The Stock Connect Internet ETF E Fund (513040) has gathered over 1.1 billion in the past 10 days

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As of 13:05, the CSI HK Stock Connect Internet Index (931637) fell by 3.5%; among its constituent stocks, Mobvista rose 2.6%, ZhongAn Online rose 1.02%, Kingdee International rose 0.82%, while NetEase fell 6.48%, Tencent Holdings fell 6.2%, XD Inc. fell 5.32%, China Literature fell 4.73%, and NetEase Cloud Music fell 4.52%.

Data shows that the E Fund CSI HK Stock Connect Internet ETF (513040), which tracks the CSI HK Stock Connect Internet Index, has been favored by capital flows. It received a net inflow of 38.8317 million RMB in the previous trading session, with a cumulative net inflow of 1.13 billion RMB over the past 10 days.

Southbound capital is increasing its exposure to Hong Kong stocks. Data indicates that as of July 21, southbound capital net purchases reached 69.138 billion RMB since the beginning of July, significantly higher than the 23.557 billion RMB for the entire month of June. Tech sectors such as AI and the internet have attracted attention from southbound investors.

Leading internet companies are increasingly betting on the voice sector. On July 20, 2026, ByteDance's Seed team officially released the audio creation model Seed Audio 1.0. Alibaba's Qwen launched the speech synthesis large model Qwen-Audio-3.0-TTS.

Goldman Sachs pointed out that the current divergence in tech stocks between A-shares and H-shares has reached historical extremes, recommending a gradual increase in holdings of large Hong Kong-listed internet companies. The core logic is that Hong Kong-listed internet companies are expected to narrow the gap with A-share hard tech companies across multiple dimensions, including fundamentals, valuation, and liquidity. These giants are at a critical window for profit recovery, requiring observation of three key variables: the extent of narrowing subsidy losses, revenue contributions from new businesses like cloud services and AI agents, and the stability of cash flows from traditional e-commerce.

In terms of valuation, the latest P/E ratio of the CSI HK Stock Connect Internet Index tracked by the E Fund CSI HK Stock Connect Internet ETF (513040) is only 20.26 times, placing it in the 7.06th percentile since the index's inception. This means the valuation is lower than 92.94% of the periods since the index was established.

The E Fund CSI HK Stock Connect Internet ETF (513040) closely tracks the CSI HK Stock Connect Internet Index, which selects securities of 30 listed companies involved in internet-related businesses within the scope of the Stock Connect as index constituents. The top five weighted stocks include Alibaba, Tencent Holdings, Xiaomi Group, Meituan, and SenseTime, accounting for nearly 60% of the total weight, indicating a high proportion of Hong Kong tech giants.