专题：聚焦2025基金二季报：AI、医药、新消费…谁是基金新宠？ 截至7月21日，恒指年内上涨24.60%之后，未来行情能否持续？景顺长城基金经理周寒颖认为，今年港 股表现在全球资本市场居前列，主要受益于人民币资产的重估、低估值状态下的充裕流动性支持，以及 港股企业盈利预期改善三重逻辑共振。展望未来，港股IPO热潮正在深刻重塑市场生态， 资金面的宽裕 有望支撑港股目前优秀的赔率，未来重点关注港股科技、消费、创新药、大金融等板块。 港股领涨的底层支撑 具体来看，Wind数据显示，2025年初，恒生指数9.2倍PE的估值，处于历史低位区间，较A股高达150% 的溢价率形成罕见折价。其次，基本面上港股提供了更好的盈利上修预期，而港股存在很多特色板块， 如AI互联网、新消费、生物科技公司等，这些企业与宏观总量相关性相对较低，且在今年都迎来了分 批次的盈利预期上修。 展望后市，周寒颖分析指出，中美市场宏观主线或均从预期到现实过渡，关税扰动逐渐脱敏，经济基本 面重要性上升。资本市场或仍呈现高波动特征，资金面的宽裕是香港市场的主要亮点，在资金支撑下港 股目前赔率优秀，看好港股市场相对表现。同时关注来自海外扰动，如关税及地缘 ...

Group 1 - The Hang Seng Index has shown a positive trend, driven by the rebound of technology stocks and the cessation of price wars in the food delivery sector, supported by regulatory actions [1][2] - The Chinese economy's recovery has exceeded expectations, with a growth rate of 5.3% in the first half of the year, contributing to the overall positive performance of the Hong Kong stock market [1] - The recent discussions between China and the US have alleviated previous pessimism in the market, leading to improved investor sentiment [1] Group 2 - Regulatory measures have been implemented to ensure fair competition among major food delivery platforms, which is expected to positively impact their performance and business operations [2] - The technology sector's recovery has injected confidence into the market, with expectations that the Hang Seng Index will continue to benefit from global economic recovery and supportive domestic policies [3] - The valuation of Hong Kong stocks is considered relatively reasonable, and improvements in liquidity, along with diminishing external risks, are anticipated to support further gains in the Hang Seng Index [3]

Core Viewpoint - The Hong Kong stock market is gaining increasing attention from investors, with a positive outlook for the second half of the year driven by strong fundamentals and capital inflows [1][2]. Group 1: Market Performance - The Hong Kong stock market showed strong performance in the first half of the year, supported by a consensus among domestic and foreign investors on Chinese assets [1]. - As of July 17, net inflows from southbound capital reached over 720 billion yuan, nearly double that of the same period last year [1]. - Public funds are accelerating their investment in the Hong Kong market, with a noticeable increase in the number of Hong Kong-themed funds reported [1]. Group 2: Future Outlook - The EPS growth rate for the Hang Seng Tech Index is projected to be 35% by 2025, with a ROE of 14% [2]. - Despite the Hang Seng Index's valuation returning to a relatively high position after a rebound, there are still many quality investment targets available [2]. - The fundamental drivers for stock price increases are expected to become more apparent over time, with companies that have solid performance support likely to stand out [2]. Group 3: Investment Themes - The technology sector is favored, as it includes many mature and profitable internet giants with strong user bases and stable business models [2]. - The dividend sector, including banks, energy, utilities, and telecom operators, is highlighted for its strong risk resistance and stable cash flow, making it a focus for long-term capital allocation [2]. - The new consumption sector is also promising, with companies like Pop Mart and Lao Pu Gold benefiting from domestic consumption recovery and expanding into international markets [3].

Core Viewpoint - Korean investors are increasingly favoring Chinese stocks, with China ranking as the second most popular overseas market for Korean stockholders after the United States, as evidenced by significant trading volumes in 2025 [1][2]. Group 1: Trading Volume and Preferences - As of July 17, 2025, the cumulative trading volume of Chinese stocks by Korean investors reached approximately $5.514 billion, trailing only behind the U.S. stocks at $32.244 billion [1][2]. - In 2023, the trading volume for Chinese stocks was $563 million, which increased to $4.081 billion in 2024, and further to $5.514 billion in 2025, indicating a growing interest [2]. Group 2: Popular Stocks Among Korean Investors - The most held Hong Kong stock by Korean investors is Xiaomi Group-W, with a net purchase amount of $160 million over the past year [3][4]. - Other top net purchases include BYD Company with $62.44 million, CATL with $60.85 million, and Alibaba Group-W with $57.69 million [4][5]. - In the past month, the top net purchases were led by Lao Pu Gold, followed by Sanhua Intelligent Control and Xiaomi Group-W [6][7]. Group 3: Market Capitalization of Holdings - As of July 18, 2025, the market capitalization of the top ten Hong Kong stocks held by Korean investors includes Xiaomi Group-W at $251 million, Tencent Holdings at $217 million, and Alibaba Group-W at $176 million [10].

Group 1 - The core viewpoint of the article highlights the performance and investment strategy of the AI Fund Ping An Hong Kong Stock Connect Dividend Select Mixed Initiation A (021046), which reported a profit of 14.97 million yuan in Q2 2025, with a net value growth rate of 7.92% [3][4] - As of July 17, 2025, the fund's unit net value was 1.304 yuan, and it had a total scale of 305 million yuan [3][17] - The fund manager, Ding Lin, oversees six funds, with the Ping An Consumption Select Mixed A achieving the highest one-year return of 33.01% [3] Group 2 - The fund's investment strategy focuses on stable high-dividend stocks, particularly in sectors such as finance, telecommunications, energy, and public utilities, which are expected to provide visibility and stable profits during economic recovery [3] - Foreign investment in Chinese stocks remains low, and the valuation of Hong Kong stocks is considered attractive, indicating potential for further increases [3] - The fund's average stock position since inception is 84.4%, with a peak of 89.53% in mid-2024 and a low of 71.51% in late 2024 [16] Group 3 - The fund's maximum drawdown since inception is 10.87%, with the largest quarterly drawdown occurring in Q2 2025 at 9.1% [12] - The fund's top ten holdings include major banks and energy companies, indicating a concentrated and stable investment portfolio [20]

Group 1 - The Nasdaq China Golden Dragon Index rose by 1.23%, indicating a positive performance for Chinese assets overnight [1] - Hong Kong stocks continued to rise, with the Hang Seng Index and Hang Seng Tech Index both opening over 1% higher, led by tech giants such as Kuaishou and Bilibili, which rose over 3% [1] - The Hong Kong Internet ETF (513770) saw an increase of 1.7%, reflecting strong investor interest in internet stocks [1] Group 2 - Tianfeng Securities noted that Hong Kong stocks are currently at historical low valuations, with a rebound in foreign investment interest expected due to easing global liquidity and domestic growth policies [2] - Galaxy Securities projected an upward trend for the Hong Kong market, emphasizing the structural nature of the rally and the high investment opportunities in the tech sector [2] - The Hong Kong Internet ETF (513770) has attracted a total net inflow of 1.042 billion yuan over the past 10 trading days, indicating strong capital inflow into the sector [2] Group 3 - The Hong Kong Internet ETF (513770) and its linked funds heavily invest in the "ATM" trio (Alibaba, Tencent, Xiaomi), with a combined weight of 61.06%, making it a key tool for AI investments in Hong Kong [4] - Since the start of the current market rally until the end of June, the CSI Hong Kong Internet Index has seen a cumulative increase of over 28%, outperforming both the Hang Seng Index and the Hang Seng Tech Index [4] - The average daily trading volume of the Hong Kong Internet ETF (513770) for the year is 594 million yuan, highlighting its liquidity and appeal for investors [5] Group 4 - The CSI Hong Kong Internet Index has shown significant annual performance fluctuations, with a peak increase of 109.31% in 2020 and a decline of 36.61% in 2021, indicating volatility in the sector [6] - The index's performance over the past five years reflects a mixed trend, with a notable recovery of 23.04% in 2024, suggesting potential for future growth [6]

Group 1 - The Hang Seng Index opened up 0.12%, while the Hang Seng Tech Index fell by 0.02%. Sunny Optical Technology rose over 2%, and Li Auto increased by over 1% [1] - Current market sentiment in Hong Kong is relatively positive, with continuous inflow of southbound funds this year and no significant outflow observed so far. This has led to a large accumulation of capital in the Hong Kong stock market [1] - Despite the low likelihood of unexpected easing policies in the short term, there may still be relevant policies introduced in the second half of the year to address tariff impacts as economic momentum weakens [1] Group 2 - China Galaxy Securities anticipates an overall upward trend in the Hong Kong stock market, characterized by structural market conditions. The absolute valuation of Hong Kong stocks is at a relatively low level, with medium to long-term allocation value remaining high [2] - Guohai Franklin Fund holds a cautiously optimistic view for the Hong Kong stock market in the second half of the year, considering the current undervaluation and the steady progress of domestic policies. It is believed that the market may continue to experience a positive trend through the second half of 2025 [2]

Core Viewpoint - The Hong Kong stock market experienced an upward trend on July 15, driven by strong performances from technology and innovative pharmaceutical sectors, with significant gains in key stocks and ETFs [1][4]. Technology Sector - The Hong Kong Internet ETF (513770) saw a strong opening, with Bilibili-W leading with a rise of over 7% and Alibaba-W increasing by more than 6% in the afternoon [1]. - The Internet ETF closed with a gain of 3.46%, marking the highest increase among all cross-border ETFs in the market [1][7]. - The China Internet Index recorded a cumulative increase of over 28% since the beginning of the year, outperforming the Hang Seng Index and Hang Seng Tech Index [7][8]. Innovative Pharmaceutical Sector - The innovative pharmaceutical sector also showed significant movement, with CSPC Pharmaceutical leading with a rise of over 9% and Kangfang Bio reaching a historical high [2]. - The Hong Kong Innovative Pharmaceutical ETF (520880) saw an intraday price increase of nearly 4%, closing with a gain of 3.28% [2][5]. - The total amount of License-out transactions for innovative drugs in China reached nearly $66 billion in the first half of 2025, surpassing the total for the entire year of 2024, indicating a strong growth trend [4]. Market Outlook - Citic Securities noted that the current valuation of the Hong Kong stock market is at a low point, suggesting that insurance funds may expand their investment scope, potentially leading to a rebound in southbound capital [4]. - Galaxy Securities expects the Hong Kong market to trend upward with a focus on structural opportunities, particularly in the technology sector, which benefits from strong policy support and favorable earnings growth [4]. - The innovative pharmaceutical sector is anticipated to benefit from recent policy changes regarding drug insurance coverage, enhancing the accessibility of high-priced innovative drugs [4].

Group 1: Macroeconomic Environment - The macroeconomic environment significantly impacts Hong Kong's consumer stocks, with economic growth directly affecting residents' income levels and consumption capacity [1] - During economic expansion, increased income leads to higher consumer willingness and ability, creating a favorable market for consumer companies [1] - Conversely, economic downturns can shrink the consumer market, posing challenges for consumer stocks, necessitating close monitoring of macroeconomic indicators like GDP growth and inflation rates [1] Group 2: Industry Development Trends - The consumer industry is evolving due to social progress and technological advancements, with new consumption models and scenarios emerging [1] - E-commerce has transformed traditional retail, and companies that adapt to industry trends and adjust their strategies tend to perform better in the market [1] - Companies failing to align with these trends may face declining performance [1] Group 3: Company Fundamentals - Company fundamentals are crucial, encompassing financial health indicators such as profitability, solvency, and operational efficiency [2] - A strong brand presence enhances market recognition, customer loyalty, and pricing power, contributing to a company's resilience and growth [2] - The capability and strategic vision of the management team are vital for seizing market opportunities and making sound decisions [2] Group 4: Market Valuation Levels - Market valuation levels are essential for investors considering Hong Kong consumer stocks, requiring accurate assessments through metrics like price-to-earnings and price-to-book ratios [2] - Overvalued stocks relative to fundamentals pose higher investment risks, while undervalued stocks may present potential investment opportunities [2] - Valuation analysis should consider industry characteristics and the company's development stage for comprehensive judgment [2] Group 5: Exchange Rate Fluctuations - Exchange rate fluctuations are unavoidable in investing in Hong Kong consumer stocks, affecting investment returns due to currency variations [3] - Companies with significant overseas operations or high reliance on imported materials may see their costs and profits impacted by exchange rate movements [3] - Investors should monitor exchange rate trends to assess potential impacts on target companies [3]

Group 1 - The Hang Seng Index is showing bullish sentiment, stabilizing above 24,000, with expectations to reach 24,300 tomorrow and a long-term target of 25,000 [1] - Technical signals indicate a "buy" with 13 buy signals and 4 sell signals, reflecting an optimistic market atmosphere [1] - Short-term resistance is noted at 24,312 points, with potential to test 24,800 if it breaks through [1] Group 2 - CITIC Securities (06030.HK) is expected to rise above 30 HKD, having rebounded from a low point and approaching the upper Bollinger Band [3] - The technical buy/sell signals align with investor sentiment, showing a "strong buy" with 16 buy signals and 2 sell signals [3] - Resistance levels are identified at 27.2 HKD and 29.3 HKD [3] Group 3 - BYD Electronics (00285.HK) has broken through its neckline, with investors targeting 38 HKD and considering call options with an exercise price of 42.88 HKD [6] - The closing price has surpassed the upper Bollinger Band, reaching a high of 34.25 HKD, with technical signals indicating a "buy" [6] - Resistance levels are set at 35.9 HKD and 37 HKD [6] Group 4 - Industrial and Commercial Bank of China (01398.HK) is showing potential to break its resistance level [8] - The buy/sell signal is categorized as a "buy," with current resistance at 6.48 HKD, above the upper Bollinger Band [9] - If it breaks through, the next target is 6.68 HKD [9] Group 5 - Ping An Insurance (02318.HK) is experiencing increased volume and is expected to break through, with targets set between 55-60 HKD [12] - The stock has touched a previous high of 51.75 HKD, with technical indicators suggesting a "buy" [12] - Resistance levels are at 53.6 HKD and 55.3 HKD, with support levels at 48.9 HKD and 47.9 HKD [12] Group 6 - Xiaomi Group-W (01810.HK) is facing resistance at 57 HKD, with some investors opting for put options, anticipating a drop to 50 HKD [15] - The overall signal is optimistic, with 10 buy signals and 6 sell signals, summarized as a "buy" [15] - Current resistance is noted at 59.6 HKD [15]