Zhong Guo Ji Jin Bao·2025-04-27 10:48Group 1 - Public funds' heavy holdings in Hong Kong stocks exceeded 440 billion yuan, marking a continuous increase for five consecutive quarters [1][2] - As of the end of Q1 2025, public funds held 19.968 billion shares of Hong Kong stocks, a year-on-year increase of 27%, with the total market value rising to 445.408 billion yuan, a year-on-year increase of 124% [2] - The average position of actively managed equity funds in Hong Kong stocks reached 23.95%, an increase of 4.24 percentage points from the previous quarter, with over 70% of products increasing their holdings [2][3] Group 2 - The technology sector in Hong Kong is expected to see further revaluation, with leading companies still having relatively low valuation metrics [3] - The influence of "Northbound funds" is expected to continue to rise, with more incremental capital likely to flow into Hong Kong stocks due to lower funding costs in mainland China [3][4] - The recovery of the macro environment, along with positive trends in AI industry performance and global liquidity, is anticipated to support the growth of Hong Kong stocks [3][4] Group 3 - Three main reasons for the increased investment in Hong Kong stocks include improved profitability in the internet sector, the attractiveness of dividend-paying stocks, and the growing competitiveness of domestic new energy vehicles and innovative pharmaceuticals [4][5] - The long-term investment value of Hong Kong stocks remains promising despite short-term fluctuations due to external factors like tariffs [6][7] - Public funds' increased investment in Hong Kong stocks is expected to enhance market liquidity, diversify the investor base, and provide more funding support for key industries [7]