景林资产总经理高云程：流动性改善与基本面复苏，推动港股科技与医药板块重回上升周期

Core Insights - The Hong Kong stock market is experiencing a strong rebound, particularly in the Hang Seng Technology Index and the biopharmaceutical sector, driven by long-term economic transformation and short-term liquidity improvements [3][4]. Group 1: Market Structure Changes - Over the past decade, the Hong Kong market has shifted from being dominated by financial and real estate sectors to a focus on technology companies, aligning with China's economic structural upgrades [3][4]. - The introduction of various institutional innovations has attracted more unique and high-quality companies to list on the Hong Kong Stock Exchange [3]. Group 2: Factors Driving Market Growth - Improved liquidity is identified as the most direct driving force, with a significant recovery in market conditions since last year, leading to a narrowing of the valuation gap between Hong Kong and A-share markets [4]. - Many companies are increasingly focusing on shareholder returns, with major blue-chip companies achieving annual shareholder yields of 5% to 10% through dividends and buybacks, reflecting a recognition of long-term value [4]. - The surge in the technology and biopharmaceutical sectors is closely linked to collaborations and acquisitions by international pharmaceutical companies with Chinese firms, supported by China's strong new drug pipeline [4][5]. Group 3: Market Resilience and Future Outlook - The risk of delisting for Chinese companies in the U.S. has pressured the market, but Hong Kong has successfully attracted many of these companies for secondary or dual listings, alleviating concerns and drawing international investment [5]. - The rise of the Hang Seng Technology and biopharmaceutical sectors is seen as a result of market structure optimization and a renewed prosperity in China's capital markets, indicating the start of a new development cycle [6].