T-head's Major Launch Enables High-Speed Interconnect for 10,000-Card AI Clusters! Hong Kong AI Stocks Rebound, Billion-Dollar HK Internet ETF Surges 2%

On April 29, Hong Kong AI stocks finally rebounded after multiple days of declines. Leading internet heavyweights spearheaded the gains, with BABA-W rising nearly 3%, TENCENT up over 1%, and Meituan-W climbing more than 3%. The core Hong Kong AI investment tool—HuaBao HK Internet ETF (513770)—saw its intraday price surge by up to 2%. Yesterday, the ETF recorded six consecutive days of decline, with its price hitting a more than one-year low.

On the news front, on April 28, at the 2026 Digital China Summit, Alibaba's T-head unit launched its first intelligent network card, the PanMai 920. This marks China's first 400G intelligent network card with a built-in PCIe switch, supporting a maximum throughput bandwidth of 400Gbps. It is applicable in scenarios such as 10,000-card AI computing clusters, general computing clusters, and high-performance storage.

Analysis indicates that the new wave of competition centered on large AI models is benefiting from improved commercial ROI driven by DeepSeek's open-source initiatives and model democratization. Domestic AI is undergoing a valuation reshuffle, with leading internet platforms serving as the backbone of this cycle. These companies possess a combination of large AI model capabilities, capital expenditure investments (including support for domestic computing power), talent investment capacity, and application capabilities. Continued optimism remains regarding the valuation reshaping brought by the monetization of AI and other tech businesses.

As 2026 marks the first year of AI commercialization, attention is turning to core Hong Kong AI investment tools. The HK Internet ETF (513770) and its feeder funds (Class A: 017125; Class C: 017126) passively track the CSI HK Stock Connect Internet Index. The top ten holdings include tech giants like BABA-W and TENCENT, as well as AI application companies across various sectors, highlighting significant leading advantages. The ETF supports intraday T+0 trading with good liquidity.

For investors bullish on Hong Kong tech but seeking to reduce volatility, the first-of-its-kind Hong Kong Large Cap 30 ETF (520560) offers a "tech + dividend" barbell strategy. Its portfolio includes high-growth tech stocks like Alibaba, alongside stable high-dividend sectors such as banking and insurance, making it an ideal long-term foundational holding for Hong Kong market exposure.

Note: Recent market volatility may be elevated, and short-term gains or losses do not indicate future performance. Investors should make rational investment decisions based on their financial situation and risk tolerance, paying close attention to position sizing and risk management.

Data source: Shanghai and Shenzhen Stock Exchanges.

ETF fee information: When subscribing or redeeming fund shares, subscription/redemption agents may charge a commission of up to 0.5%, which includes fees levied by stock exchanges and registration institutions. Feeder fund fee details: For HuaBao CSI HK Stock Connect Internet ETF Feeder Fund (Class A), the subscription fee (front-end load) is 1% for amounts below 1 million CNY, 0.6% for 1–2 million CNY, and a flat 1,000 CNY for amounts above 2 million CNY. The redemption fee is 1.5% for holdings under 7 days and 0% for 7 days or more; no sales service fee is charged. For the Class C feeder fund, there is no subscription fee; the redemption fee is 1.5% for holdings under 7 days and 0% for 7 days or more, with a 0.3% sales service fee.

Risk disclosure: The HK Internet ETF passively tracks the CSI HK Stock Connect Internet Index, which has a base date of December 30, 2016, and was launched on January 11, 2021. Index components are adjusted periodically according to its compilation rules. Constituent stocks mentioned are for illustrative purposes only; individual stock descriptions do not constitute investment advice and do not represent the holdings or trading activities of the fund manager. The fund manager assesses this fund's risk level as R4 (medium-high risk), suitable for aggressive (C4) or higher risk-profile investors. All information provided is for reference only, and investors are solely responsible for their investment decisions. Views, analyses, and forecasts do not constitute investment advice, and no liability is accepted for direct or indirect losses arising from the use of this content. Past performance of other funds managed by the fund manager does not guarantee future results of this fund. Fund investments carry risks; invest with caution.