On January 15, Hong Kong AI stocks experienced a short-term correction, with leading internet companies collectively declining. As of writing, Alibaba-W, Kuaishou-W, and Bilibili-W fell over 2%, Tencent Holdings dropped more than 1%, while Xiaomi Group-W and Meituan-W followed the downward trend. The core Hong Kong AI asset—the HK Internet ETF (513770)—saw its intraday price decline by 1.55%, again displaying wide premiums, indicating strong buying interest as investors actively accumulated shares on dips.
Data from the Shanghai Stock Exchange shows that the HK Internet ETF (513770) received capital inflows on 9 out of the past 10 trading days, totaling net inflows of 1.116 billion yuan.
On the news front, during today's Qianwen product iteration launch event, Alibaba's Qianwen App announced full integration with Alibaba ecosystem services including Taobao, Alipay, Taobao Flash Sales, Fliggy, and Amap. This marks a global first in enabling AI-powered functions such as ordering takeout, shopping, and booking flights, with testing now open to all users. Just days earlier, Alphabet announced an AI shopping collaboration plan with retailers like Walmart, but it has not yet gone live.
Analysis indicates that Alibaba's "breakout battle" in the AI-to-consumer sector has officially escalated into an ecosystem competition. According to media reports, within two months of launch, Qianwen's monthly active users (MAU) have surpassed 100 million.
Oriental Securities pointed out that Qianwen APP's task execution and agent capabilities have been upgraded again, with major model updates like Qwen3.5 and Qwen4 expected to roll out successively within 2026. As model capabilities strengthen combined with increased investment in AI applications, Alibaba can further expand AI application scenarios, showing optimism for its native AI application breakthrough potential and AI's empowerment potential for other businesses within its ecosystem.
Guotai Haitong Securities stated that 2026 may witness AI applications evolving from usable to user-friendly, alongside the implementation of diversified business models, with AI applications expected to become the core theme of the 2026 AI industry trend. They express optimism for internet platform companies possessing traffic entry advantages and user stickiness, continuously increasing capital expenditures, and demonstrating high product maturity.
Seizing the 2026 AI trend theme requires focusing on core Hong Kong AI tools! The HK Internet ETF (513770) and its feeder funds (Class A 017125; Class C 017126) passively track the CSI Hong Kong Stock Connect Internet Index, aggregating heavyweight constituents including Alibaba-W, Tencent Holdings, Xiaomi Group-W, Kuaishou-W, and Bilibili-W—Hong Kong-listed AI giants and application companies across various sectors. The top ten holdings account for over 76%, highlighting significant leadership advantages.
As of January 14, the latest fund size reached 14.899 billion yuan, setting another historical record! Since 2025, the average daily turnover has exceeded 600 million yuan, supporting intraday T+0 trading without QDII quota restrictions, offering excellent liquidity!
Interested in Hong Kong tech but seeking to reduce volatility? Consider the market's first—Hong Kong Large Cap 30 ETF (520560), featuring a "tech + dividends" barbell strategy. Its top holdings include high-volatility tech stocks like Alibaba and Tencent Holdings, while also encompassing stable high-dividend stocks such as China Construction Bank and Ping An of China, making it an ideal long-term foundational holding tool for Hong Kong market allocation.
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 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 full-year performance for the past five years is as follows: 2021, -36.61%; 2022, -23.01%; 2023, -24.74%; 2024, 23.04%; 2025, 27.02%. Index constituent stocks are adjusted according to the index compilation rules, and its historical backtested performance does not predict future index performance.
*Institutional views sourced from: Shenwan Hongyuan's January 14, 2026 report "GEO is Becoming a New Paradigm for Enterprise Marketing, Recommending Alibaba-W (09988)"; Morgan Stanley's November 25, 2025 report "Alibaba Group Holding (Alibaba Group Holding) Q2 FY2026 (2QFY26) Earnings Reaction"; Barclays' January 8, 2026 report "Alibaba Earnings Preview".
Risk warning: The HK Internet ETF passively tracks the CSI Hong Kong Stock Connect Internet Index, which has a base date of December 30, 2016, and was launched on January 11, 2021. Index constituent stocks are adjusted according to the index compilation rules. The index constituents mentioned are for illustrative purposes only; individual stock descriptions do not constitute investment advice in any form nor 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 stocks, comments, forecasts, charts, indicators, theories, any form of expression, etc.) is for reference only, and investors are responsible for any independent investment decisions. Furthermore, any views, analyses, or forecasts herein do not constitute investment advice of any kind to readers, nor assume 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 fund performance does not represent future performance, fund investment carries risks, and fund investment requires caution.
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