Recently, the Internet sector within the Hong Kong stock market has experienced a significant rebound. Share prices of major players, such as Alibaba and Tencent Holdings, have been on a consistent upward trajectory. This upturn has spurred substantial capital inflows into several related Exchange-Traded Funds (ETFs), with the Fullgoal China Securities Hong Kong Stock Connect Internet ETF's assets nearing the 100 billion yuan mark.

Multiple institutions are of the opinion that the Internet sector in the Hong Kong stock market is currently undergoing a value reassessment. This shift is attributed to the gradual rollout of AI businesses, improved financial performance, and a wave of short covering. The Industrial Securities team has highlighted that the negative factors that previously cast a shadow over the sector are now gradually fading away. Moreover, short covering activities have led to a reduction in the proportion of short selling transactions within the market.

Since the dawn of 2025, there has been a steady influx of foreign capital into the information technology sector. A foreign fund manager has pointed out that the market's previous "stereotypical" valuations of Alibaba and Tencent Holdings failed to fully capture their strategic significance in the AI era. Both companies have established substantial advantages by securing core positions within the AI value chain's cloud platforms. Andy An from Schroder Fund continues to maintain an optimistic outlook on certain Internet companies.