1月9日，港股早盘高开，科网龙头多数走强，截至发稿，哔哩哔哩-W涨超5%，阿里巴巴-W涨超4%， 快手-W涨超3%，小米集团-W跟涨；下跌方面，美团-W跌超1%，腾讯控股微跌。 | 序号 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | | 1 | 9626 | 喷嚏味幅-W | 200 | 227.600 | 11.000 | 5.08% | | 2 | 9988 | 阿里巴巴-W ~ | | 148.900 | 6.300 | 442% | | 3 | 1797 | 东方甄选 | www | 19.830 | 0.800 | 4.20% | | 4 | 1833 | 平安好医生 | | 17.120 | 0.560 | 3.38% | | 5 | 2562 | 狮腾控股 | 7 | 2.000 | 0.060 | 3.09% | | 6 | 1024 | 快手-W | ww | 74.100 | 2.200 | 3.06% | | 7 | 0241 | 阿里健康 | ことな | 5.660 | 0.1 ...

Market Overview - The Hong Kong stock market continued its downward trend on January 8, with the Hang Seng Index and Hang Seng Tech Index both falling over 1% [1][9] - Major tech stocks such as Meituan, Alibaba, and Tencent experienced declines, while Bilibili saw a rise of over 2% [1][9] - The Hong Kong Internet ETF (513770) closed down 0.93%, indicating a persistent premium and a positive attitude from buyers, with over 500 million yuan net inflow in the last three days [1][9] Alibaba Developments - Alibaba announced significant progress in its Taobao Flash Sales in the latest quarter and plans to increase investments to achieve market leadership [3][11] - Forecasts suggest that the market share of Taobao Flash Sales will continue to grow strongly by Q4 2025, with a faster reduction in losses compared to competitors [3][11] - The Ministry of Commerce predicts that China's instant retail market will exceed 1 trillion yuan by 2026 and reach 2 trillion yuan by 2030 [3][11] AI Advancements - Alibaba's Amap has upgraded its "Street Scanning List" with new features, leveraging self-developed world model technology to introduce a "Flying Street View" function [3][11] - Industry experts believe Amap is building a continuously evolving "true" digital asset pool, positioning itself as a super hub in the AI era [3][11] - The profitability cycle of the AI industry is expected to drive growth for major internet companies like Alibaba and Tencent, with a projected 34% EPS growth for the Hang Seng Tech Index by 2026 [3][11] Capital Inflows - Since the beginning of the year, southbound funds have significantly purchased Hong Kong stocks, with a net inflow of 30.78 billion HKD in the first three trading days of 2026 [4][12] - Major beneficiaries include Xiaomi, which received a net inflow of 3.148 billion HKD, and Alibaba, which saw over 2 billion HKD in net purchases [4][12] - Goldman Sachs forecasts that southbound fund inflows will reach a new high of 200 billion USD in 2026, driven by the current 37% premium of AH shares, highlighting the valuation advantages of Hong Kong stocks [4][12] Market Outlook - According to Guangfa Securities, the rise in Hong Kong assets is supported by fundamentals, with signs of structural recovery in profitability starting from the second half of 2024 [4][12] - The shift from liquidity-driven growth to a combination of profitability and liquidity is anticipated, especially with the decline of food delivery subsidies and the emergence of AI-driven advertising and cloud services as new growth points [4][12] - The Hong Kong Internet ETF and its linked funds track the CSI Hong Kong Internet Index, with major holdings in Alibaba, Tencent, and Xiaomi, accounting for over 78% of the top ten weighted stocks [4][12] Top Holdings in Hong Kong Internet ETF - Tencent Holdings (0700.HK) - 15.42% [5][13] - Alibaba (0988.HK) - 14.50% [5][13] - Xiaomi Group (1810.HK) - 13.11% [5][13] - Meituan (3690.HK) - 12.03% [5][13] - Kuaishou (1024.HK) - 4.24% [5][13]

兴业证券表示，互联网龙头为中国AI领域领头羊，有望迎来内、外资共振做多。随着AI应用深化，上调互联网龙头的长期盈利增长中枢，从而推动"盈利预 期上调"和"估值提升"的戴维斯双击。（兴业证券2026年1月5日发布《"年关"已过 港股新一轮攻势有望启动》） 1月7日，港股短线回调，科网龙头集体下行，港股AI核心资产——港股互联网ETF（513770）场内价格收跌2.54%，资金逢跌净流入2.72亿元。截至最新， 港股互联网ETF（513770）基金规模达133.05亿元，续刷历史新高。 港股互联网ETF（513770）及其联接基金（A类017125；C类017126）被动跟踪中证港股通互联网指数，权重股汇聚阿里巴巴-W、腾讯控股、小米集团-W等 AI云计算、大模型+各领域AI应用公司，前十大权重股合计占比超78%，龙头优势显著。 | 十大权重 | | | | 更新日期: 2026-01-06 | | --- | --- | --- | --- | --- | | 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(%) | | 0700.HK | 腾讯控股 | 通信服务 | 侍媒 | 1 ...

此外，花旗研报首选腾讯控股及阿里巴巴-W作为核心AI概念股，看好腾讯控股在企业和用户应用方面 的AI发展前景，看好阿里巴巴在云端收入增长和效率提升方面的表现。（花旗2025年12月1日发布《中 国互联网2026年上半年展望》） 1月7日，港股短线回调，科网龙头集体下行，港股AI核心资产——港股互联网ETF（513770）场内价 格收跌2.54%，资金逢跌净流入2.72亿元。截至最新，港股互联网ETF（513770）基金规模达133.05亿 元，续刷历史新高。 港股互联网ETF（513770）及其联接基金（A类017125；C类017126）被动跟踪中证港股通互联网指 数，权重股汇聚阿里巴巴-W、腾讯控股、小米集团-W等AI云计算、大模型+各领域AI应用公司，前十 大权重股合计占比超78%，龙头优势显著。 | 十大权重 | | | | 中新日期: 2026-01-06 | | --- | --- | --- | --- | --- | | 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(%) | | 0700.HK | 腾讯控股 | 通信服务 | 传媒 | 15.42 | | 99 ...

1月7日，港股短线回调，科网龙头集体下行，港股AI核心资产——港股互联网ETF（513770）场内价 格收跌2.54%，资金逢跌净流入2.72亿元。截至最新，港股互联网ETF（513770）基金规模达133.05亿 元，续刷历史新高。 港股互联网ETF（513770）及其联接基金（A类017125；C类017126）被动跟踪中证港股通互联网指 数，权重股汇聚阿里巴巴-W、腾讯控股、小米集团-W等AI云计算、大模型+各领域AI应用公司，前十 大权重股合计占比超78%，龙头优势显著。 | 十大权重 | | | | 更新日期: 2026-01-06 | | --- | --- | --- | --- | --- | | 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(%) | | 0700.HK | 鹰讯控股 | 通信服务 | 传媒 | 15.42 | | 9988 HK | 阿里巴巴-W | 可选消费 | 零售业 | 14.50 | | 1810.HK | 小米集团-W | 信息技术 | 电子 | 13.11 | | 3690 HK | 美國-W | 可选消费 | 消费者服务 | 1 ...

1月7日，强势开门红的港股掉头向下，三大指数低开低走，截至收盘，恒指、恒科指分别收跌0.94%、 1.49%。科网龙头短线回调，阿里巴巴-W跌超3%，快手-W跌逾2%，腾讯控股、美团-W、小米集团- W、哔哩哔哩-W跌逾1%。 开年前两日，科网龙头引领港股强劲上攻，一扫颓势，吸引市场关注。分析认为，流动性+盈利协同驱 动，港股修复行情已经开启，短期波动或不改长期估值修复趋势。* 实际上，今日板块已迎来多重积极因素的共振，配置价值值得关注。 此外，花旗最新研报指出，首选腾讯控股及阿里巴巴-W作为核心AI概念股，看好腾讯控股在企业和用 户应用方面的AI发展前景，看好阿里巴巴在云端收入增长和效率提升方面的表现。* 公开资料显示，港股互联网ETF（513770）及其联接基金（A类017125；C类017126）被动跟踪中证港 股通互联网指数，权重股汇聚阿里巴巴-W、腾讯控股、快手-W等AI云计算、大模型+各领域AI应用公 司，前十大权重股合计占比超78%，龙头优势显著。 港股AI核心资产——港股互联网ETF（513770）低开低走，场内价格收跌2.54%，全天持续宽幅溢价， 显示买盘资金逢跌积极介入。港股互联网ETF ...

近期港股互联网ETF（513770）持续获资金积极加码，上交所数据显示，其最新单日再获资金净流入1.31亿元，近5日资金累计净流入3.18亿元。 | -84 | | | 二 图 一 图 九转 画线 工具 © 2 » | | | | | 港股互联 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0.565 | | | 10:20 价 0.539 涨跌 -0.012 ... | 2 C10/ = | | 0.539 -0.012 -2.18% | | | | | | | | | | SSE CNY 10:20:23 交易中 查看L2全景 | | | | | | | | | 净值走势 | 华宝中证港股通互联 | | 现金替代比例上限 | | 0.558 | | | | 31% | 委比 28.43% 委员 | | 473901 | | | | | | | | Fill | 0.544 | 89251 | 申购赎回允许情况 | | 0.551 | | | | 0.00% | 卖山 | 0.543 | 53165 | T日预估现全差额 | | | ...

花旗研报指出，2026年中国互联网行业将聚焦三大主题：一是云端基础设施、模型堆栈和推理令牌使用的经常性收入增长；二是主要互联网企业竞相抢占 AI聊天机器人的用户流量，以期未来生态系统变现；三是垂直领域企业部署自训练专有数据AI代理，以保持竞争优势并加强用户参与度和变现潜力。（花 旗12月1日发布《中国互联网2026年上半年展望》） 就中国互联网板块，花旗首选腾讯控股及阿里巴巴-W作为核心AI投资概念股，印证头部企业AI落地实力，也凸显资本对AI驱动行业价值重估的信心。 行情方面，2026开年以来，港股AI涨势如虹，港股AI核心资产——港股互联网ETF（513770）两个交易日场内价格累计上涨6.17%。资金积极加码，上交所 数据显示，港股互联网ETF（513770）最新单日再获资金净流入1.31亿元，近5日资金累计净流入3.18亿元。 风险提示：港股互联网ETF被动跟踪中证港股通互联网指数，该指数基日为2016.12.30，发布于2021.1.11，指数成份股构成根据该指数编制规则适时调整。 文中指数成份股仅作展示，个股描述不作为任何形式的投资建议，也不代表管理人旗下任何基金的持仓信息和交易动向。基金管理人评 ...

Group 1: Core Themes in China's Internet Industry - The Chinese internet industry will focus on three main themes in 2026: growth in recurring revenue from cloud infrastructure, model stacks, and inference token usage; competition among major internet companies for user traffic in AI chatbots; and vertical companies deploying self-trained proprietary data AI agents to maintain competitive advantages and enhance user engagement and monetization potential [1][9]. - Citigroup identifies Tencent Holdings and Alibaba-W as core AI investment concept stocks, reflecting confidence in the capital market regarding the value reassessment driven by AI in leading companies [1][9]. Group 2: Market Performance and Investment Trends - Since the beginning of 2026, the Hong Kong stock market has seen a significant rise in AI stocks, with the Hong Kong Internet ETF (513770) increasing by 6.17% over two trading days. There has been a net inflow of 131 million yuan on the latest trading day and a cumulative net inflow of 318 million yuan over the past five days [1][9]. - The Hong Kong Internet ETF (513770) and its linked funds passively track the CSI Hong Kong Internet Index, heavily weighted towards Alibaba-W and Tencent Holdings, which together account for nearly 30% of the ETF. The top ten holdings focus on AI cloud computing and applications, comprising over 78% of the portfolio [3][11]. Group 3: Valuation and Future Opportunities - As of the end of 2025, the CSI Hong Kong Internet Index has seen a cumulative decline of 18.55% since October, with a current price-to-earnings ratio (PE TTM) of 24.43, which is significantly lower than the valuations of the ChiNext Index and Nasdaq 100, indicating a value opportunity [4][12]. - Industry analysts suggest that leading internet companies in China are poised to benefit from a resurgence in both domestic and foreign investment, with the potential for upward adjustments in long-term profit growth expectations, leading to a "Davis Double" effect on valuations [5][12].

来源：新浪基金∞工作室 1月6日，港股互联网ETF（513770）涨1.66%，成交额6.46亿元。当日份额增加2.37亿份，最新份额为 240.42亿份，近20个交易日份额增加31.96亿份。最新资产净值计算值为132.30亿元。 港股互联网ETF（513770）业绩比较基准为中证港股通互联网指数收益率，管理人为华宝基金管理有限 公司，基金经理为丰晨成、周晶、曹旭辰，成立（2022-02-09）以来回报为10.06%，近一个月回报 为-0.27%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 ...