11月26日，港股AI延续涨势，重仓互联网龙头的港股互联网ETF（513770）场内价格续涨逾1%，连涨3日。科网龙头走势分化，美团-W涨超6%，小米集团- W涨近2%，腾讯控股、快手-W跟涨。阿里巴巴-W绩后一度跌超2%，现跌1%。 因对淘宝闪购和AI大幅投入，阿里巴巴三季度经营利润同比降85%，但云增速超预期。单季度实现云营收398.24亿元，同比增长34%，连续多个季度提速， 其中AI相关产品收入已实现9个季度三位数同比增长，成为云业务增长的核心引擎。 阿里明确积极加码AI能力建设，不排除在已承诺的三年超3800亿元云和AI硬件基建投资外追加投入。阿里CEO吴泳铭表示，未来三年内不太可能出现人工 智能泡沫。未来三年，人工智能资源整体将处于供不应求的状态。 | 十大权重 | | | | 更新日期: 2025-11-10 | | --- | --- | --- | --- | --- | | 证券代码 | 证券名称 | 中证一级行业分类 | 中证二级行业分类 | 权重(%) | | 9988. HK | 阿里巴巴-W | 可选消费 | 零售业 | 18.89 | | 0700.HK | 腾讯控股 | 通信服 ...

11月26日，港股AI延续涨势，重仓互联网龙头的港股互联网ETF（513770）场内价格续涨逾1%，连涨3 日。科网龙头走势分化，美团-W涨超6%，小米集团-W涨近2%，腾讯控股、快手-W跟涨。阿里巴巴-W 绩后一度跌超2%，现跌1%。 因对淘宝闪购和AI大幅投入，阿里巴巴三季度经营利润同比降85%，但云增速超预期。单季度实现云营 收398.24亿元，同比增长34%，连续多个季度提速，其中AI相关产品收入已实现9个季度三位数同比增 长，成为云业务增长的核心引擎。 阿里明确积极加码AI能力建设，不排除在已承诺的三年超3800亿元云和AI硬件基建投资外追加投入。 阿里CEO吴泳铭表示，未来三年内不太可能出现人工智能泡沫。未来三年，人工智能资源整体将处于供 不应求的状态。 Omdia数据显示，今年上半年阿里云在中国AI云市场份额达35.8%，远超第二至第四名总和。此外其To C端突破同样亮眼，千问 App公测一周下载量破千万，未来将接入电商、地图、本地生活等生态，实现 AI To B与To C的全场景渗透。 机构指出，阿里当前的投入逻辑已获验证，AI+云的技术壁垒与即时零售的场景壁垒正加速形成，随着 算力供给瓶颈逐 ...

隔夜中国资产狂飙，今早港股接力走强，恒指跳空高开0.9%，恒生科技指数涨1.43%，科网龙头延续攻势，截至发稿，阿里巴巴-W续涨3.82%，哔哩哔哩- W、小米集团-W涨超4%，快手-W涨超3%，腾讯控股涨逾1%。 | 字号 | 4-64 | 名称 | 内日各 | 现价 | | 涨跌 涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | | | 9626 | 哔哩哔哩-W | | 212.400 | 9.400 | 4.63% | | 2 | 1810 | 小米集团-W | | 40.240 | 1.580 | 4.09% | | 3 | 9988 | 阿里巴巴-W | | 160.40 | 5.900 | 3.82% | | 4 | 3896 | स्थान | | 6.560 | 0.210 | 3.31% | | 5 | 1357 | 美图公司 | | 8.520 | 0.300 | 3.65% | | 6 | 1024 | 快手-W | | 70.650 | 2.100 | 3.06% | | 7 | 0020 | 商汤-W | . 115 | 2.160 ...

Core Viewpoint - The A-share market showed a rebound with all major indices closing in the green, driven by significant inflows into the defense and military sector, as well as the resurgence of AI applications in financial technology [1][2] Group 1: Defense and Military Sector - The defense and military sector emerged as a leading performer, with over 133 billion yuan in net inflows, marking it as the top sector for institutional investment [2][5] - The defense military ETF (512810) saw a substantial increase of 3.78%, achieving its largest single-day gain since July, with 77 out of 79 covered stocks closing in the green [3][6] - Geopolitical factors are fueling the demand for defense spending, with expectations for increased investment in national defense and military capabilities [5][6] Group 2: AI and Financial Technology - The financial technology sector rebounded, with the largest financial technology ETF (159851) rising by 2%, indicating a recovery in market confidence [13][15] - Alibaba's AI assistant, Qianwen, achieved over 10 million downloads in just one week, highlighting the rapid growth of AI applications [15][10] - Analysts believe that the financial sector is an ideal testing ground for AI applications, with significant potential for transforming business processes and enhancing profitability [15][16] Group 3: Hong Kong Market Dynamics - The Hong Kong innovation drug sector also experienced a rebound, with leading companies like 3SBio and Heng Rui Medicine showing strong performance [2] - The Hong Kong internet ETF (513770) saw a price increase of over 2%, reflecting strong buying interest and a favorable valuation compared to A-shares [9][10] - The valuation of the Hong Kong internet sector is at a historical low, making it an attractive investment opportunity as it includes key players in AI and technology [9][10]

Core Viewpoint - The Hong Kong stock market, particularly in the AI sector, is showing signs of recovery with significant gains in major tech stocks, indicating a potential investment opportunity as valuations appear attractive compared to other markets [1][3]. Group 1: Market Performance - Hong Kong stocks, especially in the AI sector, have rebounded, with major tech companies like Alibaba and Kuaishou seeing substantial price increases, reflecting strong market interest [1]. - The Hong Kong Internet ETF (513770) experienced a price increase of nearly 3% during trading, closing up 2.2%, indicating active buying interest [1]. - The ETF saw a net inflow of 71.14 million yuan over the past week, suggesting positive sentiment among investors [1]. Group 2: Valuation Insights - The price-to-earnings (P/E) ratio for the Hong Kong Internet ETF (513770) is currently at 21.93 times, which is at the historical bottom of the past decade, indicating a valuation advantage compared to the ChiNext Index and Nasdaq 100, which have P/E ratios of 37.72 and 34.75 respectively [3][4]. - Analysts believe that the Hong Kong market is entering a favorable investment phase, with left-side investors encouraged to gradually build positions [3]. Group 3: Company Developments - Alibaba's AI assistant, Qianwen, has achieved over 10 million downloads within a week of its public testing, surpassing competitors like ChatGPT, marking it as the fastest-growing AI application [5]. - Kuaishou's AI video model, Keling, has upgraded to Turbo2.5, positioning itself among the top global AI video models, with strong market expectations for its commercialization potential [5]. Group 4: Strategic Outlook - Goldman Sachs' chief China equity strategist emphasizes that the rise of Chinese stocks driven by AI is not a bubble, suggesting that tech companies have room to enhance valuations and profitability through AI applications [6]. - The Hong Kong Internet ETF (513770) and its associated funds are designed to track major internet leaders, with Alibaba, Tencent, and Xiaomi being the top three holdings, collectively accounting for over 73% of the ETF [6].

Core Viewpoint - The Hong Kong stock market is experiencing a rebound in AI-related stocks, with significant gains in major tech companies, indicating a positive shift in investor sentiment towards the sector [1][3]. Group 1: Market Performance - Hong Kong's AI stocks have shown a strong recovery, with notable increases in share prices for companies like Alibaba, Kuaishou, and Bilibili, reflecting a growing interest in AI applications [1]. - The Hong Kong Internet ETF (513770) saw a price increase of nearly 3% during trading, closing up 2.2%, indicating active buying interest [1]. - The Hong Kong Internet ETF recorded a net inflow of 71.14 million yuan over the past week, suggesting strong investor confidence [1]. Group 2: Valuation and Investment Opportunities - The price-to-earnings (P/E) ratio for the Hong Kong Internet ETF is currently at 21.93, which is at the historical bottom of the past decade, presenting a valuation advantage compared to A-share counterparts [3][4]. - Analysts suggest that the Hong Kong market is entering a favorable investment phase, with opportunities for left-side investors to gradually build positions [3]. - The Hong Kong Internet sector is home to several leading tech giants that are deeply integrated into the global supply chain, particularly in AI, cloud computing, and semiconductor industries, indicating potential for value realization [4]. Group 3: Company Developments - Alibaba's AI assistant, Qianwen, has achieved over 10 million downloads within a week of its public testing, surpassing other AI applications, highlighting its rapid growth [5]. - Kuaishou's AI video model, Keling, has upgraded to Turbo2.5, positioning itself among the top global AI video models, which is expected to enhance its commercialization potential [5]. - Goldman Sachs' chief strategist emphasizes that the rise of Chinese stocks driven by AI is not a bubble, suggesting that tech companies can still enhance their valuations through AI applications [5]. Group 4: ETF and Fund Insights - The Hong Kong Internet ETF has a market size exceeding 10 billion yuan, with an average daily trading volume of over 600 million yuan, indicating good liquidity [6]. - The ETF's top holdings include Alibaba, Tencent, and Xiaomi, which collectively account for over 73% of the fund, showcasing a strong focus on leading AI and tech companies [6].

Market Overview - A-shares showed a rebound on November 24, with all three major indices closing in the green and over 4,200 stocks rising. However, market sentiment has slightly declined, with a trading volume of 1.74 trillion yuan, down by 2.4 billion yuan compared to the previous day [1] Sector Performance - The technology growth sector significantly recovered, with the defense and military industry emerging as a leading "super dark horse," attracting over 13.3 billion yuan in net inflows, the highest across all industries [2][4] - The defense military ETF (512810) surged by 3.78%, marking its largest single-day increase since July, while the general aviation ETF (159231) rose by 3.43%, both achieving their highest daily trading volumes in months [2][4] - The financial technology sector rebounded in the afternoon, with the largest financial technology ETF (159851) gaining 2% and maintaining its position above the annual line. The AI application by Alibaba, "Qianwen," achieved over 10 million downloads in just seven days, setting a record for AI application growth [3][14] Investment Insights - Analysts from Guotai Junan Securities believe that the Chinese stock market will gradually stabilize and embark on a year-end rally, despite recent global market fluctuations [4] - The defense military sector is expected to see increased investment due to ongoing geopolitical tensions, which may drive high-quality development in the industry [7] - The Hong Kong AI sector is showing strong momentum, with major stocks like Alibaba and Kuaishou experiencing significant gains, indicating a recovery phase for the sector [10][12] ETF Highlights - The Hong Kong Internet ETF (513770) has a current price-to-earnings ratio of 21.93, placing it in the historical bottom range, indicating a valuation advantage compared to other indices [10][11] - The financial technology ETF (159851) has a scale exceeding 90 billion yuan, with an average daily trading volume of 8 billion yuan over the past six months, making it a leading choice among similar ETFs [17]

周五（11月21日），全球市场避险情绪继续发酵，受隔夜美股剧烈震荡影响，亚太主要股指齐挫。A股 大幅调整，超5000股飘绿，沪指失守3900点，收跌2.45%报3834.89点，深成指、创指分别下跌3.41%、 4.02%。全市场成交1.98万亿元，环比显著放量。 科技成长首当其冲，硬科技宽基双创龙头ETF（588330）场内收跌4.1%。创业板人工智能ETF （159363）跳空低开，场内放量跌4.83%，失守所有短期均线。此前持续活跃的有色、化工等周期板块 亦受挫，有色龙头ETF（159876）、化工ETF（516020）双双重挫，不过场内放量溢价，显示抄底资金 活跃。 普跌之际，"银伟大"再秀防御力，中国银行逆市涨0.8%续创历史新高，全市场规模最大的银行ETF （512800）早盘一度翻红。消费股逆市表现，消费龙头ETF（516130）、食品ETF（515710）、农牧渔 ETF（159275）等均跑赢大市，东方证券提示，展望2026年，食品饮料板块或"易涨难跌"。 | 代码 | 美型 名称 | 现价 | 涨跌幅 ▼ | 成交额 | 溢折率 | | --- | --- | --- | --- | -- ...

周五（11月21日），全球市场避险情绪继续发酵，受隔夜美股剧烈震荡影响，亚太主要股指齐挫。A股 大幅调整，超5000股飘绿，沪指失守3900点，收跌2.45%报3834.89点，深成指、创指分别下跌3.41%、 4.02%。全市场成交1.98万亿元，环比显著放量。 科技成长首当其冲，硬科技宽基双创龙头ETF（588330）场内收跌4.1%。创业板人工智能ETF （159363）跳空低开，场内放量跌4.83%，失守所有短期均线。此前持续活跃的有色、化工等周期板块 亦受挫，有色龙头ETF（159876）、化工ETF（516020）双双重挫，不过场内放量溢价，显示抄底资金 活跃。 普跌之际，"银伟大"再秀防御力，中国银行逆市涨0.8%续创历史新高，全市场规模最大的银行ETF （512800）早盘一度翻红。消费股逆市表现，消费龙头ETF（516130）、食品ETF（515710）、农牧渔 ETF（159275）等均跑赢大市，东方证券提示，展望2026年，食品饮料板块或"易涨难跌"。 | 代码 | 美型 名称 | 现价 | 涨跌幅 ▼ | 成交额 | 溢折率 | | --- | --- | --- | --- | -- ...

Core Insights - The Hong Kong stock market showed mixed performance among tech giants, with Alibaba-W rising over 2% and Xiaomi Group-W dropping more than 3% after its earnings report [1] - The Hong Kong Internet ETF (513770) saw a price increase of 0.36%, indicating strong buying interest, with a net inflow of 23.77 million CNY over the last three days and a cumulative net inflow of 1.315 billion CNY over the past 20 days [1] Group 1: Company Performance - Xiaomi Group reported a strong Q3 earnings with revenue reaching 113.1 billion CNY, a year-on-year increase of 22.3%, and an adjusted net profit of 11.3 billion CNY, up 80.9% year-on-year, marking a historical high [2] - The company achieved profitability in its automotive and AI sectors for the first time, with a profit of 700 million CNY in the quarter [2] Group 2: AI and Internet Sector Outlook - The launch of Alibaba's Qianwen app has gained significant traction, ranking fifth in the Apple App Store's free apps category shortly after its public beta [3] - The Hong Kong Internet sector is expected to benefit from the acceleration of AI integration across various applications, with significant potential for growth in domestic AI companies [3] - Citic Securities highlighted the substantial earnings elasticity of domestic AI firms, suggesting that the model and application sectors may experience explosive growth opportunities [3] Group 3: ETF and Index Performance - The Hong Kong Internet ETF (513770) tracks the CSI Hong Kong Internet Index, which heavily weights leading internet companies like Alibaba-W, Tencent Holdings, and Xiaomi Group, accounting for over 73% of the top ten holdings [4] - The index has shown higher elasticity this year, outperforming the Hang Seng Tech Index, with a year-to-date increase of 40.81% compared to 32.23% for the Hang Seng Tech Index [6] - The current price-to-earnings ratio of the Hong Kong Internet Index is 24.44, significantly lower than that of the NASDAQ 100 and the ChiNext Index, indicating a potentially undervalued market [6]