宏源山旁 :: 7 SHENWAN HONGYUAN SECURITIES D @ @ 投资指南针 F 知名少 + 灌股通 如果一只港股股票被纳入港股通,意味着内地投资者不需要开通 港股账户,可以直接在内地交易所交易,包括南向资金在内,这 将有助于提升该公司的流动性和市场认可度。 例如今年4月,赤峰黄金被纳入港股通,表现抢眼,叠加黄金板块 的避险属性,市场反应热烈。 (数据来源:港交所港股通标的证 券调整名单,不作为个股推荐) 个人开通条件 以投资者名义开立的证券账户及资金账户内资产 在申请权限前20个交易日日均资产不低于人民币50万元 具备港股通证券交易基础知识, 了解港股通证券投资风险,通过港股通业务知识测试 有较强的风险承受能力和风险控制能力,普通投资者 信当性 风险承受能力测评结果为C4（积极型）（含）以上 言记录 不存在严重的不良诚信记录 禁止行为 不存在法律、行政法规、部门规章等规定的 禁止或限制参与港股通证券交易的情形。 海岸道设 港股通,是上交所、深交所分别和港交所,建立技术连接,使得 内地与香港投资者可以互相买卖在对方交易所上市的部分股票。 它像一座连接内地和香港的"投资大桥" -- 通过上 ...

Group 1 - The report highlights that the Hong Kong stock market is experiencing a shift towards mid and small-cap stocks, particularly in the pharmaceutical sector, indicating a broader exploration of investment opportunities beyond just large-cap leaders [4][8][10] - Policies promoting the private economy and the Hong Kong market have been increasing since Q4 2024, with significant support for private enterprises, especially in new economic growth sectors like information technology and biotechnology [4][30] - The performance of the Hong Kong stock market is showing signs of recovery, with revenue growth of 2.4% and net profit growth of 7.4% reported in the 2024 annual results, indicating a positive trend in profitability [42][46] Group 2 - The report identifies TMT (Technology, Media, and Telecommunications) and pharmaceuticals as sectors with significant improvements in revenue and profit margins, suggesting a favorable investment outlook [4][54][64] - The report notes that public funds have increased their allocation to Hong Kong stocks, with the proportion rising from 14.5% in Q4 2024 to 19.2% in Q1 2025, indicating potential for further investment growth [4][5] - The report emphasizes that the valuation gap between A-shares and H-shares remains significant, with the A-H premium around 140%, suggesting that Hong Kong stocks may still be undervalued [5][10] Group 3 - The report indicates that the market is witnessing a systematic expansion of investment opportunities, particularly in quality companies across various sectors, rather than being limited to large-cap stocks [4][5][29] - The analysis of the performance of different sectors shows that while TMT and pharmaceuticals are experiencing growth, sectors like real estate and power equipment are facing declines in both price and volume [4][64][59] - The report suggests that the Hong Kong market is becoming an attractive destination for global capital, especially as funds shift away from the US market due to geopolitical tensions and currency concerns [5][8][30]

Core Viewpoint - The TOP 100 active equity fund manager list has consistently outperformed the Wind偏股基金指数 for four consecutive years, indicating the value of excellent active equity fund managers [1][2]. Group 1: Performance of Fund Managers - The TOP 100 list includes fund managers who have shown the ability to outperform their peers, with a specific focus on those managing Hong Kong stocks [4][9]. - The performance of the Hong Kong fund managers from the TOP 100 list yielded a return of 22.89% as of May 28, 2025, compared to the Hang Seng Index's 17.45% and the active Hong Kong fund index's 13.61% [9]. - Despite the success of individual fund managers, the overall active equity funds in the Hong Kong market struggle to outperform the index, similar to trends in other mature markets [9][10]. Group 2: Notable Fund Managers - Zhang Feng from 富国基金 has over 25 years of experience and has built a strong reputation in the Hong Kong market, with his fund 富国中国中小盘 being one of the top performers [12][13][14]. - Ning Jun, also from 富国基金, has a broad investment style and has managed funds that have consistently performed well, including 富国沪港深业绩驱动 [20][24]. - Bai Yang from 大成国际 has a strong academic background and has received multiple awards for his performance, managing funds that rank well in the Hong Kong market [33][41]. - Luo Jiaming, with 18 years of experience in Hong Kong, has a quality-focused investment style, but his recent performance has been disappointing due to market conditions [43][49]. - Xiong Xiaoya from 南方基金 has shown promising results with her growth-oriented investment style, although her team's recent changes may impact future performance [56][59]. - Zhang Jintao from 嘉实基金 has a value-oriented investment approach and has managed funds with solid performance, although his large management scale may affect focus [63][66]. Group 3: Market Insights - The Hong Kong market is characterized by concentrated liquidity, making it challenging for active fund managers to consistently outperform the index [9]. - The article emphasizes the importance of selecting fund managers with proven track records and the ability to navigate the complexities of the Hong Kong market [4][9].

Group 1 - Hong Kong stocks have shown resilience, outperforming A-shares and maintaining competitiveness in global markets despite challenges such as unexpected tariffs [1][2] - The market's earnings growth is projected at 4-5% for the year, but a 30% tariff could reduce this growth by 2 percentage points to 2% [1][10] - The Hang Seng Index is expected to fluctuate between 23,000-24,000 points under baseline conditions, with optimistic scenarios reaching 25,000-26,000 points, while pessimistic scenarios could see it drop to around 20,500 points [10] Group 2 - The current credit cycle in China is characterized by a shift from recovery to stagnation, with private sector credit contraction remaining a core issue [3][6] - Key factors influencing the credit cycle include tariffs, fiscal policy, and advancements in AI technology, with expectations for these factors to remain stable in the near term [6][7] - The market is experiencing a dichotomy, with excess liquidity leading to structural opportunities in sectors like new consumption and technology, while traditional sectors face challenges [8][9] Group 3 - The influx of southbound capital into Hong Kong is expected to continue, with estimates of 200-300 billion HKD in net inflows for the year, driven by the search for stable returns and structural opportunities [11] - The structural changes in the Hong Kong market are attributed to improved liquidity and the listing of high-quality companies, which helps attract more capital [11] - The potential risks for Hong Kong stocks include external risks and the impact of fiscal policies on consumption and cyclical sectors, although these are not considered baseline scenarios [12]

Group 1 - The Hang Seng Technology HKETF (513890) has seen a 2.62% increase, with a trading volume of 75.4589 million yuan and a turnover rate of 17.44%, indicating active market participation [1] - The Hang Seng Technology Index (HSTECH) rose by 2.91%, with notable increases in constituent stocks such as Kingdee International (00268) up 7.45%, Tencent Music-SW (01698) up 7.05%, and Kuaishou-W (01024) up 6.18% [1] - Over the past two weeks, the Hang Seng Technology HKETF has experienced a significant increase of 9 million shares, ranking among the top in comparable funds [1] Group 2 - In the last nine trading days, the Hang Seng Technology HKETF has attracted a total of 17.8159 million yuan in inflows [1] - CITIC Securities notes that the Hong Kong stock market remains relatively active, with core internet leading companies' valuations still within a normal range [1] - The overall quality of assets in the Hong Kong market is showing systematic improvement, with new economy leaders and high-quality manufacturing companies from A-shares listing in Hong Kong [1] Group 3 - Morgan Asset Management is integrating its "Global Vision Investment in Technology" product line to help investors capitalize on quality technology companies amid the AI-driven tech wave [2] - The Morgan Emerging Power Fund aims to capture emerging industry trends from a long-term perspective, while the Morgan Smart Connectivity Fund focuses on AI-related opportunities [2] - The Morgan Hang Seng Technology ETF (QDII) provides a one-click solution for investing in Hong Kong tech assets [3]

Market Performance - The Hong Kong stock market has shown strong performance this year, with the total scale of Hong Kong-themed ETFs approaching 360 billion yuan, an increase of approximately 96.1 billion yuan compared to the end of last year [1][3] - The Hang Seng Index and the Hang Seng Tech Index have increased by 18.61% and 18.32% respectively [3] ETF Growth - As of June 6, there are 144 Hong Kong-themed ETFs with a total scale of 357.24 billion yuan, up from 261.1 billion yuan at the end of last year, marking a growth of 96.1 billion yuan [3] - The largest Hong Kong-themed ETF is the FTSE China Hong Kong Internet ETF, with a scale of approximately 45.6 billion yuan [3] Fund Inflows - Southbound capital has seen a cumulative net inflow of over 600 billion HKD, accounting for nearly 82% of the expected total for 2024, with an average daily net inflow exceeding 8 billion HKD [3] - The number of Hong Kong-themed funds issued this year has reached 43, most of which are passive index funds [4] Investment Outlook - Industry experts believe that the Hong Kong stock market still holds long-term investment value, particularly in sectors such as internet, innovative pharmaceuticals, smart vehicles, and new consumption [1][4] - Despite recent gains, the valuation of Hong Kong stocks remains relatively low, with the Hang Seng Index trading at a P/E ratio of approximately 10.2, lower than the S&P 500 and CSI 300 indices [6] Sector Focus - Key investment opportunities are identified in new consumption sectors such as trendy toys, tea drinks, and domestic beauty products, as well as in technology and innovative pharmaceuticals [6][7] - The innovative pharmaceutical sector has seen overseas licensing transactions exceed 50 billion USD, indicating a potential profitability turning point [7] Market Strategy - Investors are advised to avoid chasing high prices and to focus on the fundamentals of companies, as well as changes in the macroeconomic environment [1][7] - A balanced strategy of "high dividend + technology growth" is suggested to capture both valuation recovery and industrial upgrades [6]

- The "Guosen Securities Hong Kong Stock Selection Portfolio" achieved an absolute return of 4.07% this week and an annual return of 36.51%[1][17] - The portfolio aims to select stocks with both fundamental support and technical resonance from an analyst-recommended stock pool, constructed based on analyst earnings forecast upgrades, initial coverage, and unexpected events in analyst report titles[13][15] - The backtest period for the portfolio is from January 1, 2010, to December 31, 2024, with an annualized return of 17.02% and an excess return of 17.60% relative to the Hang Seng Index[15] - The portfolio's performance metrics include an information ratio (IR) of 1.19, a tracking error of 14.45%, and a maximum drawdown of 23.73% over the entire sample period[18] - The "Stable New High Stock Selection Method" screens stocks that have reached a 250-day high in the past 20 trading days based on analyst attention, relative stock strength, price path stability, and continuity of new highs[19][21] - The specific calculation for the 250-day new high distance is given by the formula: $ 250 \text{ day new high distance} = 1 - \frac{Closet}{ts\_max(Close, 250)} $ where Closet is the latest closing price and ts_max(Close, 250) is the maximum closing price in the past 250 trading days[21] - The selected stable new high stocks include companies like Cinda Biopharmaceuticals, with the consumer sector having the most stocks reaching new highs, followed by pharmaceuticals, large finance, technology, cyclical, and manufacturing sectors[21][22] - The performance metrics for the Hong Kong Stock Selection Portfolio include: - Absolute return: 4.07% (weekly), 36.51% (year-to-date) - Excess return relative to Hang Seng Index: 1.91% (weekly), 17.90% (year-to-date) - Information ratio (IR): 1.19 - Tracking error: 14.45% - Maximum drawdown: 23.73%[17][18] - The performance metrics for the stable new high stocks include: - Consumer sector: 12 stocks - Pharmaceuticals: 11 stocks - Large finance: 10 stocks - Technology: 9 stocks - Cyclical: 3 stocks - Manufacturing: 2 stocks[21][22]

（原标题：普通投资者，要如何把握港股投资机遇？） 2025年初至今的港股市场相当热闹。年初以来，港股主流指数表现领跑全球资本市场，出现了很多现象 级的股票。近期，政策暖风吹拂下，不少大公司纷纷赴港二次上市，丰富了港股市场的可投资选择。 从Wind数据显示的行情表现来看，截至5月30日，今年以来恒生指数、恒生中国企业指数、恒生科技指 数三大指数均实现超15%的正收益，在全球重要资本市场指数中领跑。尽管4月受关税政策以及全球经 济形势数据等因素的影响，港股行情出现波动，但5月以来回暖显著。 另据Wind数据，截至5月30日，今年以来，南向资金共计净买入港股市场6509.42亿港元，不到半年的时 间，该金额已经是历年第三高，仅暂时排在2024年、2020年分别创下的8079亿港元、6721亿港元的纪录 之后。这意味着，香港市场愈发成为内地投资者配置重要的一环，而南向资金的净流入也带来了港股市 场的流动性繁荣。 在基本面向好、流动性改善等多重因素推动下，港股市场正迎来复苏的新格局，走向价值重估的新时 代。其中，科技、创新药和消费三大板块表现尤为突出，成为推动市场上涨的核心动力。 在这背后，港股市场的生态环境发生深刻改 ...

Core Viewpoint - The recent surge in the Hong Kong stock market has led to increased attention on the ability of mainland investors to open accounts with online brokers like Futu Holdings and Tiger International, with both companies adjusting their policies in response to regulatory changes [1][5][6]. Group 1: Company Policies - Futu Holdings has completely stopped allowing new account openings for mainland users, only permitting those who live or work abroad to open accounts, requiring both a mainland ID and proof of residence or employment abroad [1][3]. - Tiger International still allows existing customers to open accounts if they had previously opened accounts with other overseas brokers before May 19, 2023, but does not accept new mainland investors [2][3]. Group 2: Regulatory Environment - The regulatory scrutiny of online brokers like Futu and Tiger began in October 2021, with the China Securities Regulatory Commission (CSRC) declaring their cross-border securities operations as non-compliant with existing laws [2]. - In December 2022, the CSRC formally classified the cross-border operations of these brokers as "illegal" and mandated them to cease new business activities while allowing existing clients to continue trading [2]. Group 3: Market Conditions - The Hong Kong stock market has shown significant recovery, with the Hang Seng Index rebounding from a drop of over 13% in early April to reach a new closing high since March 2025 by June 5, 2023 [5]. - The interest in Hong Kong stocks has been further fueled by successful IPOs of major mainland companies, such as CATL and Heng Rui Pharmaceutical, which saw substantial first-day gains [6]. Group 4: Investment Channels - Mainland investors can access Hong Kong stocks primarily through two channels: the Stock Connect program and Hong Kong-listed ETFs, with different eligibility criteria [7]. - The Stock Connect requires a minimum average asset of 500,000 RMB in the investor's securities and funds accounts over the previous 20 trading days, while the ETF route has no such financial threshold, making it more accessible for retail investors [7].

Core Viewpoint - The Hong Kong stock market has become increasingly vibrant, with significant gains in the Hang Seng Index and a surge in new listings, driven by a shift in global macroeconomic narratives favoring Chinese assets over U.S. assets [3][11]. Group 1: Market Performance - As of early 2025, the Hang Seng Index has risen by 17.65%, leading global stock markets [3]. - Notable stocks such as Moutai Group, Pop Mart, and Lao Pu Gold have seen dramatic price increases, contributing to a phenomenon in the capital market [3]. - The IPO of CATL raised approximately HKD 353 million, marking the largest IPO globally for the year [3]. Group 2: Investor Sentiment - Individual investors are actively participating in the Hong Kong market, with reports of substantial profits from new stock listings, such as a 25.20% increase on the first day of Heng Rui Pharmaceutical's listing [3][11]. - Investors like Yang Guang have shown confidence in specific stocks like Xiaomi, which has seen its price increase nearly 300% from HKD 15 to nearly HKD 60 per share [6][7]. Group 3: Investment Strategies - Investors are adopting diverse strategies, with some focusing on high-dividend stocks to secure stable income, while others are betting on growth stocks in the tech sector [9][10]. - The trend of investing in high-dividend stocks is particularly appealing due to their perceived stability compared to high-growth, high-volatility tech stocks [10]. Group 4: Market Dynamics - The Hong Kong stock market has undergone significant reforms since 2018, improving liquidity and valuation, which has made it more attractive for retail investors [12][13]. - The average daily trading volume in the first four months of 2025 surged by 144% year-on-year to HKD 25.04 billion, with southbound funds accounting for about 25% of the trading volume [13].