外资或进一步增持 基金经理看好港股三大方向

Core Viewpoint - The Hong Kong stock market is experiencing increased attention from investors due to its valuation advantages and strong linkage with the mainland economy, especially as global liquidity is expected to improve with the Federal Reserve's new interest rate cut cycle [1][2]. Market Performance - The Hang Seng Index saw a rise of over 1.6% on October 2, followed by three consecutive days of adjustment, indicating a volatile market environment [1]. - The Hong Kong stock market has been favored by public fund institutions, with a notable increase in southbound capital inflows from mainland investors seeking undervalued stocks [2]. Factors Driving Market Strength - Three main factors contributing to the strength of the Hong Kong stock market this year include: 1. Valuation recovery driven by better-than-expected performance from major internet companies [2]. 2. Improved investor sentiment due to advancements in AI and robotics, as well as the global shift in monetary policy [2]. 3. The Federal Reserve's entry into a new interest rate cut cycle, which is expected to benefit markets including Hong Kong [2]. Sector Insights - The technology sector, particularly the Hang Seng Technology Index, is highlighted as a key area of interest, with a focus on AI applications and software rather than hardware [3]. - The valuation of the Hang Seng Technology Index is currently at a historical low, with a price-to-earnings ratio of 23.32, placing it in the 32.84% percentile over the past five years [3]. Consumer and Pharmaceutical Sectors - New consumption sectors such as trendy toys, new tea drinks, and beauty products are expected to maintain high growth rates, attracting investor interest [4]. - In the pharmaceutical sector, the potential for improvement in financing activities due to interest rate cuts is noted, with a focus on domestic innovative drug companies and their long-term opportunities [5]. - Recent volatility in the innovative drug sector is attributed to multiple external factors, but confidence in the sector remains high among public fund institutions [5].