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] - Prior to 2020, the Hong Kong and US stock markets were positively correlated, but this changed post-2020 due to 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 in Hong Kong surpassing those in A-shares, and a consistent increase in net purchases of Hong Kong stocks by southbound funds [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 in Hong Kong becoming a decisive factor for investment success among public and private equity institutions [2] - Hong Kong internet companies have notably 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 relatively 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 US 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]