为什么这几年业绩好的主观多头都主做港股？

Core Viewpoint - The article discusses the shift of subjective long-biased private equity funds towards Hong Kong stocks due to the significant valuation gap and improved market conditions compared to A-shares, highlighting the potential investment opportunities in the Hong Kong market [3][9][10]. Group 1: Market Performance and Trends - From 2021 to 2023, the Hang Seng Index fell by 37.39%, while the Shanghai Composite Index only dropped by 12.78%, indicating a more severe decline in Hong Kong stocks [9]. - The valuation of the Hang Seng Index is at the 36.85% percentile over the past decade, making it one of the cheapest major markets globally [9]. - The price-to-earnings (PE) ratio of CNOOC in A-shares is 8.81, while in Hong Kong it is only 5.48, showcasing the valuation disparity [9]. Group 2: Investment Opportunities - The influx of southbound capital has been significant, with over 600 billion yuan bought by southbound funds by the end of April 2023, indicating a strong demand for Hong Kong stocks [12][24]. - New economy companies in Hong Kong, such as Pop Mart and Xiaomi, are showing improved fundamentals and performance, which enhances the attractiveness of the market [13]. - The potential return of Chinese concept stocks to Hong Kong could further invigorate the market [13]. Group 3: Private Equity Strategies - ZY, a value-oriented fund, achieved a 42% return this year, outperforming the Hang Seng Index by 32 percentage points [15]. - DS employs a balanced strategy with a diversified portfolio across various sectors, aiming for long-term compounding returns [17]. - HA HX focuses on concentrated positions in underappreciated sectors, achieving a 56% return over 24 months, significantly outperforming the Hang Seng Index [21]. Group 4: Current Market Conditions - As of April 30, the PE ratio of the Hang Seng Index was 9.94, placing it at the 39.67% percentile over the last decade, indicating continued valuation attractiveness [22]. - The number of quality companies in Hong Kong is increasing, supported by improving fundamentals and the potential return of Chinese concept stocks [23]. - The process of market revaluation is ongoing, with southbound capital continuing to flow into Hong Kong stocks [24].