港股投资周报：港股医药反弹，港股精选组合年内上涨61.44%-20250816

• The "Hong Kong Stock Selection Portfolio" is constructed based on analyst recommendation events, including upward earnings revisions, initial coverage, and unexpected research report titles. Stocks are selected from the recommendation pool using fundamental and technical criteria to identify those with both fundamental support and technical resonance. The backtesting period is from January 1, 2010, to June 30, 2025, with an annualized return of 19.11% and an excess return of 18.48% relative to the Hang Seng Index[14][15][19] - The "Stable New High Stock Screening Method" identifies stocks that have reached a 250-day high within the past 20 trading days. The screening criteria include analyst attention, relative stock strength, price path stability, and continuity of new highs. The formula for calculating the 250-day new high distance is: $ 250\text{-day new high distance} = 1 - \frac{\text{Close}{t}}{\text{ts_max(Close, 250)}} $ where $\text{Close}{t}$ represents the latest closing price, and $\text{ts_max(Close, 250)}$ is the maximum closing price over the past 250 trading days. A value of 0 indicates a new high, while positive values indicate the degree of fallback from the high[20][22][23] - Stocks are further filtered based on the following metrics: - Analyst attention: At least 5 buy or overweight ratings in the past 6 months - Relative stock strength: Top 20% in 250-day returns within the sample pool - Price path stability: Evaluated using metrics like price displacement ratio - Continuity of new highs: Average 250-day new high distance over the past 120 days and past 5 days[23][22][20] - The "Hong Kong Stock Selection Portfolio" achieved an absolute return of 6.90% and an excess return of 5.25% relative to the Hang Seng Index for the week of August 11-15, 2025. Year-to-date, the portfolio has delivered an absolute return of 61.44% and an excess return of 35.47%[17][19] - The annualized performance metrics for the "Hong Kong Stock Selection Portfolio" include an IR of 1.22, tracking error of 14.55%, and a maximum drawdown of 23.73%. The portfolio's return-to-drawdown ratio is 0.78[19] - The "Stable New High Stock Screening Method" identified 17 stocks in the pharmaceutical sector, followed by 8 in technology, 7 in consumer, 7 in financials, and 6 in cyclical industries. Examples include HeYu-B, which achieved a 250-day new high distance of 0.0% and a 447.9% return over the past 250 days[22][23][27]