Group 1 - The offshore RMB against the USD rose to 7.2103, an increase of 686 points from the previous trading day, with a trading range of 7.2808-7.2091 [1] - The Nasdaq China Golden Dragon Index increased by over 3%, driven by market sentiment and fluctuations in the USD index [1] - The Hang Seng Index rose by 1.74% and the Hang Seng Tech Index rose by 3.08%, with notable gains from Horizon Robotics-W (+14.5%), Kingsoft (+6.74%), XPeng Motors-W (+6.66%), and Xiaomi Group-W (+6.31%) [1] Group 2 - The 3x leveraged daily China ETF rose over 8%, while the 2x leveraged China Internet stocks ETF increased by over 6% [2] - The Hong Kong Monetary Authority sold approximately 47 billion HKD (around 6 billion USD) to maintain the HKD/USD exchange rate within the 7.75 to 7.85 range, marking its first foreign exchange intervention since 2020 [2] - Following the HKMA's intervention, the balance of the Hong Kong banking system is expected to rise from 46.539 billion HKD to 91.309 billion HKD (approximately 85.66 billion RMB) by May 7 [2] - Analysts from Everbright Securities anticipate a continued rebound in the Hong Kong stock market, with the Hang Seng Index currently at a medium-low valuation and the Hang Seng Tech Index at a historical low valuation, indicating high investment value [2] - China Galaxy Securities notes a gradual recovery in investor risk appetite, supported by positive fiscal policies and moderately loose monetary policies, which are expected to stabilize and increase profitability in the Hong Kong stock market [2]

Group 1 - Northbound capital recorded a net purchase of 20.3 billion HKD in the Hong Kong stock market on April 28, with the Shanghai-Hong Kong Stock Connect seeing a net purchase of 23.43 billion HKD and the Shenzhen-Hong Kong Stock Connect experiencing a net sale of 3.13 billion HKD [1] - The stocks with the highest net purchases included the Tracker Fund of Hong Kong (02800), Hang Seng China Enterprises (02828), and CanSino Biologics (09926) [1] - The stocks with the highest net sales were Alibaba-W (09988), Tencent (00700), and Xiaomi Group-W (01810) [1] Group 2 - CanSino Biologics (09926) received a net purchase of 7.79 billion HKD, with a report indicating positive results from its clinical trial for the dual-specific antibody AK112 in treating advanced squamous non-small cell lung cancer [5] - Meituan-W (03690) saw a net purchase of 5.56 billion HKD, with analysts noting that the company does not face risks of ADR delisting and has stable revenue sources [5] - China Shenhua (01088) had a net purchase of 5.17 billion HKD, with analysts highlighting its strong cash flow supporting high dividend payouts despite pressure from falling coal prices [6] Group 3 - The Tracker Fund of Hong Kong (02800) and Hang Seng China Enterprises (02828) received net purchases of 20.43 billion HKD and 12.5 billion HKD, respectively, indicating increased investor confidence [4] - Tencent (00700) and Alibaba-W (09988) faced net sales of 5.97 billion HKD and 14.24 billion HKD, respectively, amid concerns regarding the ongoing US-China trade tensions [6] - China Mobile (00941) received a net purchase of 1.13 billion HKD, while Xiaomi Group-W (01810) and SMIC (00981) experienced net sales of 2.56 billion HKD and 1.36 billion HKD, respectively [6]

Group 1 - The Hong Kong stock market opened high but experienced fluctuations, with the Hang Seng Consumption ETF (513970) rising by 0.66% as of 13:15 [1] - Notable individual stocks included Pop Mart, which surged by 11%, and other companies like Vitasoy International and Bosideng, which increased by over 5% [1] - The National Development and Reform Commission announced the release of over 160 billion yuan for consumer incentives, with an additional 140 billion yuan expected, aimed at boosting consumption [1] Group 2 - The Hang Seng Consumption ETF (513970) has reached a scale of 1.708 billion yuan, ranking first among similar products [2] - The ETF closely tracks the Hang Seng Consumption Index, which includes various sectors such as lifestyle and service consumption, catering to a new generation focused on emotional consumption and service experience [2] - As of April 28, 2025, the top ten weighted stocks in the Hang Seng Consumption Index account for 58.63% of the index, including companies like Yum China and Anta Sports [2]

Market Overview - The three major indices opened mixed, with the Shanghai Composite Index down 0.09%, the Shenzhen Component Index up 0.09%, and the ChiNext Index up 0.20% [1] - The sectors showing the highest gains included departure tax refunds and controllable nuclear fusion, while sectors such as quartz and dairy powder experienced declines [1] Institutional Insights - Galaxy Securities indicated that the investment value of Hong Kong stocks remains high in the medium to long term, supported by diminishing impacts of U.S. tariff policies and a rebound in investor risk appetite. The firm expects stable profit growth in Hong Kong stocks due to proactive macro policies [3] - CITIC Construction pointed out that the market is in a phase of fluctuation, but short-term risk appetite is increasing, leading to a potential shift towards growth sectors. Key industries to focus on include banking, electricity, beauty, and automotive [4] - Huatai Securities noted that the incremental policy window for the real estate sector is gradually opening, with a focus on the implementation pace of proactive macro and fiscal policies, particularly in first-tier cities [5] - Guojin Securities reported that new business for universal insurance products will allow adjustable minimum guaranteed interest rates, which will help mitigate interest spread loss risks and enhance market order regulation [6]

Core Viewpoint - The Hong Kong stock market is gradually stabilizing and rebounding as the impact of tariffs diminishes, with significant gains in major indices, particularly in technology and consumer sectors [1][2]. Group 1: Market Performance - As of April 23, the Hang Seng Technology Index rose by 2.84%, the Hang Seng Index by 2.11%, and the Hang Seng China Enterprises Index by 1.83% [1]. - Since March 20, the Hong Kong stock market has experienced continuous adjustments, but has begun to recover due to interventions from state-owned enterprises [2]. Group 2: Investment Opportunities - The Hong Kong stock market is seeing a growing proportion of technology and new consumer companies, which are expected to account for 54.5% of the total market capitalization by the end of 2024 [2]. - ETFs focusing on technology, consumption, and innovative pharmaceuticals are becoming popular among investors, providing efficient access to these sectors [1][3]. Group 3: Specific ETF Products - The Hong Kong Technology 50 ETF (513980) targets large-cap technology leaders with high R&D investment and revenue growth, including companies like Meituan and Tencent [2]. - The Hang Seng Consumption ETF (513970) focuses on essential and discretionary consumer goods, excluding alcohol and internet platforms, aiming to capture opportunities in consumer recovery [3]. - The Hong Kong Innovative Drug 50 ETF (513780) tracks leading companies in the innovative pharmaceutical sector, which is relatively scarce compared to the A-share market [3].

Company News - China Mobile reported Q1 operating revenue of 263.8 billion yuan, a year-on-year increase of 0.02%, and a net profit of 30.6 billion yuan, up 3.45% year-on-year [4] - ZTE Corporation achieved Q1 revenue of 32.968 billion yuan, a year-on-year increase of 7.82%, while net profit decreased by 10.5% to 2.453 billion yuan [5] - Tsunami Machine Tool China announced a profit warning, expecting annual net profit attributable to shareholders to be approximately 782 million yuan, a year-on-year increase of about 60% [6] - Zhejiang Shibao reported Q1 revenue of 718 million yuan, a year-on-year increase of 45.47%, and net profit of 48.735 million yuan, up 123.77% year-on-year [6] - Chongqing Steel reported Q1 revenue of 6.614 billion yuan, a year-on-year decrease of 14.51%, with a net loss of 117 million yuan, narrowing by 64.82% year-on-year [6] - Pop Mart's overall revenue in Q1 grew by 165%-170% year-on-year, with China revenue increasing by 95%-100% and overseas revenue rising by 475%-480% [6] - Datang Power completed approximately 60.3232 billion kWh of electricity generation in Q1, a year-on-year increase of about 0.76% [7] - Weilang Delicious plans to invest approximately 1 billion yuan in a new snack food production base in Nanning [8] Industry Insights - Huatai Securities remains optimistic about the relative performance of Hong Kong stocks, citing low market capitalization of export chains and midstream manufacturing companies sensitive to tariffs, along with continued support from technology company earnings [2] - Galaxy Securities notes that the impact of tariffs on the economy will depend on the outcomes of tariff negotiations and implementation, while China's macro policies are expected to strengthen counter-cyclical adjustments to mitigate external shocks [2] - The International Monetary Fund has downgraded the global economic growth forecast for 2025 from 3.3% to 2.8%, with a projected growth of 3% for 2026, attributing this to the impact of U.S. tariff measures and policy uncertainties [3] - The Ministry of Industry and Information Technology is soliciting opinions on the "Cloud Computing Comprehensive Standardization System Construction Guide (2025 Edition)", aiming to establish over 30 national and industry standards by 2027 to enhance the cloud computing industry's standard system [3] - The Ministry of Industry and Information Technology and the National Standardization Administration have issued guidelines for the construction of a national intelligent manufacturing standard system, targeting the formulation of over 100 national and industry standards by 2026 [3]

以下文章来源于望京博格投基 ，作者望京博格 望京博格投基 . 记录望京博格投资基金的故事 长按即可参与 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 望京博格 来源：雪球 一、港股是港币计价的人民币资产 在港股类似腾讯这样中资企业比比皆是~ 二、A股的估值不便宜 沪深300指数目前市盈率为12.26倍，处于最近10年43.33%的位置，只能说是不贵，但是绝对算不算便宜。 在2018年、2022年、2024年沪深300最低估值都触及10-11倍市盈率。 很多人把港股当做海外资金，其实港股是实实在在的港币计价的人民币资产。 例如，腾讯控股在港股上市，股价是以港币计算的。 但是腾讯的营收、资产、支出、发工资等等都是人民币，所以腾讯控股是人民币资产，专业点就是港币计价 的人民币资产。 近期国家队兜底市场，累计申购1300亿沪深300ETF，给予沪深300指数极大的支撑。 三、纳指与标普未来情况不明 A股有国家队兜底，跌幅是有限，但是未来涨幅也有限。例如最近一年港股涨的不错，主要因为之前港股回 调的足够充分了；反观A股涨幅有限，是因为之前没有跌透。 纳指100指数（NDX ...

Core Viewpoint - The AI Fund West China Li De Hong Kong Stock Connect New Opportunities Mixed A (008861) reported a profit of 2.35 million yuan for Q1 2025, with a net asset value growth rate of 15.3% during the period [3][4]. Fund Performance - As of April 18, the fund's unit net value was 0.564 yuan, and it is classified as a flexible allocation fund primarily investing in pharmaceutical and medical stocks [4]. - The fund's performance over various time frames includes: - 3-month net value growth rate: 12.49%, ranking 52 out of 129 comparable funds [4]. - 6-month net value growth rate: -4.20%, ranking 99 out of 129 comparable funds [4]. - 1-year net value growth rate: 18.80%, ranking 19 out of 129 comparable funds [4]. - 3-year net value growth rate: -25.47%, ranking 72 out of 104 comparable funds [4]. Risk Metrics - The fund's Sharpe ratio over the past three years is 0.0659, ranking 36 out of 100 comparable funds [9]. - The maximum drawdown over the past three years is 50.65%, with the largest single-quarter drawdown occurring in Q1 2022 at 28.84% [11]. Investment Strategy - The fund manager indicated that the Hong Kong stock market experienced a recovery driven by domestic technological innovation post-Chinese New Year, leading to a revaluation of technology leaders [4]. - The fund has adjusted its positions, taking profits from technology growth stocks while increasing allocations to cyclical sectors and pharmaceuticals [4]. Fund Holdings - As of Q1 2025, the fund's total assets amounted to 17.16 million yuan [15]. - The top ten holdings include Tencent Holdings, Alibaba-W, Hong Kong Exchanges and Clearing, China Mobile, China Resources Beer, Xiaomi Group-W, Kingdee International, China Biologic Products, BeiGene, and Li Auto-W [17]. Portfolio Allocation - The average stock position over the past three years was 81.35%, compared to the industry average of 86.88% [14]. - The fund reached a peak stock position of 89.48% at the end of Q3 2023, with a low of 72.27% at the end of H1 2023 [14].