历次港股占优行情是何驱动

Group 1: 2011-2014: Overseas Liquidity and Mobile Internet Wave - The Hong Kong stock market significantly outperformed the A-share market from late 2011 to mid-2014, with the Hang Seng Index achieving an excess return of 62 percentage points relative to the CSI 300 [9][10][22] - Key drivers included abundant overseas liquidity, gradual appreciation of the Renminbi, and a weak recovery in domestic fundamentals supported by government policies [10][11][22] - The mobile internet wave catalyzed the market, with hardware investments transitioning to software applications, leading to substantial gains in the technology sector [22][23] Group 2: 2016-2018: Supply-Side Reform and Capital Inflow - The Hong Kong stock market continued to outperform the A-share market from 2016 to 2018, with the Hang Seng Index outperforming the CSI 300 by 38 percentage points during this period [29][30] - The market was driven by supply-side structural reforms that improved fundamentals, alongside significant inflows of capital from mainland investors [30][36] - In 2016, the Hong Kong market was notably undervalued, with the Hang Seng Index trading at a historical low price-to-book ratio, which attracted investment [30][43] Group 3: 2019-2021: Rapid Recovery and Liquidity Expansion - From late 2019 to early 2021, the core assets of the Hong Kong stock market significantly outperformed the A-share market, with the Hang Seng Technology Index achieving a 137 percentage point excess return over the CSI 300 [60][61] - This performance was supported by a favorable overseas liquidity environment and rapid recovery of the domestic economy post-COVID-19, leading to improved corporate earnings [61][62] - The influx of Chinese concept stocks returning to Hong Kong also enhanced market liquidity and attractiveness, further driving investment [63][64]