3月6日，港股终于迎来强劲反弹，互联网龙头集体上攻，截至发稿，阿里巴巴-W、小米集团-W、美团- W、腾讯控股均涨超3%，港股AI核心资产——港股互联网ETF（513770）自低位掉头向上，场内价格 现涨2.49%，强势收复5日线。 看好港股科技但又希望降低波动？也可以关注全市场首只——香港大盘30ETF（520560），自带"科技 +红利"哑铃策略，重仓股既有阿里巴巴、腾讯控股等高弹性科技股，又囊括了建设银行、中国平安等 稳健高股息，是港股长期配置的理想底仓工具。 提醒：近期市场波动可能较大，短期涨跌幅不预示未来表现。请投资者务必根据自身的资金状况和风险 承受能力理性投资，高度注意仓位和风险管理。 数据来源：沪深交易所等。中证港股通互联网指数近5个完整年度的涨跌幅分别为： 2021 年，-36.61%；2022年，-23.01%；2023年，-24.74%；2024年，23.04%；2025年，27.02%。指数成份股 构成根据该指数编制规则适时调整，其回测历史业绩不预示指数未来表现。 机构观点来源：广发证券20260209《春节前后港股或同步A股出现阶段性上涨的情形》。 ETF费用相关说明：投资者在申购或 ...

3月6日，港股终于迎来强劲反弹，互联网龙头集体上攻，截至发稿，阿里巴巴-W、小米集团-W、美团- W、腾讯控股均涨超3%，港股AI核心资产——港股互联网ETF（513770）自低位掉头向上，场内价格 现涨2.49%，强势收复5日线。 针对行情转向的原因，一方面，经过近5个月的调整，港股互联网板块的估值安全边际进一步凸显，板 块当前市盈率PE（TTM）仅20.74倍，位于近5年5.38%分位点，显著低于纳指100的32.85倍以及创业板 指的41.52倍估值。回调区间各路资金的大举买入，给市场带来信心。 另一方面，互联网公司财报陆续披露，既打消了内卷亏损扩大的担忧，也验证了AI作为"第二增长曲 线"的正向作用。哔哩哔哩2025年首次实现全年盈利，调整后净利润达25.9亿元；京东健康2025年营 收、净利分别同比增加26.3%、29.16%。 展望后续，分析指出，科技板块仍是港股中长期投资主线，本轮回调反而创造了买点，且中国AI实力 的崛起有望增强市场信心。后续可关注大模型C端应用进展及海外流动性趋势。 把握2026 AI商业化元年，关注港股AI核心工具！港股互联网ETF（513770）及其联接基金（A类 017 ...

分析认为，本轮港股科技的深度调整，或主要由于三方面压力： 3月4日，港股早盘低开，恒指、恒科指双双跌逾1%，港股AI核心资产——港股互联网ETF（513770）场内价格现跌涨1.33%，下探2025年7月以来新低。互 联网龙头多数回调，阿里巴巴-W跌超3%，美团-W跌近2%，腾讯控股跟跌0.88%。 首先是外卖补贴、AI红包等巨额开支引发的企业内卷担忧。其次是AI新势力带来的冲击。随着智谱、MiniMax等AI独角兽密集发布大模型，市场对互联网巨 头的技术护城河有所忧虑。第三是美联储降息预期持续下修等因素造成的流动性层面压力。 值得注意的是，在市场回调的同时，南向资金持续加仓。截至3月3日，在今年以来南向资金交易的36个交易日中，实现净流入的交易日有27个，占比超七 成，累计净流入1818亿港元。互联网龙头获得明显增持，南向资金对腾讯控股的持仓市值超过5400亿港元，对阿里巴巴-W的持仓市值超过3200亿港元，对 小米集团-W、美团-W的持仓市值均超过1000亿港元。 与此同时，政策、流动性与资金面多重因素呈现向好信号，机构指出，关注港股通互联网调整后布局机遇。 兴业证券认为，港股通互联网跌出布局机会，可把握 ...

3月4日，港股早盘低开，恒指、恒科指双双跌逾1%，港股AI核心资产——港股互联网ETF（513770） 场内价格现跌涨1.33%，下探2025年7月以来新低。互联网龙头多数回调，阿里巴巴-W跌超3%，美团-W 跌近2%，腾讯控股跟跌0.88%。 分析认为，本轮港股科技的深度调整，或主要由于三方面压力： 首先是外卖补贴、AI红包等巨额开支引发的企业内卷担忧。其次是AI新势力带来的冲击。随着智谱、 MiniMax等AI独角兽密集发布大模型，市场对互联网巨头的技术护城河有所忧虑。第三是美联储降息预 期持续下修等因素造成的流动性层面压力。 值得注意的是，在市场回调的同时，南向资金持续加仓。截至3月3日，在今年以来南向资金交易的36个 交易日中，实现净流入的交易日有27个，占比超七成，累计净流入1818亿港元。互联网龙头获得明显增 持，南向资金对腾讯控股的持仓市值超过5400亿港元，对阿里巴巴-W的持仓市值超过3200亿港元，对 小米集团-W、美团-W的持仓市值均超过1000亿港元。 与此同时，政策、流动性与资金面多重因素呈现向好信号，机构指出，关注港股通互联网调整后布局机 遇。 兴业证券认为，港股通互联网跌出布局机会 ...

3月2日，港股三大指数集体下跌，截至发稿，恒指跌1.68%，恒生科技指数跌超2%。互联网龙头集体回 调，小米集团-W跌超4%，阿里巴巴-W、美团-W跌逾3%，腾讯控股跟跌0.58%。港股AI核心资产—— 港股互联网ETF（513770）场内价格一度跌超4%，下探近11个月以来新低，现跌3.36%。 针对市场回调原因，一方面，地缘冲突带来避险情绪升温，另一方面，英伟达绩后连续两个交易日下 跌，市场对AI泡沫的担忧仍存。分析指出，尽管财报表现如过去几个财季一样超出市场预期，但科技 龙头企业资本开支规模的大幅提升，已引发市场对英伟达财务可持续性及AI投资实际盈利能力的担 忧。 港股互联网ETF（513770）基金经理丰晨成指出，当前港股互联网板块的市盈率PE（TTM）已跌回近 五年11%分位点，像腾讯（板块估值锚）这种盈利预测清晰的已是这三年绝对估值低位。龙头互联网公 司仍具技术+入口+生态+基础设施等优势，开源大模型背后指数级增长的算力消耗对于云计算服务商需 求旺盛。 展望后续，广发证券指出，3月中下旬，港股的重要压制因素——解禁小高峰、业绩披露等过去，可能 会利空出尽。如果届时市场情绪能够有效好转，关注恒生科技 ...

2月26日，港股AI再现回调，港股AI核心资产——港股互联网ETF（513770）场内价格现跌1.44%，再探 近10个月以来新低。 板块个股中，互联网龙头走势分化，小米集团-W涨超1%；阿里巴巴-W、快手-W跌超2%，美团-W跌逾 1%，腾讯控股跟跌0.67%。 2月以来，港股科技剧烈调整，中证港股通互联网指数期间累计跌幅已超10%。南向资金明显加大了买 入力度，逢低积极抢筹。 数据显示，2026年2月以来南向资金累计净买入额超过800亿港元，超过此前的2026年1月全月的累计净 买入额。其中多只港股互联网龙头被重点"扫货"，截至2月24日，南向资金当月增持腾讯控股、阿里巴 巴-W均超3000万股，小米集团-W、美团-W亦获大力增持。 相关ETF亦强势吸金。上交所数据显示，港股互联网ETF（513770）近20日累计获资金净流入4.45亿 元，基金份额突破266亿份历史新高。 资金的持续流入构成支撑，港股互联网是否已回调到位？中金公司认为，后市前景取决于三个维度的变 化：信用周期决定指数空间，产业趋势决定景气结构的强弱，而流动性则会放大波动。由于支撑港股和 估值弹性的主要是科技（尤其是AI）和新消费板块，因 ...

2月24日早盘，港股AI全线飘绿，权重龙头阿里巴巴、腾讯控股双双跌超2%，小米集团跌逾1%，AI应用股范式智能重挫逾9%。 港股AI核心资产——港股互联网ETF（513770）低开低走，场内价格现跌超3.5%，创近10个月新低！场内维持溢价交易，或有资金逢跌介 入。 | 分时 多日 1分 5分 ▼ | | | | | | F9 需前盘后 餐加 九转 圆线 下具 Q (?) > | | | | | | 港股互联网上下印 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0.531 | | | | | 513770[港股互联网ETF] 09:50 价 0.492 涨跌 -0.018(-3.53%) 均价（ 4.12% | | | 网 | | 0 492 -0.018 -3.53% | | 513770 | | | | | | | | | | | | | | SSE CNY 9:50:28 交易中 查看L2全导 | | 十八郎 八 第 0+1 | | | | 0.52 ...

Group 1 - The Hong Kong stock market saw a decline in AI-related stocks, with major players Alibaba and Tencent both dropping over 2%, and Xiaomi falling more than 1% [1][8] - The Hong Kong Internet ETF (513770) opened lower and fell over 3.5%, reaching a nearly 10-month low, while maintaining a premium in trading, indicating potential buying interest [1][8] - The market is experiencing a divergence between AI newcomers and established internet giants, with consumer data showing positive trends but not significantly boosting sector performance [8][10] Group 2 - According to Everbright Securities, the Hong Kong tech sector is entering a strategic configuration zone characterized by high win rates and high odds, with signs of oversold valuations and upward trends in fundamentals [3][10] - The Hong Kong Internet ETF (513770) tracks the CSI Hong Kong Internet Index, with its top ten holdings including major tech companies like Alibaba, Tencent, and Xiaomi, collectively accounting for over 76% of the ETF [3][10] - The Hong Kong 30 ETF (520560) is recommended for those looking to reduce volatility while investing in tech, as it includes both high-growth tech stocks and stable dividend-paying companies [11]

Core Viewpoint - The recent decline in Hong Kong's tech stocks is attributed to "liquidity shocks," presenting significant value for investment, with recommendations for "buying on dips and holding through the holiday" [3][10]. Group 1: Market Performance - As of February 12, Hong Kong stocks showed a weak performance, with major internet companies like Bilibili-W down over 4%, Meituan-W and Tencent Holdings down over 3%, and Tencent hitting a near six-month low [1][8]. - The Hong Kong Internet ETF (513770) saw a price drop of 2.29%, falling below all moving averages, despite a net inflow of 281 million yuan over the past 10 days [1][8]. Group 2: Investment Recommendations - According to China Merchants Securities, the current market position offers substantial allocation value, suggesting a strategy of "buying on dips" [3][10]. - Everbright Securities indicates that the tech sector has entered a strategic allocation zone characterized by oversold valuations, capital inflows, and improving fundamentals, marking it as a "golden layout window" for medium to long-term investments [3][10]. Group 3: Future Outlook - The fund manager of the Hong Kong Internet ETF, Feng Chen Cheng, anticipates an increase in AI-related companies entering the Hong Kong market, enhancing the ETF's value as a core asset in AI [11]. - The ETF tracks the CSI Hong Kong Internet Index, with its top ten holdings including Alibaba-W, Tencent Holdings, Xiaomi Group-W, Kuaishou-W, and Bilibili-W, collectively accounting for over 76% of the fund [11]. Group 4: Alternative Investment Options - For those looking to reduce volatility while investing in Hong Kong tech, the Hong Kong Large Cap 30 ETF (520560) is recommended, featuring a mix of high-growth tech stocks and stable dividend-paying companies [13].

Group 1 - The core viewpoint of the article highlights the historical trend of the Hong Kong stock market, particularly the Hang Seng Index, which shows an 82% probability of rising in the three trading days before the Spring Festival, while the post-festival performance lacks a significant calendar effect with a rise probability between 40% and 60% [1] Group 2 - The recent decline in Hong Kong's internet sector, particularly in AI stocks, is attributed to global AI adjustments and various disturbances such as antitrust investigations, marketing activities during the Spring Festival, tax rate changes, and geopolitical risks [3] - The antitrust investigations are seen as beneficial for the industry by setting operational standards for major players, while the Spring Festival marketing activities are expected to broaden the customer base and enhance AI product iterations [3] - The Hong Kong Internet ETF (513770) is positioned as a valuable tool for investors, tracking major tech companies like Alibaba, Tencent, and Xiaomi, which collectively account for nearly 77% of the fund's weight [4] Group 3 - The Hong Kong market is anticipated to enter a significant phase of AI commercialization by 2026, with the Hong Kong Internet ETF and its linked funds being key instruments for exposure to core AI assets [4] - The top ten holdings in the Hong Kong Internet ETF include major companies such as Alibaba (14.71%), Tencent (14.64%), and Xiaomi (12.29%), indicating a strong concentration in leading tech firms [5] Group 4 - For investors seeking to reduce volatility while maintaining exposure to technology, the Hong Kong Large Cap 30 ETF (520560) is recommended, featuring a mix of high-growth tech stocks and stable dividend-paying companies [6]