| | | 2、百度（9888):全日收82.65元，投資者問是否有支持位？從日線圖看，在保利加通道中線跌至底部，甚至已經跌穿底部的支持。而周線圖看股價也跌回中 線下方，走勢不是很理想。技術信號的總結為"強力賣出"，賣出信號多過買入。進一步再跌的話，參考市場數據，比如我們數據系統分析的78.8元。再跌則 下試試周線圖的底部76.4元。 1、恆指：指數全日收23544點。投資者認為指數低於23500以下可以小注搏反彈。而看空投資者認為恒指會繼續下行考驗23000的支持位。走勢上，恆指維持橫盤格 局，整體變化不大。技術信號轉弱一些，信號總結為"買入"，未能到"強力買入"的信號。支持和阻力位可參考22815點和24000點。 3、周大福（1929）：全日收11.46元。投資者問是否會挑戰12元位置？走勢上，維持向上的趨勢，從2月初開始，股價從7元一路上行，走勢理想。目前技術 信號為"強力買入"，走勢也維持上行趨勢。第一阻力先參考保利加通道頂部11.64元。突破則參考我們數據分析的阻力位11.9元。這兩組數據暫時都低於12 元。窩輪市場上，暫時沒有追高的投資者，早前在9元有人部署認購證。 | 信號總結 | 賣出信號 ...

Group 1 - The core viewpoint of the articles highlights a surge in the popularity of Hong Kong stock investment, with numerous public funds being launched in response to the positive market performance [1][2][3] - In the week from May 15 to May 21, seven new Hong Kong Stock Connect funds were reported and accepted by the China Securities Regulatory Commission, indicating strong interest from fund managers in the Hong Kong market [2][3] - The Hang Seng Index and the Hang Seng Tech Index have both seen year-to-date increases exceeding 18%, with some Hong Kong Stock Connect funds achieving returns over 46% [1][3] Group 2 - The strong performance of the Hong Kong stock market is attributed to improved valuations and liquidity, as well as a recovery from previous deep adjustments that had left valuations severely depressed [3][4] - As of May 20, 90% of the 239 funds associated with the Hong Kong Stock Connect have reported positive returns this year, with 167 funds gaining over 10% and 78 funds over 20% [3] - The recent listing of CATL on the Hong Kong Stock Exchange, which raised up to $5.29 billion, is noted as the largest IPO globally in 2023, further enhancing the attractiveness of the Hong Kong market [4]

Group 1 - Multiple North Exchange funds have announced purchase limits due to significant net value increases, with nearly 80% of products seeing over 30% growth this year [1] - Specific funds like E Fund and Pengyang have set purchase limits at 3,000 yuan and 50,000 yuan respectively [1] - Other funds such as Fuguo and Tibet Dongcai have also implemented purchase restrictions [1] Group 2 - Four Hong Kong stock theme funds were reported on May 19, with a total of 19 funds submitted in May, covering sectors like technology, dividends, automotive, and pharmaceuticals [2] - Fund companies like Huatai-PB and Jiashi have submitted multiple products, indicating strong interest in the Hong Kong market [2] Group 3 - Public funds have invested nearly 10 billion yuan in private placements this year, with 21 public institutions participating in 31 A-share companies [3] - Haohua Technology was the most favored stock, attracting 1.628 billion yuan from three public funds [3] - Other stocks like Guolian Minsheng and Dize Pharmaceutical also received significant allocations exceeding 500 million yuan [3] Group 4 - The enthusiasm for public funds to research North Exchange companies is increasing, with over 30 institutions, including Huatai-PB, conducting recent surveys [4] - Companies like Yichang Magic Yam have also engaged in multiple investor meetings, reflecting growing interest [4] Group 5 - The public fund industry is experiencing a "retirement wave," with over 10 senior executives and research personnel retiring or nearing retirement in 2025 [5] - Notable retirements include Wu Xianling from Guohai Franklin Fund and Wu Ruoman from Xingyin Fund [6] Group 6 - Liu Gesong and Li Yuanbo have increased their stakes in Rongxin Culture, with Liu's fund holding 2.02% and Li's fund holding 0.97% of the company's total shares [7] Group 7 - On May 21, the market saw a slight increase, with the Shanghai Composite Index rising by 0.21% and the Shenzhen Component Index by 0.44%, with a total trading volume of 1.17 trillion yuan [8] - Gold-related stocks performed well, with gold ETFs showing strong gains [9] - Conversely, the S&P Consumer ETF led declines with a drop of 2.29% [10]

Group 1: Fund News - Several North Exchange funds have announced purchase limits, with the E Fund North Certificate 50 Index limiting purchases to 3,000 yuan starting May 19, and the Pengyang North Certificate 50 Index reducing the limit to 50,000 yuan from May 13 [1] - A total of 19 Hong Kong-themed funds have been reported since May, covering various sectors such as innovative drugs, cloud computing, consumption, and automobiles [1] - Public funds have invested nearly 10 billion yuan in private placements this year, with 21 public institutions participating in 31 A-share companies' private placements, totaling 9.785 billion yuan [1] Group 2: ETF Market Review - The market experienced a rise and then a pullback, with the Shanghai Composite Index increasing by 0.21%, the Shenzhen Component Index by 0.44%, and the ChiNext Index by 0.83%. The total trading volume reached 1.17 trillion yuan, an increase of 37.8 billion yuan from the previous trading day [2] - Gold-related stocks performed strongly, with gold stock ETFs rising by as much as 4.85% [2] Group 3: ETF Performance - The top-performing gold stock ETFs include: - Code 159562: Gold Stock ETF, up 4.85% to 1.557 - Code 517520: Gold Stock ETF, up 4.63% to 1.423 - Code 159322: Gold Stock ETF, up 4.51% to 1.158 [3] - The S&P Consumer ETF led the decline, down 2.29% [4] Group 4: Industry Trends - The rising gold prices are driving new growth trends in the industry, with the investment value of gold products becoming more prominent. This is expected to boost sales of investment-grade gold bars and brands with high cost-performance ratios [5] - The improvement in consumer spending, advancements in gold craftsmanship, and the rise of domestic brands are expected to provide strong growth momentum for the gold and jewelry industry [5]

Group 1 - The Hong Kong stock market has seen a significant increase in attention, with 19 Hong Kong-themed funds reported since May, covering various sectors such as innovative drugs, cloud computing, consumption, and automobiles [1] - On May 19 alone, four Hong Kong-themed funds were reported, including those focused on innovative drugs, technology, and the automotive industry [1] - The current market for new fund issuance includes several Hong Kong-themed funds that are either in the process of being issued or will be soon, indicating a robust interest in this market segment [1] Group 2 - A substantial amount of capital has flowed into the Hong Kong stock market through existing ETFs, with net subscriptions for several funds exceeding 3 billion yuan since May [2] - The scale of multiple Hong Kong-themed ETFs has doubled compared to the end of last year, indicating strong growth and investor interest [2] - As of the end of the first quarter, the market value of Hong Kong stocks held by actively managed equity funds reached approximately 465.5 billion yuan, marking a historical high in allocation [2] Group 3 - The Hong Kong stock market is viewed as a "safe haven" for global capital allocation, with a focus on technology assets that are expected to perform well in the current market environment [3] - The market has seen a shift towards high dividend assets, which are characterized by low valuations and high cash flow certainty, offering a favorable risk-return profile [3] - Three asset classes are currently favored in the Hong Kong market: internet technology benefiting from AI, consumer sectors supported by domestic demand policies, and low valuation financial stocks [3]

Core Viewpoint - The article discusses the shift of subjective long-biased private equity funds towards Hong Kong stocks due to the significant valuation gap and improved market conditions compared to A-shares, highlighting the potential investment opportunities in the Hong Kong market [3][9][10]. Group 1: Market Performance and Trends - From 2021 to 2023, the Hang Seng Index fell by 37.39%, while the Shanghai Composite Index only dropped by 12.78%, indicating a more severe decline in Hong Kong stocks [9]. - The valuation of the Hang Seng Index is at the 36.85% percentile over the past decade, making it one of the cheapest major markets globally [9]. - The price-to-earnings (PE) ratio of CNOOC in A-shares is 8.81, while in Hong Kong it is only 5.48, showcasing the valuation disparity [9]. Group 2: Investment Opportunities - The influx of southbound capital has been significant, with over 600 billion yuan bought by southbound funds by the end of April 2023, indicating a strong demand for Hong Kong stocks [12][24]. - New economy companies in Hong Kong, such as Pop Mart and Xiaomi, are showing improved fundamentals and performance, which enhances the attractiveness of the market [13]. - The potential return of Chinese concept stocks to Hong Kong could further invigorate the market [13]. Group 3: Private Equity Strategies - ZY, a value-oriented fund, achieved a 42% return this year, outperforming the Hang Seng Index by 32 percentage points [15]. - DS employs a balanced strategy with a diversified portfolio across various sectors, aiming for long-term compounding returns [17]. - HA HX focuses on concentrated positions in underappreciated sectors, achieving a 56% return over 24 months, significantly outperforming the Hang Seng Index [21]. Group 4: Current Market Conditions - As of April 30, the PE ratio of the Hang Seng Index was 9.94, placing it at the 39.67% percentile over the last decade, indicating continued valuation attractiveness [22]. - The number of quality companies in Hong Kong is increasing, supported by improving fundamentals and the potential return of Chinese concept stocks [23]. - The process of market revaluation is ongoing, with southbound capital continuing to flow into Hong Kong stocks [24].

Group 1: Market Overview - The Hang Seng Index closed at 23,345 points, with investors considering the index's strength if it holds between 22,800 and 23,000 points. The past three days showed a volatility of 3%, making it challenging for derivative investors due to the lack of clear direction. The index is in a balanced state from April 23 to 30, with no significant change in the upward trend, although technical signals are not as strong as before. The support level is at 22,400 points, and the resistance level is at 23,800 points [1]. Group 2: Company Analysis - NetEase (09999) closed at 190 HKD, with strong buying signals indicated by 18 buy signals and only 2 sell signals. The stock has broken through the upper band of the Bollinger Bands, with the next resistance level at 213.9 HKD [3]. - Alibaba (09988) closed at 123.4 HKD, showing a weaker performance with a significant drop. However, it has not yet breached the middle line of the Bollinger Bands at 118.9 HKD. The support level is at 115 HKD, with a total of 14 buy signals and 6 sell signals, leaning towards a bullish outlook [5]. - China Mobile (00941) closed at 85.8 HKD, with a positive trend as it broke through the daily chart's top. The closing price is just above the top, indicating further upward potential. The resistance levels are at 87.5 HKD and 87 HKD [8]. - CanSino Biologics (9926) closed at 83.5 HKD, having fallen from 105 HKD. The stock remains below the Bollinger Bands, with 9 sell signals despite a primary buy signal. Key support levels are at 73.4 HKD and 75.8 HKD [11]. - Meituan (03690) closed at 131.4 HKD, with concerns about maintaining the 130 HKD level. The stock is on a downward trend, with support levels at 124.5 HKD and 126 HKD [14].

Group 1 - The Hang Seng Index opened down 0.23%, and the Hang Seng Tech Index fell 0.29% [1] - China Resources Beer dropped over 6%, while Li Auto fell over 2%. In contrast, UBTECH Robotics rose over 14% following a comprehensive cooperation agreement with Huawei [1] Group 2 - Cathay Securities noted that historical trends show that economic conditions, liquidity, and technical factors are crucial for the rise of Hong Kong stocks. They expect substantial progress in US-China trade negotiations and a decline in tariff risks, alongside the implementation of various incremental policies, which may lead to a stable macroeconomic recovery [2] - Domestic monetary easing measures have been implemented, maintaining liquidity, which could result in continued inflows of southbound funds into the Hong Kong stock market. Current valuations of Hong Kong stocks are at historically low levels, indicating high medium to long-term investment value [2] - China Galaxy Securities' chief strategist Yang Chao suggested focusing on consumer and technology sectors, as well as sectors with low trade dependency and high dividend yields in the short term [2] Group 3 - Citigroup's report anticipates moderate government stimulus to boost the domestic economy, particularly benefiting the consumer, internet, resources, and technology sectors. They believe that both mainland and Hong Kong stock markets appear undervalued, slightly below historical averages, maintaining a constructive outlook [3] - Citigroup upgraded the consumer sector to "overweight" and prefers domestic stocks, while downgrading the transportation sector to "neutral" due to rising US trade tariffs. They also favor large internet stocks and technology stocks supported by government policies [3] - Huatai Securities remains optimistic about the relative performance of Hong Kong stocks, suggesting a shift towards a more aggressive stance due to improved policy environments and low valuations in technology and consumer sectors [3] Group 4 - According to China Securities Journal, significant net inflows of southbound funds are expected from 2025 onwards, with strong inflows into ETFs indicating individual investors' interest in Hong Kong stocks. Estimates suggest a net inflow of HKD 80 billion to 100 billion for the year [4] - Huatai Securities' chief macroeconomist noted that overseas liquidity is likely to remain loose in the short term, which may not negatively impact Hong Kong stocks. Recent strong purchases of Japanese bonds and stocks by overseas investors suggest a global search for alternatives to US assets [4] - The Hong Kong dollar has strengthened recently, and while the interest rate differential with the US has narrowed, the strong Hong Kong dollar indicates potential global fund reallocation demand for Hong Kong stocks [4]

Group 1 - The Hong Kong stock market indices opened significantly higher, with the Hang Seng Index rising by 1.38% and the Hang Seng Tech Index increasing by 2.15% [1] - The consumer sector showed strong performance, with the CSI Hong Kong Stock Connect Consumer Theme Index opening up by 1.66% [1] - The Hong Kong Consumer ETF (159735) opened higher and was up by 1.47% at the time of reporting, with notable gains in constituent stocks such as Techtronic Industries (over 5% increase) and Haier Smart Home, Geely Automobile, and others (over 3% increase) [1] Group 2 - The People's Bank of China announced a new policy to establish a service consumption and elderly care relending program, with a total quota of 500 billion RMB and an interest rate of 1.5% [2] - China Galaxy Securities indicated that as the impact of U.S. tariff policies diminishes, investor risk appetite is gradually recovering, and the implementation of more proactive macro policies is expected to support stable earnings growth in the Hong Kong stock market [2] - Current valuations in the Hong Kong stock market are at historically low levels, suggesting that there is still significant investment value in the medium to long term [2]

华泰证券表示，依然看好港股相对收益表现，适度转向进攻。 1)产业上，港股板块中，关税敏感性较 高的出口链及中游制造企业市值占比较低;2)政策环境改善有助于风险偏好提振;3)估值相对较低且受政 策支持的港股科技和消费板块仍具吸引力;4)美国经济硬数据转弱或提升全球资金再配置需求。中期 看，公募改革或进一步增加国内资金配置港股特色板块的需求。 银河证券认为，当前港股估值处于历史中低水平，中长期来看，投资价值仍然较高。配置方面，短期内 建议关注：受益于扩大内需政策的消费板块;自主可控程度提升的科技板块;贸易依赖度较低以及股息率 较高的板块。 恒生指数高开1.38%，恒生科技指数涨2.15%。比亚迪电子涨超4%，联想集团涨超3%，京东集团张超 2%。 对于外资未来是否加码港股市场这一问题，华泰证券首席宏观经济学家易峘表示，海外流动性短期 或"易松难紧"，对港股难形成负面制约。4月，海外投资者购买日本债券和股票的规模创1996年以来最 高，这或意味着全球资金正寻求美国资产替代品。港元汇率近期持续走强，港美利差空间缩窄但港元强 势不改表明港股或存全球资金再配置需求。 关于港股后市 本文转载自"腾讯自选股";智通财经编辑： ...