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Market Overview - The market has shown alternating activity between A-shares and Hong Kong stocks this year, with Hong Kong's new consumption, technology, and innovative pharmaceutical sectors performing well in the first half, while A-shares' ChiNext and STAR Market technology sectors gained strength in the second half [1] - There is a growing sentiment in the market regarding a potential "high cut low" return to Hong Kong stocks, with several well-known fund managers increasing their positions in Hong Kong stocks in the third quarter [1] Fund Manager Actions - Notable fund managers have significantly increased their Hong Kong stock allocations, such as Jiao Wei's Silver Hua Fu selected mixed fund, which raised its Hong Kong stock allocation from 11.38% to 39.66%, an increase of approximately 28 percentage points [2] - Wu Hao and Jinshan's CITIC Prudential New Blue Chip fund increased its Hong Kong stock allocation from 4.87% to 26.66%, a rise of about 22 percentage points [2] - Yang Ruiwen's Invesco Great Wall Growth fund raised its Hong Kong stock allocation from 6.09% to 22.34%, an increase of approximately 16 percentage points [3] Sector Preferences - The technology sector remains the most heavily weighted sector in Hong Kong stock funds, although its share slightly decreased to 37%, while the consumer sector maintained a 25.16% share, and the pharmaceutical sector accounted for 15.52% [4] - The pharmaceutical sector saw the largest increase in holdings, rising by 3.09 percentage points, while the technology sector experienced a decrease of 1.95 percentage points due to limited opportunities in Hong Kong tech stocks [4] Investment Trends - AI and innovative pharmaceuticals are key investment themes, with Alibaba's cloud services showing strong performance driven by AI, leading to a 3.25 percentage point increase in fund holdings [4] - The trend of "Hong Kong premium" is emerging, where certain high-quality assets in Hong Kong are trading at a premium compared to their A-share counterparts, indicating a structural shift in market perception [6][7]