牛市狂奔，投资还有哪些好选择？

Group 1 - The core viewpoint of the article highlights the contrasting performance between the A-share market, which is experiencing a strong bull run led by the chip industry, and the relatively subdued performance of the Hong Kong stock market, raising questions about the value of holding Hong Kong stocks [1][2] - Despite the lackluster performance of the Hong Kong market, there has been a significant increase in the scale of Hong Kong ETFs, which surged from 297.4 billion yuan at the beginning of the year to 565.5 billion yuan by August 20, indicating a strong recognition of value by smart capital [1][2] - The article suggests that the current market conditions present structural opportunities in the Hong Kong stock market, particularly in sectors like innovative pharmaceuticals and non-bank financials, rather than a general overvaluation [2][4] Group 2 - The innovative pharmaceutical sector has seen substantial growth, with the Hong Kong innovative pharmaceutical ETF (513120) doubling in value this year and reaching a scale of over 20 billion yuan, indicating strong investor interest [5][14] - The logic behind the growth in innovative pharmaceuticals is driven by the impending expiration of patents for many drugs from multinational pharmaceutical companies, creating a demand for new and undervalued drug pipelines [6][11] - Southbound funds have emerged as significant buyers in the innovative pharmaceutical sector, contributing to the bullish sentiment and increasing the ETF's scale from 8 billion yuan to 20.7 billion yuan this year [12][14] Group 3 - The non-bank financial sector has also attracted attention, with the Hong Kong non-bank financial ETF (513750) rising over 50% year-to-date, supported by increased trading activity from southbound funds and retail investors [16][19] - The article outlines three main reasons for the increased attractiveness of non-bank financials: higher trading frequency from southbound funds, improved liquidity in the market, and favorable policies for insurance capital to expand equity investments [18][19] - The non-bank financial ETF has seen its scale increase to 18.7 billion yuan, reflecting strong institutional interest and a favorable market environment [19] Group 4 - The technology sector, particularly the Hang Seng Technology Index, has faced short-term challenges but is expected to recover as market concerns dissipate, with potential for upward price movement [22][23] - Investors are encouraged to consider the Hang Seng Technology ETF (513380) for exposure to this sector, which has shown resilience despite recent underperformance [23] - For those concerned about competition affecting the technology index, the Hong Kong Technology ETF (159262) offers a more focused investment option, with a scale exceeding 3.2 billion yuan [25] Group 5 - The article emphasizes the importance of selecting the right ETFs in the current bull market, highlighting various options such as the Hong Kong Dividend ETF (520900) and thematic ETFs focused on new energy vehicles and consumer sectors [28] - The diverse range of ETFs available allows investors to tailor their strategies according to their risk preferences and market outlook, with a focus on high liquidity and substantial market capitalization [28]