博时基金王萌：优质资产集聚，港股市场投资机会丰富

Core Viewpoint - The trend of net inflow of southbound funds into Hong Kong stocks is expected to continue long-term, although the intensity and pace may fluctuate due to market conditions [1] Group 1: Southbound Funds and Market Dynamics - Professional institutional investors in southbound funds provide liquidity support and enhance the vitality of sectors like technology and innovative pharmaceuticals [1] - The listing of high-quality A-share companies in Hong Kong increases the diversity of listed companies, attracting long-term international capital and enhancing mainland investors' willingness to allocate to Hong Kong stocks [1] - The initial high attention and trading enthusiasm for new listings can boost market activity, creating a positive cycle of liquidity recovery, valuation rebound, and improved investment sentiment [1] Group 2: Sector Performance and Drivers - The technology sector has shown strong performance, driven by the demand for high-end AI servers and GPUs due to the requirements of AI model training and inference [2] - Internet giants with strong R&D capabilities are competing to develop large models, playing dual roles as "computing power providers" and "model developers" in the AI wave [2] - AI applications are creating new business models and optimizing existing operations across various industries, including advertising, smart electric vehicles, and healthcare [2] Group 3: Innovative Pharmaceuticals - The innovative pharmaceutical sector has surged due to three main drivers: increasing medical spending from an aging population, policy changes accelerating drug approvals, and the introduction of a new medical insurance directory to support high-quality innovative drugs [2] - The approval timeline for innovative drugs has been shortened from 60 to 30 working days, facilitating faster market entry [2] Group 4: Global Liquidity and Capital Flows - With the Federal Reserve entering a rate-cutting cycle, global liquidity is improving, and lower funding costs may attract international capital to Hong Kong stocks, particularly benefiting the AI and internet sectors [3] - A low-interest-rate environment is also favorable for commodity prices, potentially benefiting cyclical sectors [3]