把握港股结构性机遇 公募加速主题基金布局

Core Viewpoint - The establishment of the E Fund CSI Hong Kong Stock Connect High Dividend Investment ETF reflects a trend among public fund institutions to increase their investment in Hong Kong-themed funds during a market adjustment phase, indicating optimism about the future performance of the Hong Kong stock market [1][2]. Group 1: Fund Activity - In December, 21 public fund institutions have submitted applications for a total of 28 Hong Kong-themed funds, covering sectors such as technology, dividends, consumption, internet, and healthcare [2]. - Several Hong Kong-themed funds have chosen to end their fundraising periods early, such as the Pengyang Hong Kong Stock Connect Selected Mixed Fund, which advanced its deadline by over a month [2]. - The pace of new fund establishment and investment has accelerated, with the E Fund ETF completing its fundraising on December 17 and announcing its establishment on December 23 [2]. Group 2: Market Outlook - Analysts believe that the actions of public fund institutions reflect a recognition of the Hong Kong stock market's value as a key asset class in China, with expectations for a dual boost in fundamentals and valuations in the future [3]. - The Hong Kong stock market has been in a phase of adjustment since October, with external disturbances causing fluctuations, but macroeconomic fundamentals are seen as crucial for a broader market recovery [3]. - Looking ahead, it is anticipated that Hong Kong's earnings will bottom out in 2025, with significant revenue and profit growth expected in 2026 [3]. Group 3: Investment Opportunities - The focus on structural investment opportunities is emphasized, particularly in high-dividend assets and the technology sector, which are expected to have substantial upward potential [4]. - The appeal of Hong Kong high-dividend assets is increasing due to their attractive yields and lower volatility, especially in a declining interest rate environment [4]. - The consumption sector is also expected to receive significant policy support, with current valuations at relatively low levels, indicating potential for medium to long-term growth [4].