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Core Viewpoint - The Hong Kong stock market has seen a significant rebound in the first three quarters of 2025, with the Hang Seng Index leading major global indices, driven by increased holdings in sectors such as consumer discretionary, information technology, and healthcare by public funds [2][4]. Group 1: Fund Holdings and Performance - As of the end of Q3 2025, over 150 active equity funds focused on Hong Kong stocks have an average holding of 65% in Hong Kong stocks, maintaining a neutral to slightly bullish position [4]. - The Hang Seng Index has recorded a cumulative increase of over 33% in the first three quarters, outperforming other major global indices, with sectors like AI and innovative pharmaceuticals showing strong performance [4][9]. - Several fund managers have increased their investments in Hong Kong stocks during Q3, with notable increases in holdings for funds like Huatai-PineBridge's Hong Kong Medical Selection A, which raised its Hong Kong stock allocation from 72.65% to 94.50% [4][5]. Group 2: Top Holdings and Changes - The top ten Hong Kong stocks held by the mainland-Hong Kong Stock Connect funds by market value include Tencent Holdings, Alibaba-W, SMIC, and Xiaomi Group-W, covering sectors such as consumer discretionary, information technology, and healthcare [5][6]. - The only stock that saw a reduction in holdings among the top ten was Pop Mart [5]. - The stocks with the largest increases in holdings include SenseTime-W, Alibaba Health, and China Biologic Products, indicating a focus on information technology, consumer goods, and healthcare sectors [7]. Group 3: Future Outlook - The structural market trend for Hong Kong technology stocks is expected to continue, with growth anticipated in sub-sectors such as AI, semiconductors, and cloud computing [8][10]. - Fund managers emphasize the importance of investing in companies with global competitiveness and those that have not yet listed on A-shares, focusing on sectors like internet, AI, healthcare, and consumer goods [9]. - The potential for new consumer trends driven by younger demographics is highlighted, particularly in sectors like new energy vehicles, smart devices, and gaming, which are expected to replace older consumption patterns [10].