Group 1: Market Performance - The Hang Seng Technology ETF (513260) has seen a strong rebound, rising 1.57% and aiming for a six-day winning streak, with a trading volume exceeding 400 million yuan and a total inflow of over 310 million yuan in the last 10 days, bringing its latest scale to 6.693 billion yuan [1] - The 100% pure Hong Kong Stock Connect Technology ETF (520980) increased by 1.68%, also targeting a six-day rise, with trading volume nearing 300 million yuan and a net inflow of over 65 million yuan in the last five days [4] - The Hang Seng Internet ETF (159280) surged by 2.13%, also aiming for a six-day winning streak [4] Group 2: Company Developments - Alibaba's Amap launched the "Amap Street Ranking" and initiated a 1 billion yuan subsidy plan to support offline dining and service consumption, directly competing with Meituan's Dianping [3] - Meituan announced the "restart" of its quality takeaway service, while Ele.me will gradually eliminate penalties for late deliveries, shifting from negative to positive incentives [3] - Amap's data indicated that over 40 million users utilized the "Amap Street Ranking" on its first day, significantly surpassing Dianping's average daily users of 32.6 million in August [7] Group 3: Investment Insights - Morgan Stanley highlighted that Alibaba's move into local services signals a clear strategy, leveraging Amap's large user base to enhance its market position [7] - JPMorgan expressed a positive outlook on Alibaba's re-entry into local business, noting the low barriers to entry and the potential for synergy with Ele.me and Alipay [8] - The Hong Kong stock market is expected to attract incremental capital due to its asset scarcity advantage, particularly in the technology sector, which is poised to benefit from new technological breakthroughs [9][11] Group 4: Capital Flows - Southbound capital has seen significant inflows into Hong Kong's technology leaders, with Alibaba leading the net buying list at over 22.8 billion HKD in the past week [5][6] - The total southbound capital inflow this year has exceeded 880 billion yuan, with expectations for continued growth in the second half of the year [14] Group 5: Future Outlook - The Hong Kong technology sector is expected to be a key focus area, benefiting from the AI industry's growth and the easing of trade tensions between China and the U.S. [18] - The anticipated U.S. interest rate cuts could lead to a return of foreign capital to the Hong Kong market, further supporting the upward trend [11] - The Hong Kong Stock Connect Technology ETF (513260) is highlighted as a low-cost investment option, with a management fee of only 0.15%, making it attractive for investors looking to gain exposure to the technology sector [22]

8月13日，"港股锚"率先公布二季度财报，业绩超出市场预期。当季实现营收1845亿元（同比增长 15%），同时实现毛利22%与经营利润（Non-IFRS）18%的双增长。接下来的这周，各港股互联网大厂 的业绩也将陆续公布。 2.以"港股锚"为代表，AI持续赋能港股互联网龙头业绩。当前，全球大模型层出不穷，下游AI应用商业 化加速。 对于"港股锚"的业绩，中金公司点评认为，AI全方位正赋能公司各项业务：1）广告业务方面，AI在广 告创作、投放、推荐和效果分析中被进一步应用，提升了CTR、CVR、商家ROI等。该公司表示，受益 于AI驱动的广告平台改进，推动视频号、小程序及微信搜一搜广告需求增加。2）游戏业务方面，AI正 在重构PvP/PvE游戏生态。通过AI加速内容产出，打造更拟真的NPC交互，并优化用户拉新与留存的营 销策略。3）云计算业务方面，AI需求推动云业务，2025年二季度企业客户基于GPU租赁和API token使 用推动云收入同比加速增长。（来源：中金公司20250814《收入增长强劲，AI提效现有业务》） 大模型迭代加速，GPT-5已于8月初上线，市场对于DeepSeek-R2的呼声也日渐高涨。 ...