券商中国·2025-11-08 23:39Core Viewpoint - The market has shown alternating activity between A-shares and Hong Kong stocks this year, with Hong Kong stocks performing well in new consumption, technology, and innovative pharmaceuticals in the first half, while A-shares' ChiNext and Sci-Tech boards strengthened in the second half, leading to a period of volatility in Hong Kong stocks [1]. Group 1: Fund Manager Activity - Several well-known fund managers have increased their positions in Hong Kong stocks in the third quarter, particularly in AI applications and innovative pharmaceuticals, with significant increases in holdings of Alibaba and SMIC [2][3]. - The fund managed by Jiao Wei increased its Hong Kong stock allocation from 11.38% to 39.66%, a rise of approximately 28 percentage points, with Alibaba and Tencent as the top two holdings [3]. - The fund managed by Wu Hao and Jinshan raised its Hong Kong stock allocation from 4.87% to 26.66%, an increase of about 22 percentage points, with seven of the top ten holdings being Hong Kong stocks [3]. Group 2: Sector Performance - In the third quarter, the technology sector remained the most heavily weighted in Hong Kong stock funds at 37%, followed by the consumer sector at 25.16% and the pharmaceutical sector at 15.52% [5]. - The pharmaceutical sector saw the largest increase in holdings, up 3.09 percentage points, while the technology sector experienced a decrease of 1.95 percentage points [5][6]. - AI continues to be a hot topic in Hong Kong stock investments, with Alibaba's cloud services showing unexpected revenue growth driven by AI, leading to a 3.25 percentage point increase in fund holdings [6]. Group 3: Market Trends and Valuation - The recent pullback in the Hong Kong market is attributed to short-term investor sentiment changes rather than significant capital outflows, with a structural rotation in industry cycles between A-shares and Hong Kong stocks [7]. - There is a growing trend of "Hong Kong stock premium," where certain companies are trading at a premium in Hong Kong compared to A-shares, indicating a potential structural correction in the market [8]. - International investors are increasingly focusing on quality rather than just low valuations, with leading companies in high-end manufacturing, new energy, and innovative pharmaceuticals competing on a global scale [7][8].