中国基金报·2025-07-27 13:29Core Viewpoint - The proportion of actively managed equity funds holding Hong Kong stocks has reached a historical high, reflecting a strong positive outlook for the Hong Kong market as it experiences a wave of value re-evaluation driven by global capital inflows [1][4]. Group 1: Fund Holdings and Market Performance - As of the end of Q2, actively managed equity funds held a total market value of 4,379 billion yuan in Hong Kong stocks, an increase of 6.5% from the previous quarter, with the stock allocation rising from 30.8% to 32.5% [3]. - The total market value of public funds invested in Hong Kong stocks reached 7,343 billion yuan, marking a 12.8% increase from the end of Q1 [3]. - The number of public funds eligible to invest in Hong Kong stocks has increased significantly, with 50.97% of public funds now having this capability as of Q2 2025 [4]. Group 2: Sector and Stock Preferences - In Q2, actively managed equity funds increased their holdings in the healthcare and financial sectors while reducing exposure to information technology and discretionary consumer sectors [3]. - Tencent has been the largest holding for two consecutive quarters, with four Hong Kong stocks appearing in the top ten holdings of public funds [3]. Group 3: Market Outlook - Fund managers express optimism about the future performance of the Hong Kong market, citing a clear rebound in China's macroeconomic indicators and the global competitiveness of Chinese companies listed in Hong Kong [6][7]. - The anticipated global interest rate cuts in the second half of the year are expected to benefit emerging markets like Hong Kong, enhancing their attractiveness to global capital [7].