Zheng Quan Ri Bao·2025-04-18 17:12Group 1 - The core viewpoint of the article highlights the increasing clarity of the allocation logic for Hong Kong stocks among public funds as they disclose their Q1 2025 reports [1][4] - In Q1, the Hong Kong stock market experienced a structural rally driven by the release of consumer dividends and the upgrade of the technology industry [2][3] - Major public funds have significantly increased their holdings in technology leaders such as Tencent Holdings, SMIC, Alibaba, and Xiaomi, as well as new consumption targets like Li Auto and Pop Mart [1][2] Group 2 - The focus of fund holdings is primarily on two directions: technology internet giants and smart vehicles/new consumption [3][4] - Tencent Holdings was the most favored stock among public funds, with 27 products heavily invested, while SMIC and Alibaba were also among the top holdings [2][3] - Fund managers emphasize the strong growth momentum in the technology internet sector as a core logic for increasing allocations, with AI-related investments being a key area of focus [4][6] Group 3 - The article notes that the Hong Kong stock market is still considered a value trap, with many traditional industry leaders being undervalued [6][7] - The potential for recovery in the Hong Kong market is supported by factors such as low valuations, improving domestic economic conditions, and continuous net inflows from Hong Kong Stock Connect [6][7] - Fund managers express optimism about the growth potential of emerging consumption driven by younger consumers and the recognition of new consumption concepts [5][6]