Core Insights - The Hong Kong stock market is undergoing a fundamental value reassessment driven by changes in capital structure, asset quality, foreign capital trends, and market expectations [1][2] - Domestic capital has significantly increased its presence in the Hong Kong market, capturing a substantial share of quality assets and gradually gaining pricing power [1][2] Investment Landscape Changes - The investor structure in the Hong Kong market is shifting, with domestic funds increasingly participating and now accounting for a significant portion of trading volume [2][3] - Historically, the Hong Kong market was heavily influenced by offshore capital, which primarily focused on core assets, leaving many other assets under-researched and illiquid [2] - Domestic institutional investors, particularly public funds, have expanded their investment scope to include Hong Kong stocks, with nearly half of the public funds now able to invest in this market [2] Market Valuation and Opportunities - Despite recent fluctuations, the Hong Kong market has not shown signs of a bubble, with valuations merely returning to normal levels [4][5] - The core assets in the Hong Kong market, particularly internet companies, are expected to see a recovery in their traditional revenue streams, while AI-related business segments are still developing [5] - The banking sector in Hong Kong is viewed as undervalued, with price-to-book ratios significantly lower than global averages, indicating potential for long-term investment [5] Asset Allocation Perspective - The current asset allocation structure in China shows a low proportion of overseas investments, with public fund QDII products accounting for less than 4% [6] - A more balanced approach to asset allocation, including a reasonable increase in overseas investments, is suggested to enhance risk diversification and returns [6][7] - The Hong Kong market remains a crucial component for residents seeking to diversify risks and enhance their sources of returns [7] Investment Strategy and Product Development - The company emphasizes a bottom-up investment approach, focusing on fundamental research to uncover value in the Hong Kong market [8] - The investment team has developed capabilities in covering various sectors within the Hong Kong market, aiming for long-term returns while managing risk [8][9] - The company is expanding its product offerings to include passive index funds and thematic funds, targeting sectors such as dividends, consumption, innovative pharmaceuticals, and the internet [9]
国海富兰克林基金徐荔蓉： 资金结构发生质变 港股成配置“必选项”
Zhong Guo Zheng Quan Bao·2025-11-09 22:28