The Southern CSI China Mainland Internet 2x Daily Leveraged ETF (07226) surged more than 9%. At the time of writing, it was up 9.68% to HK$3.468, with a turnover of HK$1.23 billion.

On the news front, Hong Kong-listed technology stocks continued their upward trajectory on July 8th. Among the index constituents, Alibaba Group Holding Ltd (BABA) saw its afternoon gains expand to over 10%, marking its largest intraday increase since last September. Kuaishou Technology (KUAISHOU-W) rose more than 7%, while Baidu, Inc. (BIDU) climbed over 5%.

Market reports today indicated that a preview of Alibaba's fiscal Q1 2027 results showed its cloud computing revenue growth accelerated to approximately 45%, surpassing market expectations. Concurrently, Alibaba Cloud's EBITA margin continued to improve, rising from around 9.1% in the previous quarter to low double digits, aligning with the company's prior guidance.

Notably, the valuation framework for Hong Kong's internet sector is currently transitioning from a "consumer internet" model to a new "AI+Cloud" framework. Specific developments include Kunlunxin's sprint towards a Hong Kong IPO with a target valuation of $50 billion; Meituan's open-sourcing of its LongCat-2.0 model, the industry's first trillion-parameter model to complete full-process training and inference on a domestic 50,000-card computing cluster; and Kuaishou's AI model Kling successfully securing its first independent funding round, with commercialization progress exceeding expectations.

Analysis suggests that leading Hong Kong internet companies possess dual attributes of "domestic computing power" and "AI application," positioning them as a significant direction for the potential diffusion of the AI market trend.