港股投资周报：恒生科技领涨，港股精选组合年内上涨76.35%-20250920

• The "Hong Kong Stock Selection Portfolio" strategy aims to construct a portfolio by dual-layer screening based on fundamental and technical aspects of stocks recommended by analysts. The analyst recommendation pool is built using events such as upward earnings forecast revisions, initial analyst coverage, and unexpected research report titles. Stocks with both fundamental support and technical resonance are selected to form the portfolio. 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][20] - The "Stable New High Stock Screening Method" identifies stocks that have reached a 250-day high in the past 20 trading days. The screening criteria include analyst attention (at least five buy or overweight ratings in the past six months), relative stock strength (top 20% in 250-day returns), and stock price stability. Stability is assessed using metrics such as price path smoothness and the average 250-day high distance over the past 120 days and the last 5 days. The formula for calculating the 250-day high distance is: $ 250\text{-day high distance} = 1 - \frac{\text{Close}{t}}{\text{ts_max}(\text{Close}, 250)} $ where $\text{Close}{t}$ is the latest closing price, and $\text{ts_max}(\text{Close}, 250)$ is the maximum closing price over the past 250 trading days[21][23][24] - The "Stable New High Stock Screening Method" evaluation highlights its effectiveness in identifying momentum stocks, aligning with research findings that stocks near their 52-week highs tend to outperform. This method also incorporates elements from established growth stock selection frameworks like CANSLIM and insights from "Stock Market Wizards"[21][23] - The backtesting results for the "Hong Kong Stock Selection Portfolio" show annualized return metrics, including excess returns relative to the Hang Seng Index, IR values, and maximum drawdown statistics across multiple years. For the full sample period, the annualized return is 19.11%, excess return is 18.48%, IR is 1.22, and maximum drawdown is 23.73%[20] - The performance of the "Stable New High Stock Screening Method" is reflected in the selection of stocks across sectors such as cyclicals, healthcare, technology, and manufacturing. For example, stocks like 中创智领 (0.0% 250-day high distance, 206.3% 250-day return) and 赤子城科技 (0.0% 250-day high distance, 433.3% 250-day return) demonstrate the method's ability to identify high-performing stocks[23][29]