On August 22, Hong Kong tech leaders showed strong performance, with KUAISHOU-W leading gains of 4% following earnings results. Xiaomi Group-W rose over 2%, TENCENT returned above HK$600, and Alibaba-W followed suit. The Hong Kong Internet ETF (513770), which heavily weights Hong Kong internet leaders, opened high and continued climbing, with intraday prices up 1.29% and real-time trading volume reaching 180 million yuan.
On the news front, following TENCENT and Xiaomi, Kuaishou and Bilibili released their second-quarter results yesterday. Bilibili's Q2 revenue reached 7.34 billion yuan, up 20% year-over-year, with both net profit and adjusted net profit hitting record highs at 220 million yuan and 560 million yuan respectively.
KUAISHOU-W reported Q2 revenue of 35 billion yuan, up 13.1% year-over-year, with adjusted net profit reaching 5.6 billion yuan, up 20.1% year-over-year, exceeding market expectations.
Notably, AI is accelerating performance enhancement for tech leaders, with Kuaishou's Keling showing significant revenue growth, successfully breaking through 250 million yuan in Q2.
CITIC Securities stated that the interim results period will be a crucial juncture for whether the Hong Kong stock rally continues. Combined with the broad impact and rapid implementation of "anti-involution" policies, the market is expected to shift from previous liquidity-driven momentum to a resonance phase of performance-driven and policy validation. As market focus shifts from "expectations" to "delivery," sectors with better-than-expected performance and upgraded guidance are likely to continue benefiting, while marginal changes in "anti-involution" policies will become core variables for corresponding industry pricing.
Worth noting is that the Hong Kong Internet ETF (513770) has seen continued capital inflow momentum recently. Shanghai Stock Exchange data shows the Hong Kong Internet ETF (513770) recorded net capital inflows of 235 million yuan in a single day, with consecutive net inflows totaling 418 million yuan over the past 5 days.
The Hong Kong Internet ETF (513770) and its feeder funds (Class A 017125; Class C 017126) passively track the CSI Hong Kong Connect Internet Index, becoming core Hong Kong AI targets through heavy weighting of Hong Kong internet leaders. Data shows that from the beginning of the year through July, the CSI Hong Kong Connect Internet Index accumulated gains exceeding 35%, significantly outperforming the Hang Seng Tech Index over the same period, demonstrating outstanding upside elasticity.
According to the fund's Q2 report, as of the end of Q2, the Hong Kong Internet ETF (513770)'s top 4 holdings were Xiaomi Group-W, TENCENT, Alibaba-W, and Meituan-W, with combined weighting of 54.74%, while the top 10 holdings had combined weighting exceeding 72%.
As of the end of July, the Hong Kong Internet ETF (513770) recorded average daily trading volume of 593 million yuan year-to-date, supports intraday T+0 trading, is not subject to QDII quota restrictions, and offers good liquidity!
Reminder: Market volatility may be significant recently, and short-term gains/losses do not indicate future performance. Investors must make rational investment decisions based on their own capital situation and risk tolerance, paying close attention to position sizing and risk management.
Data source: Shanghai and Shenzhen Stock Exchanges, etc. Note: The CSI Hong Kong Connect Internet Index's annual returns over the past 5 complete years were: 2020: 109.31%; 2021: -36.61%; 2022: -23.01%; 2023: -24.74%; 2024: 23.04%. Index constituent adjustments are made according to the index methodology rules in a timely manner, and backtested historical performance does not predict future index performance.
Risk Warning: The Hong Kong Internet ETF passively tracks the CSI Hong Kong Connect Internet Index, which has a base date of December 30, 2016, and was published on January 11, 2021. Index constituent stocks are adjusted timely according to index compilation rules. Individual stocks mentioned in this article are for display purposes only and do not constitute investment advice of any kind, nor do they represent holding information or trading activities of any funds managed by the fund 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 article (including but not limited to individual stocks, commentary, predictions, charts, indicators, theories, any form of expression, etc.) is for reference only, and investors must take responsibility for any independent investment decisions. Furthermore, any views, analyses, and predictions in this article do not constitute investment advice of any form to readers, nor do we assume any responsibility for direct or indirect losses arising from the use of this article's content. The performance of other funds managed by the fund manager does not guarantee this fund's performance, past fund performance does not represent future performance, fund investment carries risks, and fund investment should be approached with caution.
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