Investment Rating - The industry investment rating is "Recommended" indicating an expectation that the industry index will rise more than 5% compared to the benchmark index in the next 3-6 months [39]. Core Insights - The report focuses on the high-quality development of the public fund industry in China and emphasizes the importance of "beating the benchmark" as a core mission for active management. It specifically explores investment strategies for Hong Kong non-A+H financial stocks to help investors achieve excess returns [2][27]. - The report identifies several non-A+H financial stocks in Hong Kong that have historically generated strong alpha, providing insights into potential investment opportunities [2][8]. Summary by Sections 1. Overview of Hong Kong Non-A+H Financial Stocks - The report provides an overview of the holdings of active equity funds in Hong Kong non-A+H financial stocks, with a weighted average benchmark comprising 53% CSI 300, 24% CSI 800, and others, indicating a significant allocation to Hong Kong stocks [3][4]. 2. Historical Performance of Non-A+H Financial Stocks - The Hong Kong non-A+H financial index shows a higher dividend yield of 4.53% compared to 2.06% for the A-share non-financial index, suggesting a more attractive income profile for investors [7][8]. - The report highlights that 44 stocks exhibited excess returns in 2025, with notable performers including 易鑫集团 (Easy Finance) with a 112.7% return and 香港交易所 (Hong Kong Stock Exchange) with a 20.3% return [9][11]. 3. Performance Analysis by Year - In 2024, 61 stocks achieved excess returns, with 国泰君安国际 (Guotai Junan International) leading at 78.6% [14][15]. - In 2023, 81 stocks showed excess returns, with OSL Group achieving a remarkable 304.2% return, benefiting from the rise in cryptocurrency asset prices [19][25]. 4. Recommendations - The report recommends focusing on non-A+H financial stocks that have stable earnings or improving fundamentals, specifically highlighting 中国财险 (China Pacific Insurance) and 香港交易所 (Hong Kong Stock Exchange) as long-term outperformers [27].
非银金融行业重大事项点评：港股金融：哪些标的在战胜基准？