截至2025Q3，将港股纳入投资范畴的权益基金数量达2689只，规模达2.63万亿元，其中无论从数量或占据全部同类产品比例来看，主动管理更胜一筹，彰 显公募机构灵活布局港股市场的积极意愿；然而其实际港股仓位呈现分化，无法满足研究与投资需求，我们通过港股仓位将其划分为港股主题、均衡配置 与少量参与三种类型。 市场概况方面 ，主动型产品中，港股主题基金数量稳增、规模起伏，均衡配置基金近年强劲扩张，截至2025Q3，港股主题与均衡配置基金数量分别达92 只与872只；被动型产品中，港股主题基金占据绝对主流且伴随中概股回流加速及港股结构行情演绎，发展势头迅猛，截至2025Q3港股主题基金数量达 108只。 机构格局方面 ，集中度整体呈现逐步分散、渐趋稳态特征：主动型产品中，截至2025Q3，港股主题、均衡配置与少量参与基金的管理规模CR5分别达 60.3%、35.8%和30.2%，其中伴随近年来产品数量增多，均衡配置基金的头部机构市场份额面临持续稀释；被动型产品中，得益机构规模效应与先发优势 壁垒，机构集中度相对较高。整体来看， 头部机构竞争格局渐趋稳定，部分机构呈现多点开花态势。 持有结构方面 ，区分港股投资类型来 ...

2025 年 12 月 02 日 金融工程研究团队 魏建榕（首席分析师） 证书编号：S0790519120001 傅开波（分析师） 证书编号：S0790520090003 高 鹏（分析师） 证书编号：S0790520090002 苏俊豪（分析师） 证书编号：S0790522020001 胡亮勇（分析师） 证书编号：S0790522030001 王志豪（分析师） 证书编号：S0790522070003 盛少成（分析师） 证书编号：S0790523060003 蒋 韬（分析师） 证书编号：S0790525070001 相关研究报告 《开源量化评论（49）-对近期北向持 续撤离，南下持续抄底的几点思考》 -2022.3.15 开源量化评论（50）-港股优选：技术 fukaibo@kysec.cn 证书编号：S0790520090003 港股市场 11 月概览：港股持续承压，价值板块占优 面、资金面、基本面》-2022.3.22 《开源量化评论（96）-公募港股投资 变化及港股通优选组合构建》 -2024.7.15 《开源量化评论（112）：基于港交所 CCASS 数 据 的 港 股 投 资 策 略 》 -2025. ...

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Group 1 - The report highlights a significant recovery in the Hong Kong stock market, with the Hang Seng Index rising by 31.5% and the Hang Seng Tech Index increasing by 34.0% as of September 12, 2025, driven by capital inflows and improved market sentiment [13][14][17] - The average daily trading volume in the Hong Kong stock market reached HKD 249.4 billion in September 2025, reflecting a year-on-year increase of nearly 93% [13][14] - Cumulative net inflows from southbound funds have surpassed HKD 1 trillion since the establishment of the Stock Connect, marking a historical high [17][18] Group 2 - The report indicates that the top three brokerage firms account for 54.8% of the total market value held in the Hong Kong Stock Connect, demonstrating a concentration of assets among major players [22][24] - A negative correlation exists between the market value held by brokerage firms and their turnover rates, with larger firms generally exhibiting lower turnover rates compared to smaller firms [22][24] - The report identifies several outstanding brokerage firms, including辉立证券 (Futu Securities) and沪市港股通 (Shanghai-Hong Kong Stock Connect), which have achieved high excess Sharpe ratios, indicating superior performance [29][33] Group 3 - The report presents a quantitative model that optimizes the selection of top-performing brokers and stocks, achieving an annualized excess return of 16.5% and a maximum drawdown of -15.2% [5][28] - The performance of the selected brokers and stocks is notably higher during bull markets, suggesting that the model is effective in capturing market upswings [5][28] - The report emphasizes the importance of utilizing detailed data from the Hong Kong Stock Exchange's CCASS system to gain insights into market dynamics and investor behavior [20][22]

Group 1 - The recent pullback in Hong Kong stocks is primarily due to adjustments in internal and external expectations, but the logic of mid-term liquidity easing remains unchanged [1] - The company suggests looking for sectors with improving sentiment and low valuations, particularly emphasizing the technology sector [1] - Short-term trading should focus on mid-year performance reports, with recommendations to pay attention to: 1) gaming and internet e-commerce leaders with attractive valuations and improving sentiment; 2) innovative pharmaceuticals and non-bank financials with slightly higher forward 12-month valuation percentiles but high earnings realization [1]

Group 1: Investment Strategies - Fundamental analysis is essential for evaluating a company's intrinsic value through financial statements, considering revenue, profit, and balance sheet indicators [1] - Industry trends play a crucial role; companies in growing industries typically have greater growth potential, while those in declining industries face more challenges [1] - Valuation strategies, including Price-to-Earnings (PE) and Price-to-Book (PB) ratios, are important for assessing whether a stock is undervalued [1] Group 2: Macroeconomic Influences - The Hong Kong stock market is significantly influenced by global macroeconomic conditions and policy changes, including GDP growth, inflation rates, and interest levels [2] - Loose monetary policies can increase liquidity and support stock market growth, while tight policies may pressure stock prices [2] - Changes in international political situations and trade policies can have substantial impacts on the Hong Kong market [2] Group 3: Risk Management - Diversification is an effective strategy to reduce risk by spreading investments across different industries and company sizes [2] - Including bonds and funds in the investment portfolio can further optimize risk-return characteristics [2] - Short selling can be employed by experienced investors expecting stock price declines, but it carries high risks due to the potential for unlimited losses [2]

Core Viewpoint - The Hong Kong stock market is experiencing a pullback, particularly in technology stocks, despite a recent influx of capital into the Hang Seng Technology ETF, indicating ongoing investor optimism [1][3]. Group 1: Market Performance - The Hang Seng Technology ETF (513260) saw a decline of 2.01% with a trading volume exceeding 500 million HKD, reflecting a premium rate of 0.34% [1]. - Over the past five days, the net inflow into the Hang Seng Technology ETF has surpassed 450 million HKD [1]. - Margin financing for the Hang Seng Technology ETF has reached a new high of over 120 million HKD [3]. Group 2: Sector Performance - Most component stocks of the Hang Seng Technology ETF have experienced a pullback, with notable declines in Xiaomi, Alibaba, Tencent, and Meituan, while Midea Group and Haier Smart Home saw gains post-earnings announcements [5]. - Midea Group reported a net profit of 38.539 billion HKD for 2024, a year-on-year increase of 14.3%, with revenue of 409.1 billion HKD, up 9.5% [5]. - Haier Smart Home achieved a revenue of 285.981 billion HKD for the fiscal year 2024, a 4.29% increase, with a net profit of 18.74 billion HKD, up 12.92% [5]. Group 3: Capital Flows - Southbound capital has continued to flow into the market, with a net purchase exceeding 2.2 billion HKD on the day, and a cumulative net inflow of over 435.7 billion HKD year-to-date, six times that of the same period last year [5]. - The focus of southbound capital is primarily on technology assets, with Xiaomi, Meituan, Alibaba, and Li Auto being the top targets in the past week [7]. Group 4: Earnings and Valuation - The recent earnings season has led to upward revisions in index earnings, particularly for the Hang Seng Technology index, which is viewed positively for the market [9]. - Major companies like Tencent, Xiaomi, and Meituan are expected to contribute significantly to the earnings growth of the Hang Seng Technology index, accounting for 60% of the earnings increment [9]. - The valuation of Chinese technology stocks is considered reasonable compared to U.S. tech stocks and other emerging markets, with a focus on changes in risk premiums driven by capital flows [11]. Group 5: Future Outlook - The market is expected to maintain upward momentum, with the Hang Seng Index potentially reaching 26,000 if risk premiums for technology stocks decrease to early 2021 levels [13]. - The market has shown signs of stabilization and a clear focus on technology as the main investment theme, contrasting with the lack of direction seen from 2021 to 2023 [13].