富国基金宁君：用好奇心去穿透港股投资的迷雾

Core Viewpoint - The Hong Kong stock market has unexpectedly become a hot investment destination in 2023, driven by internet value reassessment, new consumption trends, and innovation in pharmaceuticals, leading to a technical bull market after a significant drop in April [1][2]. Group 1: Market Performance - As of June 27, 2025, southbound funds have net bought 679.4 billion yuan in the Hong Kong market, nearly matching the total for the previous year within just six months [2]. - After a significant drop of 17.16% on April 7, the Hong Kong stock market rebounded within two months, entering a technical bull market [1]. Group 2: Investment Strategies - Fund managers, like Ning Jun from Fortune Fund, emphasize the importance of identifying emerging industries that have not yet been fully priced by the market to achieve excess returns [3][5]. - The proportion of new economy companies in the Hong Kong market has increased from 1.3% in 2018 to 14% by April 2023, with their market capitalization rising from 2.8% to approximately 28% [5]. Group 3: Case Studies - Ning Jun identified a hot toy company in Q1 2024, noticing its products were gaining popularity in Southeast Asia, which led her to track the investment opportunity closely [7]. - Despite previous concerns about the company's IP overexploitation, Ning Jun maintained a long-term view on the stock, indicating her belief in its potential [9]. Group 4: Market Dynamics - The rapid decline of the A/H premium index to 126.91 points by June 12, 2025, raised discussions about potential bubble risks in the Hong Kong market, but Ning Jun argues that the market is less prone to bubbles due to its unique placement mechanisms [24][25]. - The influx of high-quality companies into the Hong Kong market, particularly in the internet and innovative pharmaceutical sectors, is attracting more investors and creating a positive feedback loop for the market [26][27]. Group 5: Personal Insights - Ning Jun's investment approach is characterized by a continuous curiosity and sensitivity to new trends, which has allowed her to discover valuable investment opportunities through everyday experiences [10][12]. - Her ability to adapt to changing market conditions, such as the shift from growth to value stocks, showcases the importance of flexibility in investment strategies [15][17].