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, supported by valuation advantages and strong ties to the mainland economy [1][2]. Market Trends - The Hong Kong stock market saw multiple 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 trend of capital returning to the market, albeit cautiously and selectively [2][3]. - The shift in foreign investment from "buying cheap" to "buying quality" reflects a growing interest in leading companies in high-end manufacturing, new energy, innovative pharmaceuticals, and robotics [3]. Sector Opportunities - The Hong Kong stock market is seen as attractive in terms of valuation and risk premium compared to other markets like the US and Japan [3]. - The investment focus includes five key areas: overseas expansion, innovative pharmaceuticals, AI+, high-end manufacturing, and upstream resources [6][7]. A+H Companies - Nearly 80 A-share companies are applying to list on the Hong Kong Stock Exchange, covering various sectors such as pharmaceuticals, telecommunications, and automotive [7]. - The transition of Chinese companies from "export" to "overseas expansion" is viewed as revolutionary, enhancing their global influence and creating new investment opportunities [7].