Alibaba officially announces a full-scale move into the intelligent agent AI era! The progress of major tech companies' AI products remains central, with a focus on the value of low-priced Hong Kong internet stocks.

On March 23, Hong Kong stocks opened lower and declined further. The collective pullback of internet giants continued. As of the latest report, the Hong Kong Stock AI Core Tools—Hong Kong Internet ETF (513770)—intraday price fell by 2.97%, hitting a new low since April 10, 2025. Alibaba-W dropped over 3%, Xiaomi Group-W fell more than 2%, and Tencent Holdings declined over 1%.

In news, recently Alibaba Group Chairman Cai Chongxin outlined the three main drivers of AI development in China and announced that Alibaba is fully entering the intelligent AI era.

Shopen Securities stated that AI applications represented by Openclaw are experiencing a deployment boom, with token call volume surging, driving high demand for AI computing power. Major cloud providers are raising prices accordingly. On March 18, Alibaba Cloud announced that due to global AI demand explosion and supply chain price increases, prices for AI computing power, storage, and other products rose by up to 34%. Among them, computing cards like Pingtouge Zhenwu 810E increased by 5%-34%, and file storage product CPFS (Intelligent Computing Edition) rose by 30%.

Meanwhile, with rising AI computing costs, the prices of large models are also increasing. On March 13, Tencent Cloud not only ended limited-time free public testing for models like GLM 5, MiniMax 2.5, and Kimi 2.5, turning them into official commercial services, but also significantly raised prices for some Mugen series models, with some fee increases exceeding 456%.

Huarun Securities noted that AI remains one of the most important directions in the global industry narrative. The progress of major companies’ AI products remains core, and it is recommended to focus on application directions that are product-based and generate revenue.

Grasp the 2026 AI commercialization year one and pay attention to core tools in Hong Kong stocks. The Hong Kong Internet ETF (513770) and its associated funds (Class A 017125; Class C 017126) passively track the CSI Hong Kong Stock Connect Internet Index. The top ten holdings include Alibaba-W, Tencent Holdings, Xiaomi Group-W, Kuaishou-W, Bilibili-W, and other tech giants and AI application companies across various fields. Leading advantages are prominent, with T+0 trading within the day and good liquidity.

Looking for tech exposure in Hong Kong stocks but want to reduce volatility? You can also consider the Hong Kong Top 30 ETF (520560), the market’s first “tech + dividend” dumbbell strategy ETF, with heavy holdings in high-elasticity tech stocks like Alibaba, Tencent Holdings, as well as stable high-dividend stocks like China Construction Bank and Ping An of China. It’s an ideal long-term core holding for Hong Kong stock allocation.

Reminder: Recent market volatility may be significant. Short-term gains or losses do not predict future performance. Investors should invest rationally based on their own financial situation and risk tolerance, paying close attention to position sizing and risk management.

Data sources: Shanghai and Shenzhen Stock Exchanges, etc.

Institutional views: Everbright Securities 20260311 “OpenClaw ushers in a new era of Agents, Hong Kong tech returns to AI growth mainline”; Galaxy Securities 20260302 “Focusing on the ‘14th Five-Year Plan’ start, how to grasp structural opportunities in Hong Kong stocks?”

ETF fee disclosures: When subscribing or redeeming fund units, authorized agencies may charge a commission up to 0.5%, including fees from stock exchanges, registries, etc. Related to the associated funds: China Asset Management’s Huabao CSI Hong Kong Stock Connect Internet ETF (A class) has a subscription fee of 1,000 yuan per transaction for amounts over 2 million yuan, 0.6% for 1-2 million yuan, and 1% below 1 million yuan; redemption fee is 1.5% if held less than 7 days, 0% if held 7 days or more, with no sales service fee. The C class has no subscription fee, with redemption fees similar to above, and a sales service fee of 0.3%.

Risk warning: The Hong Kong Internet ETF passively tracks the CSI Hong Kong Stock Connect Internet Index, which was launched on December 30, 2016, and published on January 11, 2021. The index components are adjusted periodically according to the index rules. The stocks listed are for display only; descriptions do not constitute investment advice and do not reflect holdings or trading activity of any fund managed by the issuer. The risk level of this fund is assessed as R4—moderate to high risk, suitable for active investors (C4) and above. All information in this article (including stocks, comments, forecasts, charts, indicators, theories, etc.) is for reference only. Investors are responsible for their own investment decisions. The views, analysis, and forecasts in this article do not constitute investment advice and the issuer is not responsible for any losses resulting from use. Past performance of other funds managed by the fund manager does not guarantee future results. Investment involves risks; please invest cautiously.

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