With the easing of overseas geopolitical conflicts and trade friction risks, market sentiment has significantly improved. US stocks rose on Thursday, with Chinese stocks performing strongly; the Nasdaq Golden Dragon China Index climbed 1.58%, Alibaba surged over 5%, and Bilibili gained 4.53%.
Reports indicate that Alibaba Group has decided to support its chip company, Pingtouge, for a future independent listing. Pingtouge, a wholly-owned chip subsidiary of Alibaba Group established in 2018, has maintained a very low profile within the industry and is considered a "strategic weapon" that Alibaba has kept under wraps for years. Pingtouge's listing is not only significant for Alibaba but is also expected to have a profound impact on China's semiconductor industry.
In Hong Kong markets, recent trading has generally continued to be volatile. The Hong Kong Internet ETF (513770), representing core Hong Kong AI assets, opened higher yesterday but then retreated, closing with a 0.18% decline in its intraday price. However, capital has been flowing in decisively against the trend. Data from the Shanghai Stock Exchange shows that the Hong Kong Internet ETF (513770) has seen cumulative net inflows of 1.425 billion yuan over the past 20 days, indicating sustained buying pressure.
Looking at sector opportunities, the acceleration of AI application commercialization is expected to continuously catalyze Hong Kong internet stocks as core beneficiaries. Alibaba's Qianwen has been integrated into the Taobao ecosystem, creating a one-stop AI service application; Kuaishou's video generation large model, Kling AI, has surpassed 12 million monthly active users; and the Meituan app has updated and upgraded its AI search function to provide users with accurate local life service information.
Galaxy Securities stated that with intensive AI application catalysts and broad commercialization prospects, it recommends focusing on core Hong Kong internet assets with increasing AI investments. Guotai Haitong believes that 2026 could see AI applications transition from usable to user-friendly, accompanied by the implementation of diversified business models. AI applications are expected to become a core theme in the 2026 AI industry cycle, favoring internet platform companies with traffic gateway advantages.
To capture the potential of 2026 as the first year of AI commercialization, focus on core Hong Kong AI tools! 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. Alibaba-W is its top constituent stock with a latest weighting of 14.71%. The top ten holdings aggregate tech giants like Alibaba-W, Tencent Holdings, Xiaomi Group-W, Kuaishou-W, and Bilibili-W, along with AI application companies from various sectors, accounting for nearly 77% combined, showcasing significant leading advantages.
Bullish on Hong Kong tech but hoping to reduce volatility? Also consider the market's first Hong Kong Large Cap 30 ETF (520560), which employs a "Tech + Dividend" barbell strategy. Its major holdings include high-beta tech stocks like Alibaba and Tencent Holdings, while also encompassing stable high-dividend payers such as China Construction Bank and Ping An of China, making it an ideal core holding tool for long-term Hong Kong market allocation.
A reminder: Recent market volatility may be significant, and short-term gains or losses do not indicate future performance. Investors must make rational investment decisions based on their own capital situation and risk tolerance, paying close attention to position sizing 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; its past performance does not预示 future index performance.
ETF fee-related note: When subscribing for or redeeming fund shares, the subscription/redemption agent may charge a commission of up to 0.5%, which includes relevant fees charged by the stock exchange and registration机构.
Feeder fund fee-related note: For the Huabao CSI Hong Kong Stock Connect Internet ETF Feeder Fund (Class A), the front-end subscription fee is 1,000 RMB per transaction for subscription 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 (inclusive) or more; no sales service fee is charged. The Huabao CSI Hong Kong Stock Connect Internet ETF Feeder Fund (Class C) charges no subscription fee; the redemption fee is 1.5% for holding periods under 7 days and 0% for holding periods of 7 days (inclusive) 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. This index has a base date of December 30, 2016, and was published on January 11, 2021. Its constituent stocks are adjusted according to the index's compilation rules. The individual stocks mentioned herein are for illustrative purposes only; descriptions are not investment advice in 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等级 as R4 - Medium-High Risk, suitable for Aggressive (C4) and above investors. Any information appearing in this article is for reference only, and 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, and no liability is accepted for any 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 fund performance is not indicative of future results. Fund investment carries risks; invest carefully.
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