三季度公募港股基金规模与持仓齐升

Group 1 - The Hong Kong stock market has shown strong performance this year, with active market sentiment and continuous capital inflow driving significant growth in public Hong Kong stock funds, which reached a total scale of 10,330.08 billion yuan by the end of Q3, a substantial increase of approximately 68% from Q2 [1] - The total number of fund shares for public Hong Kong stock funds reached 8,810.67 million, reflecting a quarter-on-quarter growth of 42%. The stock position of these funds increased to 92.71%, up 0.75 percentage points from the end of Q2, with nearly 80% maintaining stock positions above 90% [1] - The technology sector remains the top choice for public Hong Kong stock funds, although its proportion slightly decreased to 37%. The consumer sector holds the second position with a 25.16% holding ratio. The pharmaceutical sector saw the largest increase in holdings, growing by 3.09% quarter-on-quarter [1] Group 2 - As of November 27, 364 out of 381 public funds with "Hong Kong" in their names achieved net value growth this year, with 58 funds exceeding a 50% growth rate. Notably, two funds, Bank of China Hong Kong Stock Connect Pharmaceutical Mixed A and Huitianfu Hong Kong Advantage Selection Mixed (QDII) A, both surpassed a 100% net value growth rate [2] - Institutions generally hold an optimistic outlook for the market, with expectations of continued inflow of southbound funds driven by public funds and insurance capital, which may further boost the Hong Kong stock market [2] - The market is expected to benefit from the liquidity spillover from domestic and foreign markets and the ongoing narrative around AI, as more quality A-share companies list in Hong Kong [2] Group 3 - Predictions indicate that the Hong Kong stock market may experience a second round of valuation recovery and further earnings revival in 2026, supported by a rebound in fundamentals and attractive valuation discounts. Key focus areas include technology, healthcare, resources benefiting from inflation expectations, essential consumer sectors, and industries benefiting from RMB appreciation [3] - The research team suggests a left-side layout of "true value" stocks, selecting targets based on low valuation, large market capitalization, strong profitability, and cyclical recovery [3]