大成基金柏杨： 港股短期波动属情绪面扰动海外资金转向“买质量”

Core Viewpoint - The Hong Kong stock market has experienced fluctuations due to short-term investor sentiment changes, but the long-term outlook remains cautiously optimistic for the fourth quarter, supported by valuation advantages and strong ties to the mainland economy [1][2]. Market Trends - The Hong Kong stock market saw several sectors reach historical highs during the National Day and Mid-Autumn Festival holidays, followed by a downward adjustment [2]. - The recent adjustments in sectors such as chips, technology, innovative pharmaceuticals, and robotics are attributed to short-term market sentiment rather than fundamental issues [2]. Investment Strategy - The investment strategy emphasizes focusing on companies' long-term financial performance and competitive strength rather than short-term market movements [2]. - The current market environment is characterized by a balance of economic fundamentals, company profit growth, and reasonable valuation levels [2][3]. Foreign Investment Dynamics - Foreign investors are increasingly optimistic about Hong Kong stocks, with a notable shift from "buying cheap" to "buying quality," particularly in high-end manufacturing, new energy, innovative pharmaceuticals, and robotics [3][5]. - The trend of foreign capital returning to Hong Kong stocks is accelerating, with a cautious and selective approach towards companies with global competitive advantages [2][3]. Sector Opportunities - The investment focus includes five key areas: overseas expansion, innovative pharmaceuticals, AI+, high-end manufacturing, and upstream resources, with a particular emphasis on the "going global" trend of Chinese companies [5][6]. - The market for traditional consumer sectors, such as e-commerce and travel, is also seen as having potential for discovering undervalued stocks [5]. A+H Company Listings - The trend of A+H companies listing in Hong Kong is gaining momentum, with nearly 80 A-share companies applying for listings, covering various industries such as pharmaceuticals, telecommunications, and automotive [6]. - The transition of Chinese companies from "export" to "going global" is viewed as revolutionary, enhancing their revenue, profit, and global influence [6].