一上市就亮眼，“新登恒生”被期待调进成分股，有公募已提早布局

Core Viewpoint - The AI concept stocks in Hong Kong have shown significant gains despite the overall decline in major indices, indicating a shift in investor interest towards new entrants in the market [1][2]. Group 1: AI Concept Stocks - AI stocks such as Zhiyu and MiniMax have seen substantial increases, with Zhiyu rising by 42.72% to 725 HKD and MiniMax increasing by 14.52% to 970 HKD, both achieving market capitalizations exceeding 300 billion HKD [2]. - The market capitalization of these two AI leaders has increased four to five times compared to their initial public offerings, positioning them close to the valuations of established companies like Baidu and JD.com [2]. - There is a growing debate among investors regarding the composition of the Hang Seng Index, with suggestions to replace older constituents like Alibaba and Tencent with newer AI stocks [2][3]. Group 2: Fund Management and Investment Trends - Institutional investors have actively participated in the initial public offerings of AI stocks, with notable funds like GF Fund and E Fund among the cornerstone investors [3]. - In contrast, many existing constituents of the Hang Seng Technology Index, including Alibaba and Tencent, have experienced significant reductions in holdings by active equity funds in the last quarter [3]. - The number of funds holding Alibaba has decreased by 20% to 908, indicating a shift in investment focus away from traditional tech giants [3]. Group 3: Oil and Innovative Drug Sectors - The oil sector has strengthened due to rising international oil prices, with companies like PetroChina and CNOOC seeing increases of over 3% [4]. - Active equity funds have increased their positions in oil stocks, with significant additions to holdings in PetroChina and CNOOC during the last quarter [4][5]. - The innovative drug sector has also shown resilience, with companies like BeiGene and CanSino Biologics receiving increased attention from fund managers despite an overall trend of reduced holdings in the sector [5][6].