On January 9, Hong Kong stocks surged in early trading before entering narrow fluctuations, with the Hang Seng Index and Hang Seng Tech Index closing up 0.32% and 0.15% respectively by market close. The internet sector led the gains strongly, with the Hong Kong Internet ETF (513770)—which heavily weights internet leaders—seeing its on-exchange price rise over 2% intraday before closing up 1.69%. AI application-oriented stocks performed notably well: Kuaishou-W and Bilibili-W gained over 3%, Alibaba-W rose 2.73%, while Mobvista, Medlive Technology, and Meitu led the advancers.

Notably, the Hong Kong Internet ETF (513770) traded at a sustained premium throughout the day, indicating strong buying interest from incoming funds. Data from the Shanghai Stock Exchange showed the ETF attracted net inflows for four consecutive days, totaling 566 million yuan in cumulative net capital inflow.

On the news front, AI large model firm MiniMax surged 109% on its market debut, igniting investor enthusiasm for AI applications. Huaxin Securities stated that 2026 will mark a "golden year" for AI applications, driven primarily by three inflection points: First, technological maturation, with models like GPT-5, Gemini 3, and Alibaba’s Qwen-Max already possessing strong tool invocation, multimodal understanding, and autonomous planning capabilities by 2025; second, ongoing policy support, including guidelines for deepening the "AI Plus" initiative that emphasize forming commercial applications; third, resonance in market demand, spanning from B-end cost reduction and efficiency gains to C-end adoption. Founder Securities also indicated that 2026 will be the investment year for AI applications, noting that tech industry investment cycles follow a pattern of "three hard years, three soft years, and three more years for business models." Large model providers, leading internet companies, and advantageously positioned firms are competing to develop entry-level AI applications. Among them, internet enterprises are leveraging super-app platforms to promote 2C AI applications, creating embedded AI integrations within traditional apps. The Hong Kong internet sector aggregates a group of tech giants scarce in the A-share market, including platform-based internet companies with synergistic advantages in computing resources, model capabilities, and application scenarios, as well as AI ecosystem players with model or application expertise.

The latest data from Hugging Face, the world’s largest AI open-source community, shows Alibaba’s Qwen model experiencing explosive growth: in December 2025 alone, Qwen’s downloads exceeded the combined total of the 2nd to 8th ranked models, making it the most widely adopted open-source model globally among developers. In January, Kling AI ignited overseas markets, with its average daily revenue on mobile platforms surging 102% month-over-month. The sector’s AI business continues to exhibit high activity, with frequent positive news, suggesting potential configuration opportunities. 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. Its top holdings include Alibaba-W, Tencent Holdings, Xiaomi Group-W, Kuaishou-W, and Bilibili-W—key Hong Kong-listed AI giants—with the top ten constituents accounting for over 78% of the portfolio, highlighting significant concentration in leaders.

For investors bullish on Hong Kong tech but seeking reduced volatility, the Hong Kong Large-Cap 30 ETF (520560)—the first of its kind in the market—offers a "tech + dividend" barbell strategy. Its holdings combine high-beta tech stocks like Alibaba and Tencent Holdings with stable high-dividend names such as China Construction Bank and Ping An of China, making it an ideal core holding for long-term Hong Kong market exposure. A reminder: Recent market volatility may be elevated, and short-term gains or losses do not indicate future performance. Investors should make rational decisions based on their capital 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 performances for the past five years are: 2021, -36.61%; 2022, -23.01%; 2023, -24.74%; 2024, 23.04%; 2025, 27.02%. Index constituents are adjusted per the index methodology, and past performance does not predict future results. Institutional views source: Huaxin Securities report dated January 3, 2026, "Media Sector Weekly: 2026 Ushers in AI Apps and Domestic Demand"; Founder Securities report dated December 18, 2025, "Model Capability, Computing Costs, and Agent Maturity Converge, Welcoming the AI Application Investment Year". Risk disclosure: The Hong Kong Internet ETF passively tracks the CSI Hong Kong Stock Connect Internet Index (base date: December 30, 2016; launch date: January 11, 2021). Constituents are adjusted per the index methodology. Holdings mentioned are for illustrative purposes only and do not constitute investment advice or reflect the manager’s fund positions or trading activity. The fund manager assesses this fund’s risk level as R4 (medium-high risk), suitable for aggressive (C4) or higher investors. All information herein is for reference only; investors are responsible for their own decisions. Views, analyses, and forecasts do not constitute investment advice, and no liability is accepted for losses arising from use of this content. Performance of other funds managed by the manager does not guarantee this fund’s results. Past performance does not indicate future returns; investing involves risk and requires caution.

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