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跨境投资洞察系列之一:港股基金找不同
Ping An Securities· 2025-09-19 09:17
Market Overview - Since 2010, the Hong Kong stock market has experienced four major uptrends, driven by factors such as liquidity easing and fundamental improvements, particularly in technology stocks[3] - The market has seen a narrowing of style differentiation since 2022, indicating increased difficulty in rotation strategies and shrinking profit margins[3] Investment Trends - Passive funds dominate the Hong Kong market, accounting for over 80% of funds focused on this market, with approximately 80% of these being industry-themed funds, primarily in technology[3] - Active funds are predominantly all-market funds, with 91% of them focusing on balanced allocations to adapt to market changes[3] Fund Performance - Active Hong Kong funds have shown significant excess returns during growth-dominant markets, particularly in technology and healthcare sectors, outperforming passive funds[3] - The average allocation of private equity funds to Hong Kong stocks has increased to 41.21% as of July 2025, reflecting a growing interest in undervalued opportunities[22] Risk Factors - Past performance of funds does not guarantee future results, and regulatory changes may impact the validity of research conclusions[3] Valuation Insights - As of August 22, 2025, the valuation percentile for the Hang Seng Technology Index is at 37%, significantly lower than the A-share technology sector, which is at 100%[21] - The premium of AH shares has decreased, with the Hang Seng-Hushen Connect AH premium at 125, indicating a relative premium for A-shares[21]