On September 12, Hong Kong stocks continued their rebound, with the Hang Seng Index rising over 1% to explore new stage highs. Major technology leaders surged unstoppably, with BABA-W rising over 6% intraday and closing up more than 5%, continuing to hit nearly 4-year highs. Tencent Holdings, Kuaishou-W, and Bilibili-W rose over 2%, while Xiaomi Group-W gained nearly 1%. Technology is becoming the core engine of this round of Hong Kong stock market rally.
The Hong Kong Internet ETF (513770), a core AI tool for Hong Kong stocks, saw its intraday price rise over 2%, exploring historical highs again and closing up 1.13%. Daily turnover reached 606 million yuan, showing increased volume compared to the previous session.
On the news front, according to foreign media reports, Alibaba and Baidu have begun using self-designed chips to train their AI models, partially replacing chips produced by Nvidia, marking the rise of China's fundamental AI capabilities.
Additionally, Alibaba's Tongyi Qianwen released its next-generation foundational model architecture Qwen3-Next and open-sourced the Qwen3-Next series models as a "prototype." With total parameters of 80B but only 3B activated, performance can match the flagship Qianwen 3 235B model, achieving a major breakthrough in model computational efficiency.
Analysis indicates that chip supply and model iteration are core foundations for cloud computing acceleration and important catalysts for valuation re-rating of internet sector under the AI narrative. With the emergence of policy inflection points and new AI logic, valuation repair signals for the internet sector have been issued.
Looking at the current situation, the Federal Reserve's rate-cutting cycle has begun, AI themes continue to catalyze, and Hong Kong technology stocks are expected to welcome a resonance of both domestic and foreign capital inflows.
On one hand, under the backdrop of global liquidity easing, Chinese assets are expected to become new darlings of global capital. Federal Reserve rate cut expectations are reshaping global capital flow patterns, driving foreign capital back to Hong Kong stocks. Recently, multiple foreign financial institutions have issued optimistic views on the Chinese market. For example, Standard Chartered Bank stated that Hong Kong stocks have had relatively high dividend yields in recent years, and sectors such as artificial intelligence, software, and innovative drugs have high growth potential. In a global low-interest-rate, low-growth environment, Hong Kong stocks are expected to continue being "favorites" of overseas investment and southbound funds.
On the other hand, southbound funds have returned to buying internet leaders. In the past 20 days, BABA-W, Tencent Holdings, and Meituan-W have occupied the top 3 positions for net buying by southbound funds. As of September 11, Alibaba has received net buying from southbound funds for 15 consecutive trading days, with cumulative net purchases exceeding 37.1 billion Hong Kong dollars during this period.
Huayuan Securities emphasized that under the backdrop of accelerating AI technology penetration, leading internet companies are facing value re-rating opportunities. In the long term, core technology assets like Tencent and Alibaba are expected to share dividends from AI industry development.
Kaiyuan Securities stated that the opportunity for Hong Kong stocks to catch up relative to A-shares may be arriving. Currently, A-shares are gradually entering a valuation digestion phase after gains, and Hong Kong stocks' relative advantages are beginning to emerge gradually.
It's worth noting that the Hong Kong Internet ETF (513770) has maintained high capital interest recently. Shanghai Stock Exchange data shows that it has accumulated net capital inflows of 2.792 billion yuan over the past 20 days.
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, with heavy positions in Hong Kong technology and internet leaders. Fund periodic reports show that as of the end of the second quarter, the top 4 weighted stocks were Xiaomi Group-W, Tencent Holdings, BABA-W, and Meituan-W, accounting for 54.74% combined. The top 10 holdings account for over 72% combined, showing significant leader advantages and making it a core Hong Kong AI target.
Since the beginning of this year, Hong Kong technology market performance has clearly been AI-dominated. The underlying index of the Hong Kong Internet ETF (513770), the CSI Hong Kong Stock Connect Internet Index, has significantly outperformed the Hang Seng Tech Index. The cumulative gain and maximum gain during the period both exceeded the Hang Seng Tech Index by over 10 percentage points, showing outstanding upward elasticity and deserving key attention.
The latest scale of the Hong Kong Internet ETF (513770) has exceeded 10 billion yuan, creating a historical high. The average daily turnover this year is nearly 600 million yuan, supporting intraday T+0 trading without QDII quota restrictions, providing good liquidity! Reminder: Market volatility may be significant recently, and short-term gains and losses do not predict future performance. Investors must invest rationally based on their own capital conditions and risk tolerance, paying high attention to position and risk management.
Data source: Shanghai and Shenzhen Stock Exchanges, etc. The gains and losses of the CSI Hong Kong Stock Connect Internet Index for the past 5 complete years were: 2020, 109.31%; 2021, -36.61%; 2022, -23.01%; 2023, -24.74%; 2024, 23.04%. Index constituent stock composition is adjusted timely according to index compilation rules, and backtested historical performance does not predict future index performance.
Risk Warning: The Hong Kong Internet ETF passively tracks the CSI Hong Kong Stock Connect Internet Index, which has a base date of December 30, 2016, and was published on January 11, 2021. Index constituent stock composition is adjusted timely according to index compilation rules. Individual stocks mentioned in the text are for display purposes only and do not constitute any form of investment advice, nor do they represent holding information and trading movements of any fund under 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 in this text (including but not limited to individual stocks, comments, predictions, charts, indicators, theories, any form of expression, etc.) is for reference only, and investors must be responsible for any independent investment decisions. Additionally, any views, analysis, and predictions in this text do not constitute any form of investment advice to readers, nor do they bear any responsibility for direct or indirect losses caused by using the content of this text. The performance of other funds managed by the fund manager does not constitute a guarantee of fund performance. Past performance of funds does not represent future performance. Fund investment carries risks, and fund investment requires caution.
MACD golden cross signal formed, these stocks have good upward momentum!