转眼又到4月中旬，基金的一季报逐渐进入披露季。 中庚基金依然是最早披露季报的基金公司之一，丘栋荣一季度的调仓动作随之浮出水面。 总体来讲，丘栋荣的基金业绩在今年以来依然非常稳—— 包括新基中庚港股通价值在内的5只基金均取得了正收益；表现最好的中庚小盘价值，今年以来的回报超过了10%。 | 基金名称 | 其余菜型 | 合并规模 | 任职时间 | 任职回报 | 任职年化 | 今年以来 | | --- | --- | --- | --- | --- | --- | --- | | | | (亿元) | | (%) | (%) | (%) | | 中庚港股通价值18个月封闭股票 | 股票苹 | 19.78 | 2023/1/11 | 0.53 | | 0.53 | | 中庚价值品质一年持有期混合 | 混合型-偏股 | 67.31 | 2021/1/19 | 59.84 | 23.41 | 7.25 | | 中庚价值灵动灵活配置混合 | 混合型-灵活 | 34.28 | 2019/7/16 | 129.64 | 24.85 | 7.36 | | 中庚小盘价值股票 | 股票在 | 86.77 | 2019/4/3 | 1 ...

今日，港股震荡分化，科技股涨幅居前，消费、医药股回调。截至收盘，恒生科技指数上涨1.7%，恒生港股通新经济指数上涨0.9%，中证港股通互联网指 数上涨0.8%，中证港股通医药卫生综合指数下跌0.5%，中证港股通消费主题指数下跌0.8%。相关ETF受资金青睐，截至昨日，恒生科技ETF易方达 （513010）和港股通互联网ETF（513040）月内分别获23.3亿元和10.8亿元资金净流入。 中国银河证券表示，展望2026年，中国宏观政策将保持连续性和稳定性，经济增长保持韧性，通胀有望自低位回升，港股市场基本面依赖于国内宏观经济。 指数方面，根据彭博一致预期，预计2026年恒生指数、恒生科技指数、恒生中国企业指数每股盈利分别同比增长9.64%、34.63%、9.90%，建议关注科技创 新、周期、消费等主题的投资机会。 每日经济新闻 ...

文 | 银行螺丝钉 （转载请注明出处） 大中小盘股都下跌。 上周A股大幅反弹，上周2.7%，领涨全球。今天A股迎来回调。 价值风格波动相对较小。 成长风格下跌多一些，创业板下跌0.66%。 港股上午上涨，到收盘也变成下跌。 港股恒生指数下跌0.71%。港股科技股略微下跌，波动不大。 1. 前两天看了一个新闻，说港股的IPO融资额，今年变成了全球第一。 今天大盘盘中上涨，到收盘的时候变成下跌，还在4.1星。 对投资者，是买入优质股份的好时候。 这对港股有啥影响么？ 融资和投资，是一体两面。 （1）在熊市的时候，市场估值比较低，股息分红比较多。 但是对企业的创始人和股东来说，熊市卖股份不是太好的选择。 所以在熊市市场估值低的时候，IPO或者再融资，都不会太多。 以A股为例， 2024年，A股最低到了5.9星。 在熊市底部，新股IPO融资只有673亿，加上增发融资等，融资总额在2880亿上下。 2024年A股的分红总额达到2.4万亿。 （2）到了牛市的时候，市场估值会大幅提升。 其实股票资产的投资价值，随着上涨是在下降的。 甚至出现高估的时候，要做好止盈。 对融资者来说，股价上涨之后，那相同的股份，可以融资到更多的 ...

北水净买入最多的个股是招商银行(03968)、华虹半导体(01347)、江西铜业股份(00358)。北水净卖出最 多的个股是中国移动(00941)、阿里巴巴-W(09988)、紫金矿业(02899)。 | 股票名称 | 买入额 | 卖出额 | 买卖总额 | | --- | --- | --- | --- | | | | | 净流入 | | 阿里巴巴-W HK 09988 | 16.71 乙 | 24.86亿 | 41.57亿 -8.15 亿 | | 腾讯控股 | | | 34.90亿 | | HK 00700 | 21.80 乙 | 13.10亿 | +8.70亿 | | 中芯国际 | 13.28 亿 | 20.92亿 | 34.20亿 | | HK 00981 | | | -7.65 Z | | 小米集团-W | 13.04 乙 | 16.34 乙 | 29.38亿 | | HK 01810 | | | -3.29 乙 | | 中国移动 | 5.49 亿 | 16.28 乙 | 21.77 亿 | | HK 00941 | | | -10.79 亿 | | 美团-W | 8.43亿 | 8.87亿 | 17 ...

在2025年南下港股投资浪潮涌动的背景下，一批坚守A股核心科技资产的基金经理，凭借对能力圈的深 度耕耘，交出了亮眼的业绩答卷。 Wind数据显示，排名年内全市场业绩前20强的A股基金产品收益率介于125%至236%之间。引人注目的 是，这些业绩领跑者普遍并未跟随市场热点大举南下，而是选择将核心精力聚焦于A股市场，其港股配 置比例大多低于10%或保持零持仓，从而确保了A股核心资产的高仓位集中度。 业内人士认为，这一现象反映出，对多数基金经理而言，在跨市场经验尚需积累的阶段，立足自身所 长、深耕熟悉的领域，往往是实现业绩突破的稳健路径。港股作为离岸市场，其定价审美逻辑与A股存 在差异，对A股基金经理而言，可能更像是一道需要认真对待的"附加题"，而非人人皆可得分的"基础 题"。 十强基金聚焦A股核心机遇 在2025年的市场环境下，全市场业绩领先的一批基金，用优异的回报率展现了专注的力量。Wind数据 显示，排名年内业绩前20强的A股基金，几乎清一色地对港股保持了较低的配置比例。业内人士认为， 这一策略并非偶然，而是基金经理基于对不同市场定价效率和自身比较优势的理性权衡。 以年内收益率一度跃升至133%的广发成长领航 ...

Group 1 - In 2026, the U.S. is expected to continue its interest rate cuts, while A-shares may maintain a "slow bull" market driven by sectors like AI, semiconductors, humanoid robots, and low-altitude economy [1][6] - The A-share market is becoming more institutionalized and focused on leading companies in the technology and AI sectors, while other sectors like consumption and real estate are experiencing a lack of funding and continued price stagnation [6][8] - The investment landscape in 2026 will be shaped by two main factors: monetary easing and the practical application of AI, with concerns about AI's production efficiency not covering computing costs [8] Group 2 - The Hong Kong stock market in 2026 is expected to remain stable, influenced by domestic macroeconomic fundamentals and overseas dollar liquidity [9] - The 2026 economic policy framework emphasizes practical effects and long-term health, focusing on expanding domestic demand, technological innovation, risk mitigation, and social welfare [15] - The real estate market is shifting from "incremental thinking" to "stock thinking," with opportunities arising from deep optimization and value reassessment of existing cities [16] Group 3 - The gold market is expected to remain bullish, with prices projected to reach between $4,800 and $5,000 per ounce, driven by a declining interest rate environment and ongoing central bank purchases [22][23] - The price of lithium carbonate has surged, and the low-altitude economy is facing challenges related to battery costs, which may catalyze advancements in battery technology [21] - Silver prices have increased significantly, driven by a combination of inventory crises, industrial demand, and capital accumulation, with a focus on maintaining a calm approach to investment during periods of market volatility [26][28]

港股市场2025年整体表现突出，恒生指数年内涨幅近30%，但在连续半年的强势上攻后，港股10月以来 步入震荡盘整阶段。对于港股明年行情，近期多家券商基金机构发布了市场展望，多数机构仍看好港股 的估值优势，认为其具备持续配置价值。 日前，国海富兰克林基金权益投资总监赵晓东在接受采访时明确表示："当下最显眼的机会在港股。" 赵晓东指出，这一判断的核心逻辑首先在于港股显著的估值吸引力。"港股最大的优势就是'便宜'，"他 表示，对于同一家优质公司，特别是业务根基稳固的大蓝筹企业，港股价格往往较A股存在明显折价， 构成了天然的"安全垫"。 责任编辑：栎树 在众多板块中，赵晓东尤为看好港股银行与互联网行业。 关于银行股，他认为"港股银行股更有支撑"。赵晓东分析，尽管面临息差压力，但国内银行业整体风险 可控，大型银行经营稳健。"国内的银行以传统信贷业务为主，业务结构相对单纯，出现重大风险的概 率较低。"此外，由于港股银行股估值更低，且是内地保险资金配置高股息资产的重要通道，预计将获 得持续的增量资金流入。在具体选股上，他表示，对于成长性突出、资产质量优异的银行，估值可以适 当放宽；而对于困境反转标的，则必须要求市净率足够低 ...

Group 1 - The core viewpoint of the article highlights the active performance of Hong Kong stocks, particularly in the AI sector, with the Hong Kong Internet ETF (513770) experiencing a price increase of 0.95% and a premium rate exceeding 0.3% [1][3] - Major internet companies such as Bilibili-W, Meituan-W, Kuaishou-W, Xiaomi Group-W, Alibaba-W, and Tencent Holdings showed positive movements, indicating a bullish trend in the market [1][3] - The Hong Kong Internet ETF (513770) is noted for its strong liquidity, with an average daily trading volume exceeding 600 million yuan, and it is designed to track the CSI Hong Kong Internet Index, which has a relatively low PE ratio of 24.66, indicating a favorable valuation compared to other indices [5][3] Group 2 - Citic Securities points out that the Hong Kong stock market is entering a significant year-end trading window due to continuous capital inflow and improving macroeconomic conditions [3] - Everbright Securities anticipates that the Hong Kong market will experience a "Davis Double Play" in 2026, driven by valuation recovery, profit growth, and a return to core themes, with the technology sector expected to lead the market rebound [3] - The AI sector is transforming competition among internet giants from traffic to ecosystem capabilities, with cloud services and advertising benefiting from increased demand and efficiency due to AI [3][5]

Core Insights - In the context of the investment wave towards Hong Kong stocks in 2025, a group of fund managers focusing on core technology assets in the A-share market has achieved impressive performance, with returns ranging from 125% to 236% for the top 20 funds [1][2]. Group 1: Performance and Strategy - The top-performing A-share funds have maintained low exposure to Hong Kong stocks, with many keeping their allocation below 10% or at zero, allowing for a high concentration in A-share core assets [1][2]. - For instance, the Guangfa Growth Navigator fund reduced its Hong Kong stock allocation from approximately 28% in June to about 4% by the end of the third quarter, effectively avoiding volatility in the Hong Kong market [2]. - Other funds, such as the Yongying Technology Smart Selection fund, also maintained low Hong Kong stock allocations, focusing primarily on the A-share market [2]. Group 2: Market Dynamics and Investment Logic - A-share market pricing reacts more directly to local hot sectors, making it easier to capture market opportunities by maintaining a high allocation to core A-share assets [3]. - The difference in market characteristics between A-shares and Hong Kong stocks necessitates a tailored investment strategy, as A-share funds often struggle when applying their strategies to the Hong Kong market without proper adjustments [4]. - Funds that heavily invested in Hong Kong stocks without adapting their strategies have generally underperformed, highlighting the importance of understanding market dynamics [4]. Group 3: Investment Philosophy - A-share fund managers tend to focus on growth potential and sector performance, while professional Hong Kong funds prioritize financial quality, cash flow, and dividend potential [5][6]. - For example, the Hong Kong stock Jiangnan Buyi, valued at approximately HKD 10 billion, has been recognized for its strong cash flow and dividend history, which A-share funds have overlooked [6]. - The contrasting investment philosophies between A-share and Hong Kong funds illustrate the need for A-share managers to adapt their approaches when considering investments in the Hong Kong market [5][6]. Group 4: Challenges and Considerations - A-share fund managers need to approach Hong Kong investments with caution, recognizing the significant influence of global liquidity and market sentiment on pricing [7][8]. - Understanding the unique pricing mechanisms and investor structures in the Hong Kong market is crucial for A-share fund managers venturing into this space [7][8]. - The potential for long-term returns exists in the Hong Kong market, particularly through identifying high-dividend yielding assets, which can provide an alternative strategy for A-share fund managers [8].

从具体产品来看，2025年以来，汇添富香港优势精选表现尤为突出，A类和C类份额总回报分别达到 118.70%和118.38%；创金合信全球医药生物A/C、易方达全球成长精选、易方达全球医药行业等产品也 表现不俗，均跻身收益率超70%的行列。 此外，广发中证香港创新药ETF、易方达黄金主题等产品也凭借精准的赛道布局，收益率在70%以上。 不过，在整体业绩亮眼背后，QDII基金的业绩分化也较为明显。部分聚焦单一资产的产品在2025年遭 遇了收益下滑，其中多只原油、油气、地产主题基金，以及投资于沙特、印度等单一市场的产品出现负 收益，反映出单一赛道与区域市场的投资风险，也显示出QDII基金在跨市场、跨行业配置中的重要 性。 2026年机会展望：多家机构看好港股 在全球资本市场波动加剧、资产配置需求多元化的背景下，QDII基金凭借其跨市场投资特性，成为投 资者参与全球财富增长的重要渠道。 2025年，受益于海外主要市场结构性行情与部分行业的爆发式增长，QDII基金整体交出了一份亮眼答 卷，多只产品斩获超高收益。 展望2026年，随着全球货币政策调整、产业趋势演进，港股、美股及特定赛道的投资机会备受市场关 注，如何精准 ...