Group 1 - The ETF market has shown a "mixed" trend this year, with broad-based ETFs experiencing net outflows while Hong Kong-themed ETFs have gained traction, indicating a structural allocation logic in the market [1] - Specific data shows that as of February 24, the Hang Seng Tech ETF saw a net inflow of 29.6 billion, the Hong Kong Stock Connect Internet ETF had a net inflow of 11.3 billion, and the Hong Kong Stock Connect Innovative Drug ETF recorded a net inflow of 3.015 billion [1] - The overall trend reflects investors' heightened attention and inclination towards investment opportunities in the Hong Kong market, with a focus on low valuations and core assets in technology, innovative drugs, and internet platforms [2] Group 2 - The current valuation levels in the Hong Kong market are becoming increasingly attractive, with expectations of marginal improvements in corporate earnings and liquidity factors [2] - Investment strategies are focused on low-position layouts, sector concentration, and liquidity-driven approaches, with investors actively using ETFs to capture market opportunities [2] - The outlook for the Hong Kong market remains positive, with expectations of a "structural market" driven by substantial corporate earnings recovery rather than mere valuation expansion [2]

本报记者 方凌晨 在业内人士看来，公募机构在当前积极布局港股主题基金，核心是基于对港股未来发展空间和投资机会的长期看好。罗佳 明认为："今年港股和A股均有望吸引外资配置。考虑到中国经济的抗压能力已得到市场认可，加上新兴市场基金对中国仍处于 明显低配状态，恒生指数仍是全球估值洼地，沪深300指数亦处于中低分位。虽然今年偏多的港股IPO数量预计会对市场形成一 定冲击，但主要体现在资金分流和风险偏好下降方面，且2025年第四季度的市场表现已部分反映出这一影响，因此今年香港恒 生指数仍有一定空间。" 罗佳明表示："港股市场虽然波动性高，但对于价值投资者而言，波动恰恰是争取超额收益的来源。在高波动、高供给的 市场环境下，坚持自下而上精选企业，仍有望通过结构性机会和个股选择争取回报。" 邢程表示，展望未来，短期去杠杆和流动性冲击大概率不会改变港股中期大趋势。同时，全球多极化格局和分散投资需求 构成了贵金属和以中国为代表的新兴市场具备较强投资价值的格局。此外，港股主要龙头权重公司2026年盈利预期仍在持续修 复，对港股市场形成有力支撑和正向催化。 整体来看，公募机构对港股主题基金的布局方向涉及科技、互联网、医药医疗、消费等 ...