On October 20-22, by the banks of Shanghai's Huangpu River, the 2026 Sustainable Global Leaders Conference will arrive once again. Nobel and Turing Award winners will take the stage to discuss the future and trends of technology, and the internet-famous professor who "rescues" people from anxiety and involution — Macfarlane — will hold a live dialogue with Xiang Biao!
Limited spots available, first come first served. Let us embark together on the journey of sustainability! [Click to register] Market sentiment has stabilized, and overnight Chinese assets in US stocks surged, with the Nasdaq Golden Dragon China Index jumping 1.96%. On the morning of the 16th, Hong Kong stocks opened higher collectively, with internet leaders showing strong performance. As of press time, Alibaba-W (09988) rose over 3%, Tencent Holdings (00700) and Meituan-W rose over 1%, while Bilibili-W and Kuaishou-W rose over 4%. The Hong Kong Internet ETF Huabao (513770) opened high and moved higher, with its underlying index once rising nearly 3% and currently up 2.3%.
Internet leaders are accelerating the implementation of AI applications, further deepening the commercialization logic of internet leaders. Recently, Alibaba Qwen officially announced the launch of its personal AI assistant "Qwen Go" and opened experience applications in the Qwen App. It is based on an Agent architecture, and in internal testing it can autonomously complete multi-round negotiation tasks. The market interprets this as a signal that domestic AI is moving from Chatbot to personal Agent execution. In addition, in the 2026 January-September cloud vendor large model bidding results, Alibaba Cloud ranked first in the entire industry with 114 winning projects. Tencent AI office has taken another step forward, recently announcing that WeCom and WorkBuddy jointly released a new version. After this upgrade, WorkBuddy officially entered the WeCom address book, combining Tencent's long-accumulated connection capabilities with the understanding and execution capabilities of intelligent agents, deeply entering actual enterprise scenarios.
Institutions noted that for the Hong Kong internet sector, a triple resonance of "fundamentals expected to bottom out + historically low valuations + AI commercialization realization" is forming, and they are bullish on a "performance + valuation" double boost in the fourth quarter. It is worth mentioning that for the upcoming third-quarter reports, institutions are generally optimistic. Taking Alibaba as an example, forward-looking data shows that Alibaba Cloud continues to accelerate growth, and profit elasticity continues to be released. A JPMorgan research report pointed out that Alibaba's profit structure will usher in a key turning point in the quarter ending December 2026. As cloud business revenue grows by more than 50% year-on-year and operating profit margin continues to improve, cloud business profitability will be sufficient to cover AI-related expenses. The market has not yet fully reflected the turning point in the December quarter when cloud profitability exceeds AI spending, as well as the potential for cloud business revenue growth to remain above 50% in fiscal year 2028.
The Hong Kong Internet ETF Huabao (513770) passively tracks the CSI Hong Kong Stock Connect Internet Index and is heavily weighted in internet leaders. Its top two holdings, Tencent Holdings (00700) and Alibaba-W (09988), together account for over 30% weight, and the top ten constituent stocks together account for over 80%, demonstrating significant leader advantages. It supports intraday T+0 trading and has good liquidity. Off-market investors can pay attention to the feeder funds (Class A 017125, Class C 017126).
Reminder: Recent market volatility may be relatively large, and short-term gains or losses do not predict future performance. Investors must invest rationally based on their own financial conditions and risk tolerance, and pay high attention to position and risk management. Data sources: Shanghai and Shenzhen Stock Exchanges, Wind, etc. ETF fee-related explanation: When investors subscribe to or redeem fund shares, the subscription and redemption agency may charge a commission of no more than 0.5%, which includes related fees charged by stock exchanges, registration institutions, etc. Feeder fund fee-related explanation: Huabao CSI Hong Kong Stock Connect Internet ETF Initiating Feeder Fund (Class A) subscription fee (front-end) is 1,000 yuan per transaction when the subscription amount is above 2 million yuan, 0.6% when between 1 million yuan (inclusive) and 2 million yuan, and 1% when below 1 million yuan; the redemption fee is 1.5% when held for fewer than 7 days, and 0% when held for 7 days (inclusive) or more; no sales service fee is charged. Huabao CSI Hong Kong Stock Connect Internet ETF Initiating Feeder Fund (Class C) does not charge a subscription fee, the redemption fee is 1.5% when held for fewer than 7 days, and 0% when held for 7 days (inclusive) or more; the sales service fee is 0.3%. Risk disclosure: Hong Kong Internet ETF Huabao and its feeder funds passively track the CSI Hong Kong Stock Connect Internet Index. The index base date is 2016.12.30, and it was published on 2021.1.11. The CSI Hong Kong Stock Connect Internet Index's returns over the past 5 complete years were: 2025, 27.02%; 2024, 23.04%; 2023, -24.74%; 2022, -23.01%; 2021, -36.61%; the volatility over the past 5 complete years was: 2025, 33.60%; 2024, 43.49%; 2023, 32.09%; 2022, 49.01%; 2021, 38.72%. The composition of index constituents is adjusted in due course according to the index compilation rules, and its back-tested historical performance does not predict the future performance of the index. The index constituents mentioned in the article are for display only, and individual stock descriptions do not constitute any form of investment advice, nor do they represent the holdings information or trading trends of any fund under the manager. The risk level of the fund assessed by the fund manager is R4-medium-high risk, suitable for aggressive investors (C4) and above. Any information appearing in this article (including but not limited to individual stocks, comments, forecasts, charts, indicators, theories, any form of expression, etc.) is for reference only, and investors must be responsible for their own investment decisions. In addition, any views, analyses, and forecasts in this article do not constitute any form of investment advice to readers, nor do they assume any responsibility for direct or indirect losses caused by the use of the content of this article. The performance of other funds managed by the fund manager does not constitute a guarantee of fund performance. Past performance of a fund does not represent its future performance. Fund investment involves risks, and fund investment must be cautious.
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