Group 1 - The recent adjustment in AI-related theme funds contrasts with the strong performance of certain Hong Kong stock funds, with the Huatai-PineBridge Hong Kong Advantage Selected Fund leading the public fund performance this year [1] - Several Hong Kong theme funds and equity funds with heavy Hong Kong stock holdings have achieved returns exceeding 30% year-to-date, indicating a potential shift in investment focus towards Hong Kong stocks [1] - As of May 26, the Hang Seng Index has risen by 16.06% this year, outperforming several major A-share indices, which have seen declines during the same period [1] Group 2 - Analysts suggest that current valuations of Hong Kong stocks are at a historical medium level, and recommend investors focus on sectors such as technology, durable consumer goods, and defense industries [2] - The report highlights the potential benefits for sectors impacted by new regulations on major asset restructurings, particularly for central state-owned enterprises and technology companies [2]

Group 1 - The overall structure of public fund holders has stabilized over the past year, with institutional investors favoring large-cap style funds, and the holdings in the CSI 300 ETF have exceeded 800 billion yuan [1][25]. - The pure bond funds are actively seizing the bond bull market, with the median duration increasing to 2.47 years, up by 0.26 years from the mid-2024 report [19]. - The fee reform has shown initial results, with total expenses for public funds in 2024 amounting to 236.036 billion yuan, resulting in a total fee rate of 0.73%, significantly lower than the same period last year [1][35]. Group 2 - In the 2024 report, the top three sectors for public fund holdings are industrial, consumer staples, and consumer discretionary, with CATL (宁德时代) having the highest total market value of 178.575 billion yuan, held by 2,861 funds [2][3]. - The top 20 stocks held by public funds include major companies such as Kweichow Moutai and Midea Group, with significant holdings across various sectors [3][4]. Group 3 - Hong Kong stocks remain an important allocation direction for public funds, with the top four heavy stocks each exceeding 20 billion yuan in market value [5][6]. - The highest proportion of public fund holdings relative to circulating market value is for Zhixiang Jintai-U, at 54.35% [8]. Group 4 - Public funds have significantly increased their holdings in stocks that have generally risen in value, with the top stock, Dekeli, seeing a 123.73% increase in its holding proportion [10]. - Conversely, stocks that public funds have significantly reduced their holdings in have generally declined in value, with the top stock, Shennong Group, experiencing a -9.86% drop [13]. Group 5 - The top FOF funds are primarily tool-oriented, with the highest holding value in the Huaxia Hang Seng ETF at 777 million yuan [16]. - The top three fund companies receiving FOF inflows are E Fund, Fortune, and GF Fund, with held values of 5.3 billion yuan, 4.818 billion yuan, and 3.617 billion yuan, respectively [20]. Group 6 - Institutional investors are the main holders of bond funds, with an 84.32% share, while individual investors dominate FOF, mixed, and money market funds with shares of 90.61%, 80.73%, and 72.54%, respectively [24]. - The proportion of institutional holdings in public funds has increased to 48.49%, up by 2.09 percentage points from the previous year [23]. Group 7 - The management fee income for most public fund companies has decreased year-on-year, with E Fund leading at 8.21 billion yuan, down 11.47% [37]. - The total transaction commission paid by public funds to brokers in 2024 was 10.986 billion yuan, a decrease of 5.849 billion yuan compared to the previous year [50].

文 ｜ 裘翔 刘春彤 开年以来港股已迈入技术性牛市，A股整体处于震荡。南下资金流入汹涌，开年至今，净流入已近4 0 0 0亿港元。如果没有制度限制，港股应在中 国股票资产中占据几成比例方为合理？我们认为，4 0%- 5 0%或是合意水平。因此，对大量机构投资者特别是公募基金来说，港股仍有较大增配 空间。 ▍ 从主要涵盖沪港深三地市场的指数看，港股占比均超过4 0%。 截至2 0 2 5年3月1 6日，我们统计了以下重要指数的港股市值占比情况：1）中证沪港深3 0 0指数和中证沪港深5 0 0指数，港股市值占比分别为 4 8%和4 5%。2）中华沪深港3 0 0指数中，港股市值占比为4 9%。3）MSCI Ch i n a指数中，港股市值占比超过6成，前十大成分股均为港股（包 括AH两地上市公司中的H股）和美股中概股，并无A股。 中美科技、贸易等领域摩擦加剧；国内政策力度、实施效果及经济复苏不及预期等。 ▍ 从港股A股的核心指数市值对比看，港股大致占比在4 5%以上。 截至2 0 2 5年3月1 6日，我们计算，1）如果以恒生指数/（恒生指数+沪深3 0 0）来看，大致市值占比为4 5%；2）如果以中证港股通5 ...