Publicly offered funds are flowing back into Hong Kong stocks, avoiding the crowded track of internet companies and focusing on certainty.

Against the background of AI investment logic shifting towards performance certainty and risk control enhancement, public funds are gradually flowing back into Hong Kong internet assets. According to multiple fund managers' analysis, the widening gap between long and short positions in cluster stocks usually indicates an increase in equity market risk, with AI investment logic gradually moving away from speculative themes and focusing on real performance. Funds are currently avoiding crowded tracks and emphasizing undervalued and low-hype certainty assets in the AI sector. Industry insiders analyze that the current rebound in Hong Kong internet stocks and the valuation recovery of the US AI application sector are closely linked. Since the end of last year, the US AI application sector has led the way in valuation clearing, with many QDII heavy weight targets such as Saifu, Audobee, Figma, and Shopify experiencing deep declines, with some individual stocks falling by over 50% in a single day. The valuation downturn in the US AI sector coincides with the downward cycle of the Hang Seng technology sector. In addition to overseas market catalysts, the increasing crowding of certainty and trading in new technology leaders is also an inherent reason for the return of funds to internet core assets.