博时基金赵宪成：资金面与基本面共振 港股后市可期

Core Viewpoint - The Hong Kong stock market is gaining increasing attention from investors, with a positive outlook for the second half of the year driven by strong fundamentals and capital inflows [1][2]. Group 1: Market Performance - The Hong Kong stock market showed strong performance in the first half of the year, supported by a consensus among domestic and foreign investors on Chinese assets [1]. - As of July 17, net inflows from southbound capital reached over 720 billion yuan, nearly double that of the same period last year [1]. - Public funds are accelerating their investment in the Hong Kong market, with a noticeable increase in the number of Hong Kong-themed funds reported [1]. Group 2: Future Outlook - The EPS growth rate for the Hang Seng Tech Index is projected to be 35% by 2025, with a ROE of 14% [2]. - Despite the Hang Seng Index's valuation returning to a relatively high position after a rebound, there are still many quality investment targets available [2]. - The fundamental drivers for stock price increases are expected to become more apparent over time, with companies that have solid performance support likely to stand out [2]. Group 3: Investment Themes - The technology sector is favored, as it includes many mature and profitable internet giants with strong user bases and stable business models [2]. - The dividend sector, including banks, energy, utilities, and telecom operators, is highlighted for its strong risk resistance and stable cash flow, making it a focus for long-term capital allocation [2]. - The new consumption sector is also promising, with companies like Pop Mart and Lao Pu Gold benefiting from domestic consumption recovery and expanding into international markets [3].