On February 9, Hong Kong stocks opened higher in early trading, with leading internet companies collectively strengthening. BABA-W rose over 2%, while TENCENT and Bilibili-W gained more than 1%. Xiaomi Group-W, Kuaishou-W, and Meituan-W also followed with increases. The Hong Kong Internet ETF (513770), a core holding for Hong Kong AI assets, saw its on-market price rise by 1.36%.
Signals from the Federal Reserve indicating policy stability, increased corporate investment in AI, and expectations of eased trade tensions collectively boosted risk sentiment. This led to a strong rebound in U.S. tech stocks last Friday, with Hong Kong's tech sector stabilizing in resonance.
NVIDIA CEO Jensen Huang stated on Friday that the massive spending on AI is reasonable and sustainable. He explained that the rationale lies in the anticipated rise in cash flows for all these companies. As long as people are willing to pay for AI and AI companies can profit from it, they will continue to "double, double, double, and double down" on their investments.
San Francisco Fed President Mary Daly recently indicated that the Federal Reserve might need to implement one or two more interest rate cuts to address weakness in the U.S. labor market.
Huatai Securities noted that liquidity conditions for Hong Kong stocks remain relatively ample, with continued significant inflows from both foreign and southbound capital into the Hong Kong market. Looking ahead, as the peak earnings season for U.S. tech stocks concludes, there may still be numerous catalysts along the technology and consumption themes around the Lunar New Year period.
GF Securities expressed that the global U.S. dollar cycle is currently in a phase of peak decline, while the Renminbi has moved past its depreciation phase and entered a mild appreciation trend. Combined with foreign capital returning and a shift from valuation repair to earnings-driven performance, Chinese equity assets may be in a relatively favorable window for repricing. For allocation, the Hong Kong market presents opportunities from the convergence of southbound fund inflows, valuation discounts, and improving currency conditions. Active attention should be paid to tech leaders and internet platform giants that offer both dividend capabilities and growth attributes.
It is noteworthy that the Hong Kong Internet ETF (513770) has recently attracted concentrated capital inflows. Data from the Shanghai Stock Exchange shows that the ETF saw net inflows totaling 244 million yuan over the past five days.
Positioning for the inaugural year of AI commercialization in 2026, focus on core AI tools in Hong Kong! The Hong Kong Internet ETF (513770) and its feeder funds (Class A: 017125; Class C: 017126) passively track the CSI Hong Kong Stock Connect Internet Index. Its top ten holdings aggregate tech giants like BABA-W, TENCENT, Xiaomi Group-W, Kuaishou-W, and Bilibili-W, along with AI application companies across various sectors, representing nearly 77% of the portfolio and highlighting significant leader advantages.
Interested in Hong Kong tech but seeking to reduce volatility? Consider the market's first Hong Kong Large-Cap 30 ETF (520560), which employs a "tech + dividends" barbell strategy. Its major holdings include high-growth tech stocks like Alibaba and TENCENT, as well as stable, high-dividend names such as China Construction Bank and Ping An Insurance, making it an ideal core holding for long-term Hong Kong market allocation.
Reminder: Recent market volatility may be significant. Short-term gains or losses do not indicate future performance. Investors must make rational investment decisions based on their own financial situation and risk tolerance, paying close attention to position and risk management.
Data source: Shanghai and Shenzhen Stock Exchanges, etc. The CSI Hong Kong Stock Connect Internet Index's performance over the last five full years is as follows: 2021: -36.61%; 2022: -23.01%; 2023: -24.74%; 2024: 23.04%; 2025: 27.02%. The index's constituent stocks are adjusted according to its compilation rules, and its historical backtested performance does not predict future index performance.
Institutional views sourced from: Guohai Securities report dated February 6, 2026, "2026 Hong Kong Internet & Tech Strategy Outlook: Structural Divergence, Focus on AI and Profit Realization"; GF Securities report dated February 3, 2026, "'Wash Expectations' and the Ebbing Dollar Tide: The Shift and Restructuring of Global Equity Pricing Anchors—Hong Kong & Overseas Weekly Focus (1st Week of February)."
ETF fee-related information: When subscribing for or redeeming fund shares, subscription/redemption agents may charge a commission of up to 0.5%, which includes relevant fees levied by stock exchanges and registration institutions. Feeder fund fee-related information: For the HuaBao CSI Hong Kong Stock Connect Internet ETF Feeder Fund (Class A), the front-end subscription fee is a flat 1,000 RMB per subscription for amounts over 2 million RMB, 0.6% for amounts between 1 million RMB (inclusive) and 2 million RMB, and 1% for amounts below 1 million RMB. The redemption fee is 1.5% for holding periods under 7 days and 0% for holding periods of 7 days or more; no sales service fee is charged. For the HuaBao CSI Hong Kong Stock Connect Internet ETF Feeder Fund (Class C), no subscription fee is charged. The redemption fee is 1.5% for holding periods under 7 days and 0% for holding periods of 7 days or more; the sales service fee is 0.3%.
Risk提示: The Hong Kong Internet ETF passively tracks the CSI Hong Kong Stock Connect Internet Index. The index's base date is December 30, 2016, and it was launched on January 11, 2021. Its constituent stocks are adjusted according to the index's compilation rules. The index constituents mentioned are for illustrative purposes only; descriptions of individual stocks are not investment recommendations of any form and do not represent the holdings or trading动向 of any fund managed by the manager. The fund manager assesses this fund's risk level as R4 - Medium-High Risk, suitable for Aggressive (C4) and above investors. Any information appearing herein (including but not limited to individual stocks, commentary, forecasts, charts, indicators, theories, and any form of expression) is for reference only. Investors are solely responsible for any independent investment decisions. Furthermore, any views, analysis, or forecasts herein do not constitute investment advice of any kind to the reader, nor shall they bear any responsibility for direct or indirect losses arising from the use of this content. The performance of other funds managed by the fund manager does not guarantee this fund's performance. Past performance of the fund does not indicate its future results. Fund investment carries risks; invest cautiously.
MACD golden cross signals have formed, indicating positive momentum for these stocks.
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