人民币资产重估潮起，港股这轮表现为何比A股突出？

Core Viewpoint - The Hong Kong stock market has shown a strong upward trend in 2025, with the Hang Seng Index rising by 16.06%, significantly impacting the A-share market and providing support for its valuation [2][4]. Supply Side - The emergence of phenomenon-level stocks in Hong Kong has led to a widespread profit-making effect, with strong performances from sectors such as new consumption, internet, innovative pharmaceuticals, and dividend stocks [6][8]. - Notable stocks include Lao Pu Gold, Pop Mart, and Mixue Group, which have seen increases of 243.54%, 146.74%, and 81.55% respectively since the beginning of the year [7][8]. - Traditional internet giants like Alibaba and Tencent have rebounded, with increases of 41.87% and 23.37% respectively, driven by advancements in AI technology [10][11]. - The innovative pharmaceutical sector is transitioning from a follower to a leader, with a significant increase in licensing transactions, totaling 519 billion USD in 2024, a 26% year-on-year growth [13]. - The attractiveness of dividend assets in Hong Kong has increased, with a higher dividend yield compared to A-shares, making it appealing for investors seeking stable returns [14]. Liquidity Aspect - Southbound funds and foreign capital have been continuously flowing into the Hong Kong stock market, with 581 billion RMB entering the market in 2025, nearing the historical high of 596.7 billion RMB [19]. - The Hong Kong market is sensitive to changes in overseas liquidity, with a significant increase in daily trading volume by 144% year-on-year in the first four months of 2025 [21]. Product Aspect - The demand for Hong Kong stock funds is rapidly increasing as the market shifts from being an "investment wasteland" to a "hot investment land," with a notable rise in passive investment products [24][26]. - The total scale of ETFs available for investment in Hong Kong stocks reached 178.99 billion RMB by the end of Q1 2025, reflecting a growth of over 45% from the previous quarter [26].