万亿资金“抢筹”，港股牛市归来？如何切入更合适~

Core Viewpoint - The A-share market has outperformed the Hong Kong stock market since July, but recent days have seen a broad rally in Hong Kong stocks, with some individual stocks reaching new highs for the year [3][4]. Group 1: Market Performance - Since July, A-shares have consistently outperformed Hong Kong stocks, which have shown high-level fluctuations [3]. - Recent trading days have seen a resurgence in Hong Kong stocks, with broad gains and some stocks hitting annual highs [3]. Group 2: Fund Flows - Despite the underperformance of Hong Kong stocks, capital flows have remained strong, with southbound funds net buying Hong Kong stocks for eight consecutive trading days, totaling over 1 trillion HKD for the year [4]. - From July onwards, A-share broad-based ETFs have seen a net outflow of 203.8 billion CNY, while industry and thematic ETFs have seen a net inflow of 114.2 billion CNY, and Hong Kong-related ETFs have attracted 143.1 billion CNY [4]. Group 3: Investment Strategies - The shift in capital flows indicates a trend of institutional investors reducing their A-share ETF holdings while increasing their positions in Hong Kong ETFs, reflecting a "reduce A, increase Hong Kong" strategy [4]. - The Hong Kong Internet ETF has seen significant growth, with its shares increasing from 317.34 billion to 830.02 billion since the beginning of the year, a rise of 512.68 billion [4][5]. Group 4: Economic Influences - A key driver for the increased investment in Hong Kong stocks is the shift in U.S. Federal Reserve monetary policy, with expectations of interest rate cuts following signals from the Jackson Hole meeting and disappointing non-farm payroll data [6]. - This shift is expected to enhance liquidity in the Hong Kong market and improve the valuation levels of quality assets in sectors like technology and pharmaceuticals [6]. Group 5: Fund Performance - The 富国蓝筹精选股票 (QDII) fund has focused on Hong Kong and U.S. stocks, maintaining a low A-share allocation, and has adopted a barbell strategy of quality growth stocks and high-dividend stocks [10]. - The fund has seen a significant increase in its growth stock allocation since last year, particularly in sectors like innovative pharmaceuticals and new consumption [10].