长城基金曲少杰：看好港股科技互联网和新兴消费两大方向

Core Viewpoint - The Hong Kong stock market has shown strong performance in 2023, with the Hang Seng Index up 9.22% and the Hang Seng Tech Index up 11.36%, contrasting with a 3.83% decline in the CSI 300 Index [1] Group 1: Fund Performance - The Changcheng Hong Kong Stock Connect Value Selection Fund, managed by Qu Shaojie, reported impressive returns, with the A class achieving 33.63% and 57.88% over the past six months and one year, respectively, significantly outperforming the benchmark [1] - The fund's performance is attributed to two main factors: the recovery of the domestic economy supported by favorable policies and a focus on technology internet and emerging consumption sectors in the Hong Kong market [1][2] Group 2: Economic Outlook - Qu Shaojie expressed optimism for the Hong Kong stock market's medium to long-term performance, citing improved economic fundamentals and favorable capital conditions [2] - The investment logic for technology internet and emerging consumption sectors remains strong, with government policies likely to stimulate consumption and high-tech innovation [2] Group 3: Emerging Consumption Trends - The rapid growth of the "subculture" demographic and the rise of domestic intellectual property (IP) are driving new consumption sectors, with young consumers showing significant potential [2] - Investment in emerging consumption should focus on companies' IP creation and operational capabilities, as well as their growth rates and management quality [2] Group 4: Fund Historical Performance - The Changcheng Hong Kong Stock Connect Value Selection Fund A class has shown varied performance since its inception in June 2019, with annual returns ranging from -31.87% in 2022 to 36.47% in 2020 [3] - The C class, established in January 2023, reported a return of -16.72% for the period from its inception to the end of 2023, with a subsequent recovery of 16.49% in 2024 [3]