开思基金陈京伟：重视港股龙头公司投资机遇

Group 1 - The Hong Kong stock market has experienced greater volatility compared to the A-share market in recent years, with 2020 marking a significant turning point [1] - Factors contributing to the underperformance of the Hong Kong market include high valuations of growth and consumer stocks, regulatory challenges for internet companies, continuous foreign capital outflow, and risks associated with leading real estate companies [1] - Recent trends indicate a reversal in these factors, with a surge in IPO financing, leading companies' stock prices surpassing those in A-shares, and increasing net purchases of Hong Kong stocks by southbound funds, suggesting a more active market [1] Group 2 - Over the past year, sectors such as technology, dividends, and pharmaceuticals in the Hong Kong market have significantly outperformed the A-share market, with the level of stock holdings becoming a key determinant for investment success among public and private equity institutions [2] - Hong Kong internet companies have benefited from advancements in artificial intelligence, while high-dividend stocks have thrived in a low-interest-rate environment; the innovative pharmaceutical sector has also seen explosive growth due to increased overseas business and improved domestic healthcare policies [2] - Despite the recent rebound in the Hong Kong market, major indices are still considered undervalued compared to other global markets, indicating potential for further price increases [2] Group 3 - The concentration of industries in China has increased over the past decade, and the next five to ten years may see a widening gap between industry leaders and followers, similar to trends observed in the U.S. market with its "Seven Sisters" [3] - A long-term investment approach focused on selecting understandable and quality companies aligns closely with value investing principles, emphasizing the importance of holding onto investments [3] - The investment philosophy is summarized as "select right, buy right, hold on," with the holding phase being the most challenging and critical [3]