Likes ReceivedHang Seng Internet ETF Wanjia (159202) surged over 3%, with net inflows exceeding 900 million year-to-date
On July 29, most Asia-Pacific stock markets adjusted, while Hong Kong's three major indices rose against the trend. The Hang Seng Tech Index gained over 2%, reaching a new high in nearly two weeks.
As of 10:49, the Hang Seng Internet ETF Wan Jia (159202) surged 3.35%, with an intraday turnover rate exceeding 14% and trading volume reaching 147 million yuan, indicating active market participation.
Among the top ten weighted stocks in the Wan Jia Hang Seng Internet Technology Industry ETF (Exchange-traded name: Hang Seng Internet ETF Wan Jia – 159202), Tencent Holdings rose 3.76%, Alibaba-W rose 2.77%, NetEase rose 2.91%, Meituan-W rose 2.99%, Xiaomi Group-W rose 7.93%, Baidu Group-SW rose 1.57%, JD.com Group-SW rose 1.69%, Kuaishou-W rose 1.13%, Horizon Robotics-W rose 3.6%, and SenseTime-W rose 1.43%.
The Hang Seng Internet ETF Wan Jia (159202) continues to attract capital inflows. As of the previous trading day, the fund recorded a net inflow of 32.1947 million yuan over the past week, 85.2547 million yuan over the past six months, and 917 million yuan over the past year.
Since July, Southbound Capital has seen a cumulative net inflow of 87.32 billion HKD (as of July 22), far exceeding the total net inflow in June (27.1 billion HKD), showing a momentum of accelerated positioning. CITIC Securities pointed out that Southbound Capital is becoming the core force in pricing power for Hong Kong stocks. The acceleration in July net inflows indicates that domestic capital is increasingly aligned in its judgment of the bottom in Hong Kong stocks, remaining bullish on catalytic events during the August earnings season for Tencent, Alibaba, and Meituan.
In the first half of this year, domestic internet giants significantly accelerated their investment in AI infrastructure. Tencent's Q2 capital expenditure increased by 30% quarter-on-quarter, raising its full-year capital expenditure guidance to the range of 90-100 billion yuan; Alibaba's Q2 cloud business capital expenditure doubled year-on-year, with full-year cloud infrastructure investment expected to exceed 80 billion yuan; Xiaomi's total R&D investment for the year is expected to exceed 30 billion yuan.
Meanwhile, the Hunyuan Hy3 large model released by Tencent in early July showed progress in tasks such as reasoning, intelligent agents, and long context windows, with API prices further declining; Meituan open-sourced LongCat-2.0; Haiguang Information's DCU was the first to complete comprehensive and deep adaptation with Tencent Hunyuan HY3, serving as another example of synergy between domestic models and domestic computing power on "Day 0".
GF Securities believes that the current Hong Kong stock market rally should be characterized more as a "mid-term bottom repair." Confirming a reversal requires observing three signals simultaneously: the substantive transformation of AI commercialization from the "cost side" to the "revenue side"; continuous improvement in the profitability of core businesses of internet leaders; and the solid implementation of expectations for Federal Reserve easing.
From a valuation perspective, the latest P/E ratio of the Hang Seng Internet Technology Industry Index tracked by the Hang Seng Internet ETF Wan Jia (159202) is only 21.43 times, placing it at the 15.73th percentile since the index's inception, meaning the valuation is lower than 84.27% of the periods since the index was established.
The Wan Jia Hang Seng Internet Technology Industry ETF (Exchange-traded name: Hang Seng Internet ETF Wan Jia – 159202) closely tracks the Hang Seng Internet Technology Industry Index, packaging 30 leading companies involved in Hong Kong stock software services, interactive media and services, online retail, and payment services into one click. Off-exchange investors can seize the long-term investment opportunities of Hong Kong internet leaders with one click through feeder funds (Class A: 018475; Class C: 018476).
(Funds involve risks; investment requires caution.)
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