Following yesterday's historic net buying by southbound capital, Hong Kong stocks opened higher this morning (March 10), with internet leaders collectively strengthening. TENCENT and Alibaba-W rose nearly 3%, while Kuaishou-W gained over 2%. Xiaomi Group-W and Meituan-W increased more than 1%. The Hong Kong Internet ETF (513770), a core tool for Hong Kong stock AI investments, rose 2.67%, firmly breaking above the 10-day moving average.

Yesterday, Hong Kong stocks revisited new lows during this adjustment period, while southbound capital aggressively "bought the dip," recording a net purchase of HKD 37.2 billion—the highest single-day net buying record in history. This reflects strong confidence and bottom-fishing willingness given current historically low valuations in the Hong Kong market.

CICC noted that although Hong Kong tech stocks face temporary headwinds, their prospects remain favorable. The current PE ratio of the Hong Kong tech index is at a historically low percentile, highlighting its attractive allocation value compared to major global indices.

On the AI front, the "raising lobster" trend continues to generate high interest. TENCENT recently announced the official launch of its full-scenario AI agent WorkBuddy. The product's capabilities are similar to the popular "OpenClaw," fully compatible with OpenClaw's skills while being more user-friendly and secure. Without complex deployment steps, users can download, install, and connect to WeChat Work in as little as one minute, enabling them to "remote control" TENCENT's version of the lobster via mobile. As the barrier to using AI agents rapidly lowers, the OpenClaw series has become another key avenue for major internet firms to capture traffic entry points.

Citi stated that the AI agent WorkBuddy, launched by TENCENT Cloud, may represent a significant shift in China from the current "chat AI" paradigm to "execution AI," holding important implications for China's AI development landscape.

Positioning for the commercialization year of AI in 2026, focus remains on core AI tools in Hong Kong stocks. 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. Their top ten holdings include tech giants like Alibaba-W, TENCENT, Xiaomi Group-W, Kuaishou-W, and Bilibili-W, as well as AI application companies across various sectors, demonstrating significant leading advantages. They offer intraday T+0 trading with good liquidity.

For investors bullish on Hong Kong tech but seeking to reduce volatility, consider the market's first Hong Kong Large Cap 30 ETF (520560), which employs a "tech + dividend" barbell strategy. Its major holdings include high-growth tech stocks like Alibaba and TENCENT, alongside stable high-dividend stocks such as China Construction Bank and Ping An, making it an ideal long-term allocation tool for Hong Kong equities.

Note: Recent market volatility may be significant, and short-term gains or losses do not indicate future performance. Investors should 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 recorded the following annual returns over the past five full years: 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 past performance does not guarantee future results.

ETF fee explanation: When subscribing or redeeming fund shares, subscription/redemption agents may charge a commission of up to 0.5%, including relevant fees collected by stock exchanges and registration institutions. Feeder fund fee explanation: For the Huabao CSI Hong Kong Stock Connect Internet ETF Feeder Fund (Class A), the subscription fee (front-end load) is CNY 1,000 per transaction for subscriptions over CNY 2 million, 0.6% for CNY 1 million (inclusive) to CNY 2 million, and 1% for under CNY 1 million. The redemption fee is 1.5% for holdings under 7 days and 0% for 7 days 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 holdings under 7 days and 0% for 7 days or more; the sales service fee is 0.3%.

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 stocks are adjusted according to the index compilation rules. The index constituents mentioned are for display 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—moderately high risk, suitable for aggressive (C4) and above investors. Any information appearing herein (including but not limited to stocks, comments, forecasts, charts, indicators, theories, and any form of expression) is for reference only, and investors are responsible for any independent investment decisions. Furthermore, any views, analysis, or forecasts herein do not constitute investment advice of any kind to readers, and no liability is accepted 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 performance does not indicate future results. Fund investment carries risks, and caution is advised.