本报讯(记者王宁)当前，港股市场正站在新的机遇点，主要表现在估值处于全球洼地、资金持续流入、 反弹动能强劲。面对"高性价比+高弹性"并存的"黄金底"窗口，投资者如何把握港股投资机会？机构认 为，可通过港股ETF(交易型开放式指数基金)精准捕捉板块机遇期。 华夏基金相关人士表示，本公司目前在港股赛道已构建起强大的竞争壁垒。首先，规模领跑；作为市场 唯一的千亿元级港股ETF平台，截至今年11月底，本公司旗下港股ETF总规模突破1170亿元，是全市场 唯一一家管理规模超千亿元的港股ETF管理人。 其次，产品布局广泛。华夏基金目前拥有市场上产品线最全的港股ETF"超市"，包含16只港股ETF，覆 盖范围之广、细分之深，居全市场首位。产品矩阵包括宽基类：如恒生指数ETF、恒生科技指数ETF； 策略类：如高股息、低波、ESG等SmartBeta产品；行业主题类：聚焦互联网、生物医药、新能源车等 新经济板块以及跨境工具：如沪港深、中概互联等复合型产品。 业内人士表示，华夏基金"一站式"布局，使投资者无需在多家基金公司间切换，即可完成从核心配置到 卫星策略的完整港股资产组合。 根据2025年基金中报数据，华夏港股ETF持有人 ...

经历多年深度调整后，港股市场正站在一个罕见的战略性机遇点上——估值处于全球洼地、资金持续流 入、反弹动能强劲。当前，恒生指数不仅展现出显著的安全边际，更在弹性与爆发力方面优于A股等主 要市场。然而，面对这一"高性价比+高弹性"并存的"黄金底"窗口，投资者仍面临投资布局的核心痛 点：如何精准捕捉机会？反弹行情中又该选择何种高效工具？如何甄别值得信赖的基金管理人？ 全球估值洼地，凸显安全边际 截至2025年11月28日，恒生指数市盈率（PE_TTM）仅为11.89倍（数据来源：Wind），在全球主要资 本市场宽基指数中处于最低水平。对比来看，纳斯达克100、标普500、日经225、沪深300等主流指数当 前估值均显著高于港股。这一数据并非孤立现象，而是港股长期调整后的结构性结果。 低估值意味着向下的空间相对有限，而向上修复的空间广阔。对于长期资金而言，这正是"便宜买好 货"的经典时机。历史经验表明，当市场估值进入历史底部区域时，往往是中长期回报率最高的布局阶 段。尽管指数过往表现不预示未来业绩，但当前的估值水平无疑为投资者提供了相对较高的安全垫。 · 动能积聚的信号：资金借道港股通，持续大幅流入 与此同时，真金白 ...

经历多年深度调整后，港股市场正站在一个罕见的战略性机遇点上——估值处于全球洼地、资金持续流 入、反弹动能强劲。当前，恒生指数不仅展现出显著的安全边际，更在弹性与爆发力方面优于A股等主 要市场。然而，面对这一"高性价比+高弹性"并存的"黄金底"窗口，投资者仍面临投资布局的核心痛 点：如何精准捕捉机会？反弹行情中又该选择何种高效工具？如何甄别值得信赖的基金管理人？ 全球估值洼地，凸显安全边际 截至2025年11月28日，恒生指数市盈率(PE_TTM)仅为11.89倍(数据来源：Wind)，在全球主要资本市场 宽基指数中处于最低水平。对比来看，纳斯达克100、标普500、日经225、沪深300等主流指数当前估值 均显著高于港股。这一数据并非孤立现象，而是港股长期调整后的结构性结果。 低估值意味着向下的空间相对有限，而向上修复的空间广阔。对于长期资金而言，这正是"便宜买好 货"的经典时机。历史经验表明，当市场估值进入历史底部区域时，往往是中长期回报率最高的布局阶 段。尽管指数过往表现不预示未来业绩，但当前的估值水平无疑为投资者提供了相对较高的安全垫。 ·动能积聚的信号：资金借道港股通，持续大幅流入 与此同时，真金白银 ...

Group 1 - The core idea emphasizes the importance of foundational knowledge in investing and selecting the right funds to enhance investment success [2] - Common benchmark indices for investing in Hong Kong stocks include the Hang Seng Index, Hang Seng Tech Index, and the China Enterprises Index, with the Hang Seng Index being the most representative flagship index covering the largest and most actively traded stocks in the market [3]

Group 1 - The core viewpoint of the article highlights the increasing interest of international investors in Hong Kong stocks, particularly in large IPOs and financing projects, indicating a potential new market rally [1] - As of November 25, the Hang Seng Index has risen by 29.09% year-to-date, outperforming major global markets [3][4] - Southbound capital has accumulated a net purchase of over 5 trillion HKD in Hong Kong stocks since the launch of the Stock Connect, with a continuous net buying trend observed in the fourth quarter [5][8] Group 2 - The attractiveness of Hong Kong stocks is attributed to their dual nature as "Chinese assets" with "global pricing," featuring many competitive Chinese companies in sectors like technology, consumption, and pharmaceuticals [8] - The high dividend yield of Hong Kong stocks, which remains stable and above that of A-shares, is further enhancing their appeal [8] - The Hang Seng Index's price-to-earnings ratio is approximately 12 times, significantly lower than the Nasdaq's 36 times, indicating a favorable valuation for investors [9] Group 3 - The upcoming issuance of the Fuguo Hong Kong Stock Selected Mixed Fund (QDII) on December 8 aims to capitalize on the opportunities in the Hong Kong market, focusing on quality IPOs and stocks entering the Stock Connect [11][12] - The fund manager, Zhang Feng, has extensive experience in the Hong Kong market, with a proven track record of delivering strong returns [14][17] - Zhang Feng's investment strategy emphasizes a bottom-up approach, focusing on individual stock selection rather than strict industry adherence, which has led to consistent performance across market cycles [22][24]

关于港股后市 恒生指数高开0.34%，恒生科技指数涨0.21%。盘面上，有色板块活跃，中国铝业涨近3%，紫金矿业涨 近2%；小米集团涨0.54%，公司11月交付量超过4万台。 东吴证券表示，港股短期风险因素在减少，但反弹确认还需要催化剂。从中长期配置来看，当前位置有 吸引力。该行指，如果美联储降息预期升温，有利于港股回升。此外，美股AI科技泡沫叙事有所减 弱，港股科技随之回调较多，当前具备配置吸引力。 浦银国际表示，"迎合新趋势，拥抱新消费"依然将是2026年消费行业的重要投资策略。在该机构看来， 以下五大消费趋势涵盖了中国消费行业2026年大部分的投资机会：(1)高质价比国产品牌将持续占领消 费者心智(比如连锁咖啡、运动服饰、美妆)，(2)情绪类消费的需求将保持旺盛(比如潮玩、美妆、宠 物)，(3)新兴销售渠道加速崛起(比如即时零售、会员店、零食量贩)，(4)中国消费企业出海正当时(比如 潮玩、咖啡、家电)，(5)健康类消费是长期趋势(比如银发经济、保健品与医疗服务)。 本文转载自腾讯自选股，智通财经编辑：陈筱亦。 中信证券表示，在增量资金越来越多的以左侧稳健型资金为主的资金生态下，A股/港股未来可能更多地 ...

证券研究报告 | 2025年11月29日 港股投资周报 医药板块领涨，港股精选组合年内上涨 60.69% 核心观点 金融工程周报 港股精选组合绩效回顾 本周，港股精选组合绝对收益 2.43%，相对恒生指数超额收益-0.10%。 本年，港股精选组合绝对收益 60.69%，相对恒生指数超额收益 31.78%。 港股市场创新高热点板块跟踪 我们根据分析师关注度、股价相对强弱、股价路径平稳性、创新高连续性等 角度在过去 20 个交易日创出过 250 日新高的股票池中筛选出平稳创新高股 票。 近期，环球新材国际等股票平稳创出新高。 按照板块来看，创新高股票数量最多的是周期板块，其次为制造、大金融、 消费、医药和科技板块，具体个股信息可参照正文。 港股市场一周回顾 宽基指数方面，本周恒生科技指数收益最高，累计收益 3.77%；恒生大型股 指数收益最低，累计收益 2.45%。 行业指数方面，本周原材料业行业收益最高，累计收益 4.28%；能源业行业 收益最低，累计收益-0.70%。 概念板块方面，本周纸业概念板块收益最高，累计收益 10.22%；国内零售 概念板块收益最低，累计收益-3.91%。 南向资金监控 南向资金整体 ...

Market Overview - The Hong Kong stock market has experienced its first wave of adjustment since April 7, with the Hang Seng Index stabilizing around the six-month moving average (MA120) and the Hang Seng Tech Index significantly adjusting to the annual moving average (MA250) [3][4] - Historical data indicates that even in bull markets, indices often undergo multiple adjustments, suggesting that these short-term corrections can present good opportunities for low-level positioning [4] Investment Team Introduction - The article introduces the Fuqua Fund's Overseas Equity Investment Team, which is recognized for its strong research capabilities in the Hong Kong stock market and has a culture of in-depth research [7] - The team consists of over ten members, led by Zhang Feng, who emphasizes a bottom-up stock selection approach and aims to create sustainable long-term investment returns for investors [7][15] Fund Management Products - The Fuqua Fund manages a diverse range of products, including: - Fuqua China Small Cap Mixed Fund - Fuqua Blue Chip Selected Stock Fund - Fuqua Global Consumer Selected Fund - Fuqua Global Health Living Theme Mixed Fund - Fuqua Dividend Selected Mixed Fund - Fuqua Global Technology Internet Fund [8][9] Performance Metrics - The Fuqua China Small Cap Fund has achieved a cumulative total return of 381.51% since September 4, 2021, with an annualized return of 12.77%, ranking first in its category [16] - The Fuqua Blue Chip Selected Fund has a cumulative total return of 242.45% since its inception on August 2, 2019, with a one-year return of 74.82%, also ranking first in its category [17] Team Members and Their Expertise - Zhang Feng, the team leader, has 23 years of experience in the securities industry and emphasizes fundamental analysis and long-term value [15][16] - Peng Chenchen focuses on global consumer and health industries, managing funds with significant returns, including a 75.39% return in the past year for the Fuqua Global Consumer Selected Fund [20][22] - Wang Menghai, with a background in both A-shares and H-shares, emphasizes a balanced investment approach across markets [23][26] - Wang Wanyi specializes in high-dividend stocks and has successfully managed funds with strong performance in the dividend space [27][28] - Zhao Nianshen focuses on technology growth sectors, managing funds that have shown significant returns, including a nearly doubled return for the Fuqua Minyu Hong Kong-Shenzhen Selected Fund [31] Investment Strategy - The Fuqua Fund's investment philosophy centers on a GARP (Growth At Reasonable Price) strategy, focusing on acquiring high-growth stocks at reasonable prices while maintaining a strong emphasis on risk management and fundamental analysis [7][15] - The team aims to provide a variety of investment options catering to different investor preferences, including balanced growth, value-oriented, and thematic investments [34]

Group 1: Market Overview - The Hang Seng Index is facing resistance at 26,000, indicating a potential continuation of adjustments in the market [3] - The index opened at 26,046, briefly surpassed the 26,000 mark, but closed at 25,928, up only 33 points or 0.13% [3] - Trading volume decreased to 207.08 billion HKD, reflecting a cautious sentiment among investors [3] Group 2: Real Estate Market - The Hong Kong property price index rose by 0.41% in October, marking the fifth consecutive month of increases, with the index reaching 294.3 [7] - The rental index for private residential properties remained stable month-on-month but increased by 3.89% year-on-year [8] - Smaller units (under 100 square meters) saw a price index increase of 0.37%, while larger units (100 square meters and above) increased by 0.9% [8] Group 3: Corporate Developments - Great Wall Motors aims to achieve an annual production of 300,000 vehicles in Europe by 2029, with a focus on various vehicle types including traditional and electric models [11] - China Dynamics reported a 48.78% increase in net profit for the interim period ending September, with earnings reaching 204 million RMB [12] - Western Cement issued 400 million USD in senior notes due in 2028, with proceeds intended for debt repayment and working capital [13] Group 4: Policy and Support Initiatives - Guangdong Province has introduced a financial support plan to encourage companies in the Greater Bay Area to list on the Shenzhen Stock Exchange, enhancing their financing channels [9]

恒生指数高开0.9%，恒生科技指数涨1.43%。科网股多数上涨，百度集团涨近4%，小米集团、阿里巴巴 涨近3%。文远知行涨超6%，公司第三季度总收入1.71亿元，同比增长144.3%。 广发证券表示，港股可能再次迎来布局良机。如果后续美国政府停摆结束、美联储12月降息表态重新转 鸽、美联储停止缩表甚至重启扩表，美元流动性得到缓解，港股可能会出现新一轮上涨。配置上，11月 基本面驱动效应强，仍然采用杠铃策略，以红利为底仓，科技成长博弹性。广发证券称，港股牛市的基 础并未破坏，但演进方式更可能呈现"震荡上行、重心缓升"的特征，而非单边快速上涨，港股的11月基 本面驱动效应强，仍然要重视高景气板块的价值。在配置上，仍然采用杠铃策略，港股稳定价值类资产 (尤其是AH溢价相对较高H股)作为底仓长期配置，港股景气成长类资产的产业逻辑依然坚实，震荡中孕 育机会。一旦上述Trigger出现，资金可能会流入中国最具备全球竞争优势的核心资产，例如恒生科技 (互联网、新能源车)等。 银河证券表示，临近年底，市场风险偏好趋于谨慎，港股或延续震荡走势。建议关注以下板块：(1)供 需格局变化下，下游商品价格上涨的周期股或持续反弹。(2) ...