科技浪潮下的港股成长优选：港股成长指数对比研究

Group 1: Market Trends and Policy Support - The Hong Kong growth indices are gaining attention from long-term value investors due to the deepening economic transformation and the focus on technological innovation in China[2]. - Continuous government policies favoring technology innovation and high-end manufacturing are enhancing the appeal of Hong Kong growth indices as core tools for investors to capitalize on new economic opportunities[2]. - The expansion of ETF sizes tracking Hong Kong growth indices indicates increasing trading activity and higher demands for industry coverage and risk-return matching[2]. Group 2: Performance of Growth Indices - The CSI Hong Kong Stock Connect Technology Index has outperformed other indices in terms of cumulative returns, annualized returns, and risk-adjusted metrics like Sharpe and Calmar ratios, showcasing strong downside protection and long-term return potential[2]. - Over the past three years, the CSI Hong Kong Stock Connect Technology Index has demonstrated superior annualized returns and growth elasticity compared to its peers, benefiting from supportive policies and monetary easing[2]. - The CSI Hong Kong Stock Connect Internet Index initially led in performance but has since lagged behind the CSI Hong Kong Stock Connect Technology Index, reflecting its vulnerability to industry cycles[34]. Group 3: Risk-Return Characteristics - The CSI Hong Kong Stock Connect Technology Index has the highest Sharpe ratio at 0.53, indicating significant risk-adjusted returns, while its Calmar ratio of 0.17 shows optimal efficiency in managing maximum drawdowns[42]. - The Hang Seng Technology Index has a Sharpe ratio of 0.33, suggesting moderate risk-adjusted returns, while the Hang Seng Internet Technology Index has the lowest performance metrics, with a Sharpe ratio of 0.13 and a negative information ratio[42]. - The maximum drawdown for the CSI Hong Kong Stock Connect Technology Index has been relatively shallow during market corrections, highlighting its resilience compared to other indices[51]. Group 4: Industry and Market Capitalization Distribution - The Hang Seng Internet Technology Index and the CSI Hong Kong Stock Connect Internet Index exhibit high concentration in the information technology sector, which poses risks during regulatory changes and market downturns[57]. - The CSI Hong Kong Stock Connect Technology Index maintains a more balanced industry distribution, reducing reliance on a single sector and enhancing stability[57]. - The market capitalization distribution of the indices shows that the CSI Hong Kong Stock Connect Technology Index effectively balances growth potential and risk diversification, making it a suitable choice for diversified technology growth investments[57].