文 | 银行螺丝钉 （转载请注明出处） 今天大盘整体上涨，截止到收盘，还在4.1星。 距离4.0星也不远了。 大中小盘股都上涨。大中盘股上涨略多一些。 螺丝钉也汇总了红利类品种的估值，供参考，见文章下方图片。 成长风格上涨多一些。 科创50、创业板领涨。 价值风格今天也上涨。 自由现金流、港股红利等上涨。 港股今天下跌。 港股科技、港股医药等指数波动比较大。 港股指数，假期里也出现了波动。 今天港股类基金会把假期里的波动+9日当天的波动一起更新。 所以含有港股的一些基金，今天会低迷一些。组合里也含有港股，也会受影响。不过今年以来港股整体涨幅还是比A股多不少。 港股最近也回到了3.5-3.6星上下。 随着上涨，低估的股票基金数量也逐渐减少。 也有朋友问，不同星级该买什么基金品种呢？ 1. 5星级 是股票基金投资价值最高的阶段。 例如主动优选、指数增强，在5点几星，投资价值是最高的。 当然，也是投资者对股票基金最缺少信心的阶段。 在5点几星，不管是定投还是加仓，都需要勇气。 2. 4星级 在4点几星，随着上涨，一些股票基金逐渐回到正常估值。 低估品种也逐渐减少。 每一轮从熊市底部上涨，领涨的品种会有区别。 例如2 ...

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]

Core Insights - The total assets of the Mandatory Provident Fund (MPF) market in Hong Kong increased by 1.8% to HKD 1.48 trillion as of the end of August [1] - There was a net inflow of HKD 2.02 billion into stock funds in August, while mixed asset funds and lower-risk assets experienced net outflows of HKD 150 million and HKD 1.87 billion, respectively [1] - A total of HKD 3 billion flowed into stock funds over July and August [1] Fund Inflows - The top five asset categories with the highest net inflows were "US Stock Funds," "Pre-set Investment Strategy - Core Accumulation Funds," "Hong Kong Stock Funds (Index Tracking)," "Global Stock Funds," and "Japanese Stock Funds" [1] - The US Stock Funds, DIS Core Funds, and Hong Kong Stock Funds (Index Tracking) have consistently been the top three categories for net inflows for two consecutive months, maintaining the same ranking as in July [1] Fund Outflows - The top five asset categories with the highest net outflows were "MPF Conservative Funds," "Mixed Asset Funds (80% to 100% Stocks)," "Guaranteed Funds," "Mixed Asset Funds (60% to 80% Stocks)," and "Other Stock Funds" [1] - The trend indicates a shift in investment attitudes, with members becoming more aggressive in their allocations towards stock funds [2] Market Sentiment - The investment sentiment has shifted positively, with members increasingly allocating funds to US and Hong Kong stock funds, reflecting a recovery in confidence towards the Hong Kong market influenced by the strong performance of the Hang Seng Index [2] - In August, US stock funds recorded a net inflow of HKD 920 million, indicating a gradual return to US stock funds after significant outflows earlier in the year [2] - Hong Kong stock funds (index tracking) saw a net inflow of HKD 820 million, suggesting a renewed confidence among members [2]

Core Viewpoint - The Hong Kong stock market has shown a strong upward trend in 2025, with the Hang Seng Index rising by 16.06%, significantly impacting the A-share market and providing support for its valuation [2][4]. Supply Side - The emergence of phenomenon-level stocks in Hong Kong has led to a widespread profit-making effect, with strong performances from sectors such as new consumption, internet, innovative pharmaceuticals, and dividend stocks [6][8]. - Notable stocks include Lao Pu Gold, Pop Mart, and Mixue Group, which have seen increases of 243.54%, 146.74%, and 81.55% respectively since the beginning of the year [7][8]. - Traditional internet giants like Alibaba and Tencent have rebounded, with increases of 41.87% and 23.37% respectively, driven by advancements in AI technology [10][11]. - The innovative pharmaceutical sector is transitioning from a follower to a leader, with a significant increase in licensing transactions, totaling 519 billion USD in 2024, a 26% year-on-year growth [13]. - The attractiveness of dividend assets in Hong Kong has increased, with a higher dividend yield compared to A-shares, making it appealing for investors seeking stable returns [14]. Liquidity Aspect - Southbound funds and foreign capital have been continuously flowing into the Hong Kong stock market, with 581 billion RMB entering the market in 2025, nearing the historical high of 596.7 billion RMB [19]. - The Hong Kong market is sensitive to changes in overseas liquidity, with a significant increase in daily trading volume by 144% year-on-year in the first four months of 2025 [21]. Product Aspect - The demand for Hong Kong stock funds is rapidly increasing as the market shifts from being an "investment wasteland" to a "hot investment land," with a notable rise in passive investment products [24][26]. - The total scale of ETFs available for investment in Hong Kong stocks reached 178.99 billion RMB by the end of Q1 2025, reflecting a growth of over 45% from the previous quarter [26].

Core Viewpoint - The Hong Kong stock market has shown strong performance in 2023, with significant growth in various sectors, particularly in new consumption, innovative pharmaceuticals, and new energy vehicles, leading to a positive outlook for investment opportunities [1][4]. Group 1: Market Performance - As of June 6, 2023, among 544 Hong Kong stock funds, the highest net asset value growth rate exceeded 85%, with over 90% of these funds showing positive growth [1][2]. - In 36 thematic categories, 33 industry indices have risen, with durable consumer goods, consumer services, and pharmaceutical biotechnology indices each increasing by over 40% [2]. - The total scale of Hong Kong stock funds has increased from approximately 330 billion to 340 billion yuan this year [2]. Group 2: Sector Analysis - The new consumption sector is recovering rapidly, with companies showing strong performance, supported by both short-term policy catalysts and long-term growth logic [3]. - The innovative pharmaceutical sector is expected to continue its upward trend, with significant growth potential in the "outbound" market for innovative drugs [4][5]. - High-dividend assets are seen as attractive, with stable cash flow and strong fundamentals expected to perform well in the current market environment [5]. Group 3: Investment Opportunities - Fund managers highlight the potential in AI applications and smart driving as key investment opportunities within the new economy sectors [1][4]. - The "technology + consumption" growth stocks are favored by both domestic and foreign investors, with significant interest in new consumption areas such as trendy beverages and innovative products [4]. - The pharmaceutical sector, particularly in niches like electrophysiology and endoscopy, is identified as having substantial growth potential due to low penetration rates and opportunities for domestic companies to expand internationally [5].

港股仓位已成为许多A股基金经理获取业绩排名的关键。 今年以来，无论是传统板块还是新技术、新消费领域，港股展现出了强劲的上涨趋势，不少A股基金经 理借助所管理的港股基金产品显著拉动了基金业绩排名和口碑。基于港股市场的投资吸引力，多位公募 人士判断，新技术、新消费与医药赛道是港股三大核心主线，考虑到当前港股的资金渠道仍然以南向资 金为主，外资对港股市场稍有迟疑，因此港股市场未来有望继续获得更多海外资金覆盖。 港股贡献业绩和口碑 摩根士丹利基金一位分析人士认为，近期全球资本的回流影响估值修复的港股资产，中长期维度仍面临 着很高的配置价值，虽然也需要关注海外市场的波动与内需驱动的国内环境之间的再平衡策略，但考虑 到目前国内政策上具备很强的战略定力，港股的低估值行业白马股普遍具有很高的左侧布局价值，前期 可以看出，港股产品以及港股仓位正成为许多基金经理提升业绩排名的关键，一些QDII基金经理在港 股市场投入仓位的多寡，直接影响产品的业绩。 上海一位明星基金经理管理的两只医疗主题QDII，业绩差距高达55个百分点，背后原因正是配置港股 仓位的多寡。虽然两只产品均取得正收益，但由于其中一只医疗QDII的港股仓位达到86%， ...