The recent rally of Hong Kong stocks driven by the Internet sector should have exceeded many people's expectations. The Hang Seng Index broke through 22000 directly from more than 19000 points.

Hong Kong stocks have always been a market priced by foreign investors, and the expected trend of most investors for Hong Kong stocks is that under the background of interest rate hikes and shrinking tables in the United States, foreign investors may continue to withdraw, and it will be very difficult for Hong Kong stocks to have a big market.

But this kind of thinking is one-sided, compared with the foreign investment environment, Hong Kong stocks should now pay more attention to the opportunities of the Internet.

It seems taken for granted that the Federal Reserve raises interest rates and shrinks the dollar back to the United States. But why do Fed funds have to go when they raise interest rates and shrink their balance sheets? Behind this is actually a problem of risk-return ratio.

When the Federal Reserve raises interest rates and shrinks, risk-free interest rates rise, and many bubbles will be punctured. Compared with most of the investment products in the world, it is a good investment choice to put money safely in the United States to earn interest, so the capital flows to the United States. But the choice is relative, and money will not be indifferent if a better choice is found.

At present, the Internet sector is a relatively better investment opportunity with high odds and high odds.

After more than a year of decline, the Internet plate has no bubble to speak of, but is always ready to hit bottom and rebound.

What do you think of the current Hang Seng Technology Index? The article mentioned that the biggest factor affecting the Internet sector, that is, policy attitudes have changed.

Since the beginning of this year, the official caliber has been changing.

For example, on January 19, the National Development and Reform Commission and other eight departments issued some opinions on promoting the healthy and sustainable development of the platform economy, with emphasis on strengthening the supervision and enforcement of competition in the whole chain; strengthening the responsibility of super-large Internet platforms; the meeting of the Financial Committee of the State Council on March 16 pointed out: "in terms of platform economy, we should promote the rectification of large platform companies safely and as soon as possible, and relevant departments should set up traffic lights." On April 29, the Politburo meeting pointed out: "it is necessary to promote the healthy development of the platform economy, complete the special rectification and reform of the platform economy, implement regular supervision, and introduce specific measures to support the standardized and healthy development of the platform economy." "

It is not difficult to find that from "strengthening" and "strengthening" to "setting traffic lights" and now "supporting" and "promoting", the signals are becoming more and more positive.

It can be said that under the policy support, the Internet may usher in a good investment opportunity. Although experienced some labor pains, but the future may be healthier development, after all, everyone's life can not leave the Internet at all. "

Like Tencent, BABA, Meituan, JD.com and other Internet giants who have fallen black and blue in the last year or two, it is undeniable that they are still the most competitive Internet enterprises in China.

What is different from the past is that they are cheaper. And what makes them so cheap is gradually fading.

We can see that the game version number was released again in April this year, and the second batch was approved in June, that is, two days ago, not just words, but real changes.

At the same time, Internet companies also pay more attention to the quality of profits, appropriately shrink the front, and cut off some bloated businesses, similar to Pinduoduo's year-on-year turnround in the first quarter, with a net profit of 2.6 billion yuan; iQIYI, Inc. made a profit for the first time.

In the face of this series of changes, funds will not go in order to go, most likely will choose to participate.

For example, many international institutions have increased their positions in Chinese Internet stocks in the first quarter of this year.

By the end of the first quarter, JPMorgan Chase & Co had increased its holdings to Baidu, Inc., iQIYI, Inc., KANZHUN LIMITED and Pinduoduo by a large proportion. Among them, DiDi Global Inc. had the largest proportion of increased positions, with an increase of 419.51 per cent over the same period last year.

Qiaoshui increased its stake in BABA to 7.4805 million shares, with a market capitalization of $814 million, making it the sixth largest stock. The company also increased its stake in Pinduoduo by 2.2775 million shares, an increase of 85% to 4.9394 million shares, with a market capitalization of 198 million US dollars. Also increased by Qiaoshui are Baidu, Inc., Bilibili Inc., new energy vehicle stocks NIO Inc., XPeng Inc., and ideal.

According to the position data disclosed by China Consumer Power Fund, Fidelity International's China Equity Fund, by the end of the first quarter, the largest, sixth and tenth largest positions in the product were Tencent, Meituan and JD.com, respectively, with a market capitalization of $402 million, $180 million and $138 million at the end of the period. In the first quarter, the company increased its holdings of all the above-mentioned shares.

In addition, among the top private offerings in China, Jinglin assets increased its holdings in stocks such as NetEase, Inc in the first quarter, while Gao Yi assets increased its positions in Pinduoduo, ZTO Express and KE Holdings Inc.. The largest increase in its position is KE Holdings Inc.. In the first quarter, Gao Yi assets increased its stake in the stock by 805600 shares, with a market capitalization of US $25.884 million, making it the third largest stock.

Some organizations buy the Internet of US stocks, while others buy the Internet of Hong Kong stocks. This is not a big problem, and the logic is the same. If you really want to make a choice, it is better to have Hong Kong stocks. In the case of the policy game between China and the United States, it is still a trend for Internet companies to return to Hong Kong for listing. At present, the shares of most high-quality Internet companies can be bought in Hong Kong stocks.

The Internet sector of Hong Kong stocks is the largest pool of funds for Hong Kong stocks, as long as it is attractive enough, even if foreign investors do not buy it, there will be other funds to buy it. If the Internet sector recovers, it will determine the strength and weakness of Hong Kong stocks as a whole.

Foreign capital cannot move Hong Kong stocks, but the Internet can.

Of course, we don't have to worry about not getting on the car. in the short term, we still can't ignore the risks of the external macro environment (raising interest rates and deflating inflation), but at the same time we have to seize the opportunity of underestimation. Therefore, instead of betting on an Internet company, it is safer to choose the Hang Seng Technology Index, which is dominated by the Internet sector. Hang Seng Technology ETF (513130), run by several passive fund Taurus award-winning teams, can follow.