Zheng Quan Shi Bao·2025-11-09 00:07Core Viewpoint - The market has shown alternating activity between A-shares and Hong Kong stocks this year, with notable performance in the Hong Kong new consumption, technology, and innovative pharmaceutical sectors in the first half, while A-shares' ChiNext and STAR Market technology sectors gained strength in the second half, leading to a phase of volatility in Hong Kong stocks [1] Group 1: Fund Manager Activity - Several prominent fund managers have increased their positions in Hong Kong stocks, with notable increases in allocations to AI applications and innovative pharmaceuticals, particularly in companies like Alibaba and SMIC [1][2] - The Silver Harvest Fortune Select Fund, managed by Jiao Wei, raised its Hong Kong stock allocation from 11.38% to 39.66%, an increase of approximately 28 percentage points, with Alibaba and Tencent as top holdings [2] - The CITIC Prudential New Blue Chip Fund, managed by Wu Hao and Jinshan, increased its Hong Kong stock allocation from 4.87% to 26.66%, a rise of about 22 percentage points, with seven of its top ten holdings being Hong Kong stocks [2] Group 2: Sector Performance - The technology sector remains the most heavily weighted in Hong Kong stock funds at 37%, followed by the consumer sector at 25.16% and the pharmaceutical sector at 15.52% [4] - The pharmaceutical sector saw the largest increase in holdings, up 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 related to computing power [4] - The top ten stocks held by Hong Kong stock funds include Alibaba, Tencent, Xiaomi, Meituan, Kuaishou, SMIC, NetEase, BYD, JD.com, and Innovent Biologics, with Alibaba moving to the top position [4] Group 3: Market Trends and Valuation - The recent pullback in the Hong Kong market is attributed to short-term investor sentiment changes rather than significant capital outflows, with a structural rotation in industry cycles between A-shares and Hong Kong stocks [6] - There is a growing trend of "Hong Kong stock premium," where certain companies are trading at a premium in Hong Kong compared to A-shares, reversing the previous norm of A-shares being more expensive [7] - International investors are increasingly focusing on quality investments in high-end manufacturing, new energy, innovative pharmaceuticals, and robotics, indicating a shift in investment strategy towards companies that are competitive on a global scale [6][7]