港股通50ETF（159712）涨超1.3%，市场关注被动投资转向与价值侧偏好

Core Viewpoint - The investment strategy for the Hong Kong Stock Connect 50 is shifting from active stock selection to passive index investment, with a market preference moving towards value-oriented stocks [1] Group 1: Investment Strategy - The focus of institutions is increasingly on dividends and fundamentals, leading to a valuation premium based on investment returns [1] - The era of passive investment is resulting in a decrease in industry EPS requirements and an increase in the weight of free cash flow [1] - The valuation paradigm may shift from Price-to-Earnings (PE) to Enterprise Value/EBITDA or Enterprise Value/Free Cash Flow (EV/FCF) [1] Group 2: Sector Performance - Traditional sectors like highways, perceived as having weak growth, have shown long-term strong performance, becoming "friends of time" [1] - The outlook for the second half of the year is more favorable for infrastructure assets and high-dividend assets due to continuous allocation of passive funds and narrowing AH discount rates [1] Group 3: Logistics Industry - The logistics sector benefits from low resource costs and technological cost reductions, with direct sales companies optimizing profits through outsourcing [1] - The resilience of cash flow will determine the evolution of the franchise-based express delivery landscape [1] Group 4: Index Overview - The Hong Kong Stock Connect 50 ETF (159712) tracks the Hong Kong Stock Connect 50 Index (930931), which is compiled by the China Securities Index Company [1] - This index selects the 50 largest listed companies within the Hong Kong Stock Connect range based on free float market capitalization, covering multiple industry sectors and aiming to reflect the overall market performance of large-cap stocks in the Hong Kong Stock Connect [1]