科技板块获逆势加仓 “哑铃策略”重回视野

Core Viewpoint - The A-share and Hong Kong stock markets experienced high-level fluctuations last week, showcasing a structural market with a focus on both growth and value sectors, leading to a renewed interest in the "barbell strategy" among investors [1][5]. Group 1: Market Performance - The A-share and Hong Kong markets displayed notable structural characteristics, with the Hong Kong innovation drug and gold sectors leading the market [2]. - The Hang Seng Innovation Drug ETF (159316) and other ETFs tracking the Hong Kong pharmaceutical sector saw weekly gains of around 7% [2]. - A500 ETF and other major ETFs in the A-share market recorded significant trading volumes, with A500 ETF achieving over 130 billion yuan in total trading [2]. Group 2: Investment Trends - Despite a general pullback in technology-themed ETFs, funds flowed into the Sci-Tech 50 index, which saw a net inflow of 2.3 billion yuan, making it the top equity index for net inflows [3]. - The AI-themed ETFs also attracted over 1 billion yuan in net inflows, indicating strong investor interest in emerging technology sectors [3]. - The overall liquidity in A-share and Hong Kong markets is expected to remain reasonably ample, with emerging industries like AI and innovative pharmaceuticals poised for further development [3]. Group 3: Barbell Strategy - The high dividend sectors in the Hong Kong market attracted significant capital, with products like the Hang Seng Dividend Low Volatility ETF gaining attention [5]. - The "barbell strategy," which combines technology growth and high dividend stocks, is being emphasized by various institutions as a key investment approach in the current market environment [5][6]. - The current allocation of public funds in the TMT sector has reached historical highs, indicating a potential shift in market dynamics and a focus on structural opportunities [5][6].