长城港股通价值精选多策略投资价值分析：硬科技与新消费共振，价值精选尽享港股回报

Group 1: Report's Investment Rating for the Industry - No information provided on the industry investment rating Group 2: Core Viewpoints of the Report - Amid the China-US trade game, technology has become the decisive factor, and China will continue to increase investment in technology, creating a good environment for tech companies [4][8] - Due to early listing rules, many Chinese tech companies are listed in Hong Kong. With interest rate cuts, southbound capital inflows, and low valuations, Hong Kong tech stocks have investment value, and investing in Hong Kong Stock Connect actively managed funds is a good choice [4] - Great Wall Hong Kong Stock Connect Value Selection Multi-Strategy A (007132.OF), which focuses on Hong Kong tech stocks and new consumption, has excellent performance and is worthy of attention [4] Group 3: Summary of Each Section in the Report I. Scarce Tech Stocks Gather in HKEX, and Hong Kong Stock Connect Funds Show Allocation Value 1. Tech Manufacturing as the Decisive Factor in China-US Game - China's R&D expenditure in 2024 reached 3.41 trillion yuan, accounting for 2.68% of GDP, and is expected to increase. The proportion of high-tech manufacturing in industrial added - value has risen from 9.4% in 2012 to 15.5% in 2022 [8] - The Chinese government attaches great importance to new - quality productivity, with leaders making multiple statements on its development directions [11][12] 2. Flourishing High - tech Industries - In 2024, China's new energy vehicle production was 11.712 million, a year - on - year increase of 43.69%, and exports were 1.2992 million, a year - on - year increase of 25.20%. Mobile internet monthly traffic per user has been increasing, and the semiconductor industry is growing well [13][16] 3. HKEX Gathers Scarce Tech Stocks with Valuation Advantages - Many Chinese tech companies are listed in Hong Kong. With global interest rate cuts, Hong Kong stocks, especially tech stocks, have investment value due to low valuations and continuous southbound capital inflows [18][20][21] 4. Attention to Hong Kong Stock Connect Tech - themed Funds - Among various investment channels for Hong Kong stocks, Hong Kong Stock Connect actively managed funds are a good choice for investors seeking excess returns. Great Wall Hong Kong Stock Connect Value Selection Multi - Strategy A is worthy of attention [24][25] II. Investment Value Analysis of Great Wall Hong Kong Stock Connect Value Selection Multi - Strategy (007132.OF) 1. Experienced Fund Manager - The fund manager, Qu Shaojie, has rich experience in Hong Kong stock market investment management. The fund is managed by Great Wall Fund, which has a good track record and a large management scale [26][27] 2. Forward - looking Industry Layout in Technology - In 2024, the fund adjusted its industry weights, increasing new consumption, auto, and semiconductor weights while maintaining internet technology weights. It is more focused on the tech sector, and the manager is optimistic about the future of Hong Kong's tech and internet industries and emerging consumption [28][29] 3. High - position and Value - oriented Portfolio - The fund maintains a high equity position (above 85% since 2024, with the latest at 88.15%), and shows a value - oriented style with good valuation performance [35] 4. Top Holdings Covering Leaders in Hard Tech and New Consumption - The fund's top holdings include internet tech, high - end manufacturing, and emerging consumption companies. It has early and continuous investments in internet tech stocks, and timely increased positions in new energy vehicle stocks and emerging consumption stocks like Pop Mart [37] 5. Outstanding Recent Performance - The fund has excellent recent performance, with a 51.16% return in the past year, a Sharpe ratio of 1.57, and an excess return of 33.02% compared to the benchmark. In the past 6 months, the return was 38.27%, ranking first among similar products, and 32.89% this year, ranking third. It is a five - star rated fund [39][42]