Core Viewpoint - The Hong Kong stock market is experiencing a rally driven by AI, with the Hong Kong Internet ETF (513770) showing a three-day consecutive increase, closing slightly up by 0.18% [1]. Group 1: ETF Performance - The Hong Kong Internet ETF (513770) saw a peak increase of over 1% during trading, reflecting strong investor interest in internet leaders [1]. - The ETF has accumulated a total of 1.14 billion HKD in inflows over the past five days, indicating a growing appetite for AI-related assets [5]. Group 2: Company Insights - Alibaba's stock fluctuated, initially dropping over 2% but later recovering before closing down by 1.9%. The company's operational profit declined due to significant investments in Taobao Flash Sale and AI, despite cloud revenue exceeding 39.8 billion CNY, a 34% year-on-year increase [2][3]. - Omdia reported that Alibaba Cloud holds a 35.8% market share in China's AI cloud market, significantly surpassing its competitors [3]. - Meituan-W led the market with a 5.65% increase, as Alibaba announced a scaling back of its Taobao Flash Sale investments, boosting market expectations for Meituan's profitability recovery [3]. Group 3: Market Valuation - The Hong Kong Internet ETF (513770) is currently trading at a price-to-earnings (P/E) ratio of 21.93, which is at the historical bottom 8.3% percentile over the past decade, making it more attractive compared to the P/E ratios of 37.72 for the ChiNext Index and 34.75 for the Nasdaq 100 [4][5]. - The ETF's top three holdings are Alibaba-W, Tencent Holdings, and Xiaomi Group-W, which together account for over 45% of the ETF's weight, emphasizing the dominance of these companies in the AI and cloud computing sectors [7].

Core Viewpoint - The Hong Kong stock market is experiencing a rally driven by AI-related stocks, with the Hong Kong Internet ETF (513770) showing a three-day consecutive increase, closing up 0.18% [1] Group 1: ETF Performance - The Hong Kong Internet ETF (513770) saw a peak increase of over 1% during the trading session, ultimately closing with a slight gain [1] - The ETF has accumulated a total inflow of 114 million yuan over the past five days, indicating strong investor interest [5] Group 2: Company Performance - Alibaba's stock fluctuated, initially dropping over 2% but later recovering before closing down 1.9%, attributed to increased investments in Taobao Flash Sale and AI business, leading to a decline in operating profit for Q3 [1][3] - Alibaba Cloud achieved a revenue of over 39.8 billion yuan in Q3, marking a 34% year-on-year growth, surpassing market expectations [3] - Meituan-W led the market with a 5.65% increase, as Alibaba announced a halt in the expansion of Taobao Flash Sale, boosting market expectations for Meituan's profitability recovery [3] Group 3: Market Trends - Omdia reported that Alibaba Cloud holds a 35.8% market share in China's AI cloud market, significantly outpacing its competitors [3] - The Hong Kong stock market is seen as a unique bridge connecting Chinese innovation with global capital, with a focus on technology giants in AI, cloud computing, and semiconductors [4] - The current valuation of the Hong Kong Internet ETF is at a historical low, with a price-to-earnings ratio of 21.93, compared to 37.72 for the ChiNext Index and 34.75 for the Nasdaq 100, highlighting its attractiveness [4][5] Group 4: ETF Composition - The Hong Kong Internet ETF (513770) tracks the CSI Hong Kong Internet Index, heavily weighted towards leading internet companies, with Alibaba, Tencent, and Xiaomi making up over 45% of the total weight [7] - The ETF has a total scale exceeding 10 billion yuan, with an average daily trading volume of over 600 million yuan, indicating good liquidity [7]

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