Core Viewpoint - The Hong Kong stock market is expected to perform well in 2026, with the Hang Seng Index and Hang Seng Tech Index leading global markets, as valuations have entered a "reassuring range" [1][2] Group 1: Market Trends - The Hong Kong stock market is likely to achieve positive returns in 2026, driven by company earnings growth rather than mere valuation expansion [2][3] - Three major trends are supporting the strength of the Hong Kong stock market: 1. A strong cycle driven by technological innovation, particularly in AI and new consumption sectors [2][3] 2. Continued foreign capital inflow, recognizing the long-term value of Chinese core assets [3] 3. Southbound capital providing liquidity support, with a cumulative net inflow exceeding 1 trillion HKD this year [3] Group 2: Investment Strategy - The focus should be on high-quality assets with strong profit margins and solid competitive advantages, as these are crucial for long-term competitiveness [4][5] - The investment strategy emphasizes a "barbell strategy," balancing stable high-dividend assets with growth stocks to capture market opportunities [6][7] - Companies with strong AI capabilities and high dividend yields are highlighted as having the highest earnings certainty and providing stable returns [3][4]
长城基金曲少杰： 港股估值进入“放心区间” 高毛利优质资产仍稀缺
Zheng Quan Shi Bao·2025-12-07 18:43