外资集体看多港股，回调期如何布局？

Core Viewpoint - The Hong Kong stock market is experiencing a "golden window period" driven by both domestic and foreign capital, with strong signals of bullish sentiment despite recent adjustments in the tech sector [2]. Group 1: Capital Inflows and Market Sentiment - Southbound capital has seen a net inflow exceeding 427 billion HKD this year, marking a historical high for the same period, with a single-day peak net purchase of nearly 30 billion HKD, indicating a clear "buying opportunity on dips" signal [1]. - Foreign institutional investors are increasingly optimistic, with Goldman Sachs noting that international investor interest in Chinese stocks has reached a four-year peak, and Morgan Stanley has raised its earnings forecasts [1]. Group 2: Technology Sector Resilience - The technology sector, represented by companies like Tencent, Xiaomi, and Xpeng, continues to show strong performance, with Tencent's Q4 2024 net profit surging by 30% year-on-year, Xiaomi's automotive business achieving a gross margin exceeding 20%, and Xpeng's MONA M03 model sales accounting for over 50% [4]. - The performance data supports the profitability recovery logic for tech stocks, providing a fundamental basis for related Hong Kong stock ETFs, such as the Hong Kong Tech 50 ETF (159750), which has risen approximately 30% this year [4]. Group 3: Demand for Dividend Assets - There is a significant increase in demand for dividend asset allocation, driven by expectations of Federal Reserve interest rate cuts and a decline in domestic risk-free yields to 1.7% [6]. - The Hong Kong Dividend Low Volatility ETF (520550) has shown enhanced "capital attraction" due to its 7.13% dividend yield and low volatility characteristics, making it a preferred choice for risk-averse investors [6]. Group 4: Investment Strategy Recommendations - It is recommended to maintain a dynamic adjustment rhythm in investment strategies, with a focus on the Hong Kong Tech 50 ETF (159750) for opportunistic buying during dips and long-term holding of the Hong Kong Dividend Low Volatility ETF (520550) [7]. - A "barbell strategy" is suggested, combining high-growth and high-stability asset allocations, which could significantly enhance risk-adjusted returns, with a calculated Sharpe ratio exceeding 2.5 when allocated in a 60:40 ratio [6][7].