and continuous improvement in capital flow, suggesting that the Hong Kong stock market may reach new highs in the fourth quarter [3]. Index Performance - The CSI Hong Kong Internet Index has shown higher elasticity this year, outperforming the Hang Seng Tech Index, with a year-to-date increase of 55.11% compared to 45.79% for the Hang Seng Tech Index [5]. - The latest PE ratio for the CSI Hong Kong Internet Index is 26.69, which is significantly lower than the historical average of 38.31 for the Hang Seng Tech Index, indicating a more attractive valuation [5]. Major Holdings - The top three holdings in the Hong Kong Internet ETF are Alibaba-W (18.92%), Tencent Holdings (15.60%), and Xiaomi Group-W (11.54%), collectively accounting for over 73% of the top ten holdings [3][4].

Group 1 - The Hong Kong stock market opened high but experienced a decline, with the Hong Kong Internet Index falling by 0.62%, reflecting a broader market pullback [1] - Major tech stocks such as Alibaba, Meituan, and Kuaishou saw declines, while Tencent experienced a slight drop of 0.22%. Xiaomi and Bilibili managed to rise slightly [1] - The Hong Kong Internet ETF (513770) saw a nearly 2% drop, indicating active buying interest despite high premiums, with a real-time premium rate of nearly 0.5% [1] Group 2 - Alibaba has established a "Robot and Embodied AI Group," marking its strategic expansion from AI software to hardware applications, aiming to capture a share in the growing embodied AI market [3] - Alibaba Cloud led a $140 million financing round for the robotics startup X Square Robot, indicating strong investment in AI infrastructure [3] - International institutions have renewed their focus on Chinese tech assets, with significant price target increases for Alibaba and Tencent, highlighting their advancements in AI capabilities [3] Group 3 - The Hong Kong Internet ETF tracks the CSI Hong Kong Internet Index, with Alibaba, Tencent, and Xiaomi being the top three holdings, accounting for over 73% of the index [4] - The index has shown significant resilience, outperforming the Hang Seng Tech Index, with a year-to-date increase of 55.11% compared to 45.79% for the Hang Seng Tech Index [6] - The current price-to-earnings (P/E) ratio of the CSI Hong Kong Internet Index is 26.69, which is lower than both the US and A-share tech sectors, indicating potential value [6] Group 4 - The Hong Kong Internet ETF has surpassed 11.7 billion yuan in size, achieving a historical high, with an average daily trading volume exceeding 600 million yuan [8] - The index has shown varied performance over the past five years, with a notable increase of 23.04% in 2024, following declines in previous years [8]

Group 1: Market Overview - The Hong Kong stock market experienced a broad adjustment, with the Hang Seng Index falling by 1.35%, and the Hang Seng Technology and Biotechnology indices dropping by 2.89% and 2.44% respectively [1][3] - Major tech stocks, including Alibaba and Xiaomi, saw significant declines, with Alibaba down 3.2% and Xiaomi plunging 8% [1][5] - The Hong Kong Internet ETF (513770) closed down 2.6%, ending a two-day upward trend, despite active buying interest [1] Group 2: Innovation Drug Sector - The innovation drug sector faced another round of adjustments, with major stocks like 3SBio and BeiGene dropping by 5.32% and nearly 2% respectively [3][6] - The Hong Kong Innovation Drug ETF (520880) closed down 1.44% with a trading volume of 410 million, indicating increased market activity [3][6] - The announcement of a 100% tariff on pharmaceutical products by the U.S. starting October 1 has negatively impacted sentiment in the sector, although it does not directly affect Chinese innovation drug companies [6] Group 3: Future Outlook - Analysts remain optimistic about the long-term prospects of the Hong Kong stock market, suggesting a potential slow bull market with upward momentum [7] - The internet sector is expected to shift focus from competitive pricing to AI-driven narratives, enhancing growth potential [6][7] - The innovation drug sector is also viewed positively, with September seen as a good opportunity for positioning [7]

Group 1: Market Overview - The Hong Kong stock market experienced a broad adjustment, with the Hang Seng Index falling by 1.35%, and the Hang Seng Technology and Biotechnology indices dropping by 2.89% and 2.44% respectively [1][3] - Major technology stocks, including Alibaba and Xiaomi, saw significant declines, with Alibaba down 3.2% and Xiaomi plunging 8% [1] - The Hong Kong Internet ETF (513770) closed down 2.6%, ending a two-day winning streak, indicating a shift in market sentiment [1] Group 2: Innovation Drug Sector - The innovation drug sector also faced a downturn, with major players like 3SBio and BeiGene dropping by 5.32% and nearly 2% respectively [3] - The Hong Kong Innovation Drug ETF (520880) closed down 1.44%, with a trading volume of 410 million yuan, reflecting increased market activity [3][6] - Despite the overall decline, there was a notable recovery in the ETF's performance, with the drop narrowing from over 2.5% to 1.44%, suggesting some investor interest in perceived undervalued assets [6] Group 3: External Influences - Recent comments from Federal Reserve officials indicated significant disagreement regarding future interest rate cuts, impacting short-term market sentiment [5] - The announcement of a 100% tariff on pharmaceutical products by the U.S. government is expected to negatively affect sentiment in the pharmaceutical sector, although it may not directly impact Chinese innovation drug companies [6] Group 4: Future Outlook - Analysts maintain a bullish long-term outlook for the Hong Kong stock market, suggesting a potential slow upward trend in the near term [7] - The internet sector is viewed as a resilient investment theme, with expectations that AI developments will reshape the competitive landscape [6][7] - The innovation drug sector is also seen as a strategic investment opportunity, with analysts suggesting that September may present a good entry point for investors [7]

Group 1: Market Overview - The Hong Kong stock market experienced a broad adjustment, with the Hang Seng Index falling by 1.35%, and the Hang Seng Technology and Biotechnology indices dropping by 2.89% and 2.44% respectively [1][3] - Major tech stocks, including Alibaba and Xiaomi, saw significant declines, with Alibaba down 3.2% and Xiaomi plunging 8% [1][5] - The Hong Kong Internet ETF (513770) closed down 2.6%, ending a two-day upward trend, despite active buying interest [1] Group 2: Innovation Drug Sector - The innovation drug sector faced another round of adjustments, with major stocks like 3SBio and BeiGene dropping by 5.32% and nearly 2% respectively [3][6] - The Hong Kong Innovation Drug ETF (520880) closed down 1.44% with a trading volume of 410 million, indicating increased market activity [3][6] - The announcement of a 100% tariff on pharmaceutical products by the U.S. starting October 1 has negatively impacted sentiment in the sector, although it does not directly affect Chinese innovation drug companies [6] Group 3: Future Outlook - Analysts remain optimistic about the long-term prospects of the Hong Kong stock market, suggesting a potential slow bull market with upward momentum [7] - The internet sector is expected to shift focus from competitive pricing to AI-driven narratives, enhancing growth potential [6][7] - The innovation drug sector is also viewed positively, with September seen as a good opportunity for positioning [7]

阿里云栖大会昨日开幕，阿里巴巴AI战略再加码，宣布在3800亿的基础上追加投入，与英伟达合作 Physical AI，并发布七款大模型。 中金公司认为，阿里云具备人工智能时代的全栈能力，从通义大模型等AI服务平台到中国第一的AI基 础设施和计算网络，阿里云具备领先的供给侧优势和开发者黏性，随着AI需求持续发展，阿里云将在 各个维度受益，看好阿里云商业价值的持续释放和对公司估值的持续提振。 今日港股AI延续升势，小米集团-W接力领涨，盘中一度涨逾5%，收涨4.48%；哔哩哔哩-W涨超2%，快 手-W涨逾1%，腾讯控股、美团-W跟涨。昨日大涨9%的阿里巴巴-W盘中一度涨超1%续创四年新高，短 线微调收跌1.15%。 | 序号 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | | | 1810 | 小米集团-W | | 59.450 | 2.550 | 4.48% | | 2 | 1860 | 汇量科技 | | 20.500 | 0.810 | 4.11% | | 3 | 3888 | 金山软件 | | 36. ...

Group 1 - On the anniversary of September 24, A-shares and Hong Kong stocks surged, with Alibaba Cloud's conference igniting enthusiasm in the tech sector, leading Alibaba-W to rise by 9.16%, reaching a four-year high [1][7] - Market participants view Alibaba as a tech giant, indicating that its stock price surge reflects the appeal of core assets in Hong Kong that represent "new productive forces," attracting global capital [1][7] - Huabao Fund has strategically invested in the Hong Kong market, launching multiple ETFs focused on innovative drugs, low-volatility dividends, internet, and new consumption sectors, with significant holdings in tech companies like Alibaba [1][2] Group 2 - Huabao Fund's Hong Kong Large Cap 30 ETF (520560) has completed its early fundraising and is expected to start trading in early October, tracking the Hang Seng China (Hong Kong-listed) 30 Index, which includes the largest 30 companies by market capitalization [2] - The Hang Seng China (Hong Kong-listed) 30 Index is composed of major companies with significant revenue from mainland China, reflecting the overall performance of large-cap stocks listed in Hong Kong [2][4] - The top ten constituents of the Hang Seng China (Hong Kong-listed) 30 Index account for 73.71% of the index, showcasing a concentration in leading companies across various sectors, including internet media, finance, and consumer goods [4] Group 3 - The Hong Kong Internet ETF (513770) has surpassed 11.5 billion yuan in assets, with Alibaba-W being the largest constituent at 18.11% weight, benefiting from the recent surge in Alibaba's stock price [5][6] - The underlying index of the Hong Kong Internet ETF consists of 30 companies involved in internet-related businesses, reflecting the overall performance of internet-themed stocks in the Hong Kong market [6] - The rapid growth of the Hong Kong Internet ETF's management scale is attributed to the revaluation of Chinese assets and favorable global liquidity conditions, alongside the technological advancements driven by AI [5][8] Group 4 - Alibaba has announced a collaboration with Nvidia on Physical AI, covering various aspects of data synthesis and model training, and plans to invest significantly in AI infrastructure [7] - The market is optimistic about the recovery of Chinese high-tech companies, with foreign capital showing renewed interest in leading tech firms like Alibaba, as indicated by Ark Investment's recent purchase of Alibaba ADRs [7][8] - Analysts predict a potential long-term bull market for A-shares and Hong Kong stocks, driven by a shift in wealth allocation towards equities and a favorable market environment [8][9]

Group 1 - The Hong Kong stock market is experiencing a resurgence in AI investments, with the core ETF, Hong Kong Internet ETF (513770), showing a price increase of 1.54% and a significant premium indicating strong buying interest [1][2] - Xiaomi is set to launch its new flagship smartphone series, Xiaomi 17, which includes three high-end models. The series aims for a comprehensive upgrade in product capabilities and will feature the new Xiaomi Surge OS 3, enhancing system fluidity and AI capabilities [2] - The Hong Kong Internet sector remains a resilient investment theme, supported by loose liquidity and strong growth in cloud services from major players like Alibaba and Tencent, which are exceeding expectations in a favorable industry environment [2] Group 2 - The top ten weighted stocks in the Hong Kong Internet ETF (513770) include Alibaba, Tencent, Xiaomi, Meituan, SenseTime, JD Health, Alibaba Health, Bilibili, Kuaishou, and Kingdee International, indicating a diverse portfolio of leading tech companies [2] - Recent market signals, such as the MACD golden cross, suggest positive momentum for stocks like Xiaomi, Bilibili, Kuaishou, Tencent, and Meituan, with notable price increases observed [4]

Core Viewpoint - The Hong Kong stock market is experiencing a rise in AI-related stocks, with the Hong Kong Internet ETF (513770) approaching its previous high, driven by significant gains in major companies like Alibaba and Tencent [1][3]. Group 1: AI Investment and Market Trends - Alibaba announced an additional investment in AI, totaling 380 billion, in collaboration with Nvidia, and launched seven new large models [3]. - The Hong Kong Internet companies are categorized into two groups based on their AI strategies: those focusing on general large models and cloud computing (e.g., Alibaba, Tencent) and those targeting niche applications (e.g., Meitu, Kuaishou) [3]. - The demand for Chinese companies to expand overseas and the rapid growth of local AI applications abroad are creating significant business opportunities in the cloud computing market [3]. Group 2: Fund Flows and Investor Sentiment - Foreign investment interest is returning, as evidenced by Cathie Wood's Ark Investment purchasing Alibaba ADR for the first time in four years, indicating renewed confidence in Chinese tech giants [3]. - Domestic capital is also actively buying into AI core assets, with net purchases of 137.05 billion HKD from southbound funds, including 53.39 billion HKD in Alibaba over 24 consecutive trading days [3]. Group 3: ETF Performance and Composition - The Hong Kong Internet ETF (513770) has surpassed 11 billion HKD in size, achieving a record high, with an average daily trading volume of nearly 600 million HKD [6]. - The ETF tracks the CSI Hong Kong Internet Index, with Alibaba being the largest holding at 18.11%, followed by Tencent and Xiaomi, collectively representing over 72% of the top ten holdings [4][5]. - The CSI Hong Kong Internet Index has outperformed the Hang Seng Tech Index this year, highlighting the resilience of internet stocks in the AI sector [5].

9月24日，港股科技行情再度围绕AI龙头——阿里巴巴-W展开，阿里云栖大会今日开幕，多个重磅信息 炸市，阿里巴巴-W放量大涨9.16%，再创阶段新高。具体来看： 值得一提的是，截至昨日，南向资金已连续23个交易日净买入阿里巴巴-W，期间合计净买入621.16亿 港元。随着大模型、算力端热度不断攀升，南向资金积极"抢筹"港股AI核心资产。今日南向资金再度涌 入137亿港元，港股买盘势头强劲。 此外，华尔街明星基金经理木头姐Cathie Wood管理的方舟投资（Ark Investment）四年来首次买入阿里 巴巴ADR（美国存托凭证），信号意义强烈，显示外资对中国科技龙头的兴趣亦在悄然回归。 其他科技龙头集体跟涨，快手-W涨超3%，小米集团-W、腾讯控股涨超2%，哔哩哔哩-W、美团-W涨逾 1%。 | 序号 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | | | 9988 | 阿里巴巴-W | | 174000 | 14.600 | | | 2 | 0268 | 金蝶国际 | | 17.140 | 1.0 ...