On October 9, leading Hong Kong internet stocks stabilized and rose. As of press time, XIAOMI-W (01810) surged more than 5%, while BABA-W (09988), Tencent Holdings, and Meituan-W all gained more than 2%. The Hong Kong Internet ETF Huabao (513770) opened higher and continued climbing, with its underlying index rising over 2%.

On the news front, Xiaomi officially announced that in the first month of its Pengcheng series launch, locked orders exceeded 70,000 units, directly driving Xiaomi Auto's total September deliveries past 40,000 units. This marks the first time Xiaomi Auto's monthly deliveries have surpassed 40,000 units. In addition, Alibaba provided its latest quarterly results guidance. Overall, Alibaba Cloud continued to accelerate growth, while the e-commerce core business exceeded expectations on the profit side. Alibaba Cloud's quarterly revenue growth rate exceeded 50%, with profit margins continuing to improve sequentially, and cloud business profit margins are expected to surpass 12%. Management expects that by the December quarter, cloud business profits will essentially cover AI business losses. Nomura Securities anticipates that Alibaba's upcoming quarterly results will further highlight its AI strategic positioning. Nomura Securities stated it has greater confidence in the outlook for Alibaba's AI cloud business. Within China's AI ecosystem, few companies can match Alibaba's solid advantageous position across nearly every key link in the AI value chain—covering chips, infrastructure, models, and AI applications.

During the National Day holiday, Hong Kong stocks came under noticeable pressure due to overseas liquidity shocks. However, with the return of southbound capital, cooling U.S. rate hike expectations, and a repair of previously oversold sentiment, institutions believe Hong Kong stocks have short-term rebound demand. The Hong Kong Internet ETF Huabao (513770) passively tracks the CSI Hong Kong Connect Internet Index, with heavy positions in internet leaders. Its top two holdings, Tencent Holdings and BABA-W (09988), together account for over 30% weight, while the top ten constituent stocks collectively represent more than 80%. The leader advantage is significant, and the ETF supports intraday T+0 trading with good liquidity. Off-exchange investors may consider the feeder fund (Class A 017125, Class C 017126).

Reminder: Recent market volatility may be significant, and short-term gains or losses do not predict future performance. Investors should invest rationally based on their own financial conditions and risk tolerance, and pay close attention to position and risk management. Data sources: Shanghai and Shenzhen Stock Exchanges, Wind, etc. ETF fee-related notes: When investors subscribe to or redeem fund shares, the subscription and redemption agent may charge a commission of no more than 0.5%, which includes fees charged by the stock exchange, registration institution, and others. Feeder fund fee-related notes: The Huabao CSI Hong Kong Connect Internet ETF Initiating Feeder Fund (Class A) subscription fee rate (front-end) is 1,000 yuan per transaction for subscription amounts of 2 million yuan or more, 0.6% for 1 million yuan (inclusive) to 2 million yuan, and 1% for below 1 million yuan; the redemption fee rate is 1.5% for holding periods of less than 7 days, and 0% for holding periods of 7 days (inclusive) or more; no sales service fee is charged. The Huabao CSI Hong Kong Connect Internet ETF Initiating Feeder Fund (Class C) does not charge a subscription fee, the redemption fee rate is 1.5% for holding periods of less than 7 days and 0% for holding periods of 7 days (inclusive) or more; the sales service fee is 0.3%. Risk disclosure: The Hong Kong Internet ETF Huabao and its feeder fund passively track the CSI Hong Kong Connect Internet Index. The index base date is December 30, 2016, and it was published on January 11, 2021. The CSI Hong Kong Connect Internet Index's returns over the past 5 complete years are as follows: 2025, 27.02%; 2024, 23.04%; 2023, -24.74%; 2022, -23.01%; 2021, -36.61%. The volatility over the past 5 complete years is as follows: 2025, 33.60%; 2024, 43.49%; 2023, 32.09%; 2022, 49.01%; 2021, 38.72%. The index constituent composition is adjusted in a timely manner according to the index compilation rules, and its back-tested historical performance does not predict the index's future performance. The index constituent stocks mentioned in this article are for display purposes only. Individual stock descriptions do not constitute investment advice in any form, nor do they represent the holdings or trading actions of any fund under the manager. The risk rating of this fund as assessed by the fund manager is R4-Medium-High Risk, suitable for investors with Aggressive (C4) rating or above. Any information appearing in this article (including but not limited to individual stocks, comments, forecasts, charts, indicators, theories, and any form of expression) is for reference only, and investors must be responsible for their own investment decisions. In addition, any views, analyses, and forecasts in this article do not constitute investment advice of any form to readers, nor do they assume any liability 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 constitute a guarantee of fund performance. Past performance of a fund does not represent its future performance. Fund investment involves risks, and caution is required. MACD golden cross signals have formed, and these stocks are performing well!