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Core Viewpoint - The Hong Kong stock market has shown remarkable performance in 2023, leading global markets with significant gains in major indices, driven by low valuations and high growth potential [1][3][8]. Market Performance - As of May 27, the Hang Seng Index and the Hang Seng Tech Index have both increased by over 15% year-to-date, with the former peaking at over 30% and the latter at over 48% [1][3]. - Half of the top 100 equity funds have over 20% exposure to Hong Kong stocks, with more than 30% of these funds holding over 30% in Hong Kong equities [3][4]. Fund Performance - Seven equity funds have reported over 50% net asset value growth this year, all of which have significant holdings in Hong Kong stocks [4]. - Notable funds include Guangfa Growth Navigator with a 63.43% increase and over 31% of its portfolio in Hong Kong stocks, and Huitianfu Hong Kong Advantage Select with a 63.27% increase and over 86% in Hong Kong equities [5]. Investment Value - Despite recent valuation recovery, Hong Kong stocks remain in a relatively reasonable range after three years of decline, with a TTM P/E ratio of 10.6 and a P/B ratio of 0.9, indicating high investment value [8]. - The Hong Kong consumer sector is characterized by low valuations and high growth potential, with the Hong Kong Consumer Index P/E at only 21 times, significantly lower than major global consumer indices [8][9]. Sector Trends - The market is witnessing a shift towards new consumption trends, with Hong Kong stocks focusing on emerging consumer sectors that have shown strong performance [9]. - Policies promoting technology innovation and domestic demand are expected to create ongoing investment opportunities in sectors such as AI, new energy vehicles, and biopharmaceuticals [8].