港股成长指数对比研究：科技浪潮下的港股成长优选

Investment Rating - The report highlights that the Hong Kong growth indices are becoming a core tool for investors to capture new economic opportunities and share in the benefits of industrial upgrades [2]. Core Insights - The report emphasizes the strong performance of the CSI Hong Kong Stock Connect Technology Index, which has outperformed other indices in terms of cumulative returns, annualized returns, and risk-adjusted return metrics such as Sharpe and Calmar ratios [2]. - The report identifies that policy incentives, industrial upgrades, and global innovation trends are driving the Hong Kong growth indices to become a key focus for medium to long-term allocations [2]. - The report suggests that the next 3-4 years will be crucial for the application and monetization of AI technology, indicating a significant investment opportunity in the technology growth sector [11]. Summary by Sections 1. Technology Investment Wave - The report discusses the transition of the internet industry from "traffic expansion" to "value cultivation," with internet usage expected to reach an average of 28.7 hours per week in 2024, the highest in five years [11]. 2. Overview of Hong Kong Growth Indices - The report provides details on various indices, including the Hang Seng Technology Index, which represents the top 30 technology-related companies listed in Hong Kong [20]. 3. Historical Performance - The CSI Hong Kong Stock Connect Internet Index showed strong performance in the 2020-2021 period, with peak returns reaching 170%, but has since underperformed compared to the CSI Hong Kong Stock Connect Technology Index [34]. 4. Risk-Return Characteristics - The CSI Hong Kong Stock Connect Technology Index has the highest Sharpe ratio of 0.53, indicating strong risk-adjusted returns, while the Hang Seng Internet Technology Index has the lowest performance metrics [43]. 5. Industry and Market Capitalization Distribution - The report notes that the Hang Seng Internet Technology Index and the CSI Hong Kong Stock Connect Internet Index exhibit significant industry concentration, primarily in information technology and consumer discretionary sectors, which poses risks during market downturns [57].