Core Viewpoint - The Hong Kong stock market experienced a pullback after reaching new highs, with the Hang Seng Index and Hang Seng Tech Index both declining, but there remains potential for upward movement, particularly in the technology sector [1][3][4]. Market Performance - As of October 8, the Hang Seng Index fell by 0.48% to 26,829.46 points, while the Hang Seng Tech Index decreased by 0.55% to 6,514.19 points [3]. - The Hang Seng Index had previously reached a year-to-date high of 27,381.84 points on October 2, marking a 1.61% increase on that day [3]. - Year-to-date performance shows the Hang Seng Index and Hang Seng Tech Index have risen by 33.75% and 45.79%, respectively [5]. Fund Performance - Several Hong Kong-themed funds have performed exceptionally well, with some achieving returns of up to 155% in the first three quarters of the year [5]. - Specific funds, such as the Huatai-PineBridge Hong Kong Advantage Selected Mixed Fund, reported returns of 155.14% and 155.09% for different share classes [5]. Sector Focus - The technology sector, particularly in areas like AI, semiconductors, and innovative pharmaceuticals, is expected to remain a focal point for investors [4][6]. - The China A-share market's performance during the holiday period contributed to capital inflows into the Hong Kong market, leading to short-term gains [4]. Future Outlook - Analysts suggest that the Hong Kong market still has upward potential, especially if the Federal Reserve maintains a low-interest-rate environment and if Chinese assets remain relatively undervalued [4][6]. - The market is anticipated to continue its valuation recovery, with the technology sector being a key area of interest for future investments [6][7].

Core Viewpoint - The appointment of Zhao Lei as a co-manager for the China Europe Medical Health Fund signifies a trend towards multi-manager collaboration in the pharmaceutical fund sector, enhancing management capabilities and investment strategies [2][4][6]. Group 1: Fund Management Changes - Zhao Lei has been appointed as a co-manager alongside Ge Lan for the China Europe Medical Health Mixed Fund, while Ge Lan will continue to manage other products independently [2][4]. - Zhao Lei has over 8 years of experience in the pharmaceutical and biotechnology sector and has held various research roles before joining China Europe Fund in 2021 [4]. - As of the end of Q1 this year, Ge Lan managed three funds with a total scale of 404.47 billion yuan, with the China Europe Medical Health Fund achieving a net value growth rate of 8.30% in the first half of the year, outperforming the CSI Pharmaceutical Index by 6.03% [4]. Group 2: Performance Metrics - The China Europe Medical Innovation Fund, also managed by Ge Lan, reported a 32.25% growth in the last six months, with an excess return of 26.8% compared to its benchmark, ranking in the top 4% of its category [5]. - Over the past year, the same fund achieved a growth of 51.63%, with a 37.17% excess return relative to its benchmark, maintaining a top 4% ranking [5]. - The China Europe Index products, including the China Europe CSI Hong Kong Stock Connect Innovative Drug Index, have also shown strong performance, with a 50.94% increase in the last six months, ranking in the top 1% of its category [5]. Group 3: Industry Trends - The trend of multi-manager collaboration is becoming a significant transformation direction in the public fund industry, with 666 products undergoing co-management appointments in the first half of the year [7]. - This collaborative model allows for better utilization of each manager's strengths, enhancing the risk-return profile of the investment portfolio [7]. - Regulatory bodies are promoting a shift towards team-based management structures, emphasizing the importance of building robust research capabilities and moving away from reliance on star fund managers [8]. Group 4: Company Strategy - China Europe Fund is focused on strengthening its research team and investment capabilities, with an average financial industry experience of 14 years among its active equity fund managers [8]. - The company aims to create a stable, expert research team that covers 39 niche areas through in-depth research, supporting its investment strategies [8].