传统与新兴赛道估值齐升 港股仓位成基金业绩排名关键

Group 1 - The core viewpoint is that Hong Kong stocks have become a key performance driver for many A-share fund managers, with significant contributions to fund rankings and reputation [1][2] - Fund managers are increasingly relying on Hong Kong-themed funds to enhance their performance, with some achieving returns exceeding 30% this year, significantly outperforming their A-share counterparts [2][3] - The allocation of Hong Kong stocks in funds is directly impacting performance, as seen in the stark differences in returns among funds with varying levels of Hong Kong stock exposure [3] Group 2 - The market is witnessing a valuation uplift across both traditional and emerging sectors in Hong Kong, particularly in internet, AI, pharmaceuticals, and new consumption sectors, benefiting funds heavily invested in these areas [4] - Specific examples include significant stock price increases for companies like Alibaba Pictures and Mindray, which have substantially boosted the net asset values of the funds holding them [4] - Some A-share fund managers are incorporating a "Hong Kong gene" into their portfolios, with one fund reaching a 44.5% allocation to Hong Kong stocks, nearing the investment limit [5] Group 3 - Fund managers see substantial opportunities in the Hong Kong market due to its valuation attractiveness and continuous capital inflow, focusing on new technologies, new models, and innovative pharmaceuticals [6][7] - The expectation is that the macroeconomic theme for the year will be "recovery," with technology, particularly AI, presenting nonlinear growth potential [7] - The Hong Kong IPO market is anticipated to recover significantly by 2025, providing a vital channel for domestic companies to raise foreign capital, indicating further investment opportunities in the Hong Kong market [7]