三是中国资产的吸引力持续提升。港股市场作为中国优质企业的重要上市平台，集中了一大批优质成长 股与价值股。随着中国经济复苏尤其高科技产业不断创新突破，无论是海外资金还是内地资金都希望积 极参与到中国经济，共享中国经济高质量发展尤其科技发展的投资红利。 港股投资热情高涨，助推港股基金规模持续扩大。Wind数据显示，截至三季度末，港股基金规模明显 扩张，突破万亿元人民币。港股基金规模快速增长的核心驱动因素是什么？我们来看长城基金国际业务 部副总经理曲少杰的解读。 曲少杰表示，港股基金规模持续增长的核心驱动力主要体现在以下三个方面： 一是港股市场显著的"估值洼地"效应。当前港股估值相对偏低，依然处于全球资本市场低位。截至2025 年11月10日，恒生指数市盈率（TTM）为11.97倍，显著低于德国DAX（18.44倍）、英国富时100 （20.23倍）等全球主要股指。同时，股息率达3.05%，较标普500（1.11%）更具吸引力。这种估值优势 有望吸引资金持续流入。 二是港股的结构优势。港股市场或能同时满足防御性与成长性的双重配置需求，具有哑铃策略两端的优 势：一方面部分蓝筹高股息率股票具有6%左右的股息率，适合作为 ...

基金周报摘要 行业资讯 产品动态 机构动态 01 行业资讯 ◆基民适当性管理新规正出台 智通财经 2025-11-14 投资者保护再迎规范性文件。中国证券投资基金业协会最新发布了《公开募集证券投资基金投资者适当性管理细则（征求意见稿）》，面向社会 公开征求意见。 征求意见稿从基金销售行为出发，进一步细化并规范基金管理人及销售机构的适当性管理行为，规范了风险承受能力评估频次、基金风险等级划 分、风险不匹配处置、65岁以上投资者特别保护、直播销售等重点环节的管理要求，进一步体现"卖者尽责、买者自负"监管导向。该意见反馈截 止时间为2025年11月26日。 ◆两家公募跻身全球二十强 基民适当性管理新规正出台 两家公募跻身全球二十强 安信基金获批QDII业务资格 平安基金新增创金启富为销售机构 主动权益基金募集规模同比翻倍 债券ETF规模突破7000亿元 跨境ETF规模突破9000亿元 港股基金规模超万亿元 年内新发基金数创近三年新高 10只"5毛基"净值重回1元 近百只基金近期密集清盘预警 上海证券报 2025-11-15 随着指数化投资发展提速，中国公募基金公司国际竞争力增强，截至三季度末，有两家机构跻身全球ET ...

Group 1: FOF Funds and QDII Growth - FOF funds have seen a significant increase in fundraising, with one new fund raising nearly 1.8 billion yuan, marking a 400% increase compared to the entire year of 2024 [1] - The total scale of FOF funds has surpassed 200 billion yuan this year, although it remains small compared to the overall fund market of over 36 trillion yuan [1] - QDII funds have also experienced rapid growth, with total shares reaching approximately 680.97 billion, up from about 571.12 billion in the previous quarter, indicating a net subscription of 109.8 billion [1] - The highest annual return for QDII funds has reached 121.70%, attracting more attention from investors [1] Group 2: Hong Kong Fund Growth and Market Dynamics - The scale of Hong Kong funds has exceeded 1 trillion yuan, driven by increased investment enthusiasm [2] - The total shares of the Hang Seng Technology ETF have grown by 32.53 billion from October 1 to November 12 [2] - The concentration of holdings in Hong Kong funds has increased, which may lead to significant fluctuations in net value during the year-end market rebalancing phase [2] Group 3: Gold Investment Trends - Banks have raised the minimum investment threshold for gold savings to 1,500 yuan, the highest in history, following a rise in international gold prices [3] - The adjustment in investment thresholds reflects a growing concern over risks associated with gold price volatility [3] Group 4: A-Share Company Dividends - As of November 12, 37 A-share companies have completed their third-quarter dividend distributions, totaling over 6.3 billion yuan [4] - The increase in cash dividends is attributed to regulatory guidance and improved corporate earnings, transforming dividends from optional to feasible strategies for more companies [4] Group 5: Human-shaped Robot Industry Outlook - The human-shaped robot industry is expected to experience a significant breakthrough in 2026, likened to the "iPhone moment" for the sector [5] - Companies involved in the human-shaped robot supply chain are anticipated to benefit from the upcoming mass production era [5] Group 6: AI in Animation and Drama Industry - The animation and drama sector has seen a surge, with over 3,000 new works launched in the first half of the year, resulting in a 12-fold increase in revenue [6] - The market size for this sector is projected to exceed 20 billion yuan this year, driven by the impact of AI technology [6] Group 7: Internet Companies and Payment Licenses - Internet companies have been actively increasing capital for their payment subsidiaries, with significant increases reported by companies like Douyin and Tencent [7] - The regulatory environment has prompted these companies to enhance compliance and expand into high-capital businesses such as cross-border payments [7] Group 8: Global Wine Production Trends - Global wine production is expected to see a slight increase in 2025, but it will remain below average levels due to extreme weather conditions [8] - The forecasted production for 2025 is approximately 23.2 billion liters, a 3% increase from 2024, which recorded the lowest production since 1961 [8] Group 9: Corporate Management Changes - Several companies, including Keg Precision Machinery and Haowei Group, have undergone significant management changes, with new appointments and resignations [9][10] - These changes may impact company operations and strategic direction moving forward [9][10] Group 10: Financial Performance of Retail Companies - Gaoxin Retail reported a revenue of 30.5 billion yuan for the first half of the fiscal year, a decrease of 12.12%, resulting in a net loss of 1.23 billion yuan [11] - The decline in revenue is attributed to intensified market competition and consumer fatigue [11]

被动基金成规模扩张主力 "在第三方销售平台，很多投资者在基金评论区留言等待时机补仓，还会询问港股后市机会，对港股市 场投资充满热情。" "今年以来，港股市场非常活跃，我们在渠道路演时，即使没有主推港股基金，也有很多理财顾问来询 问港股市场机会。从理财顾问的反馈看，客户正在积极寻找港股基金产品。" 在与基金渠道销售、基金公司人士交流时，上海证券报记者反复听到上述声音。投资热情高涨，助推港 股基金规模不断扩大。国金证券发布的研报显示，截至三季度末，港股基金规模突破万亿元大关，增至 10330.08亿元人民币，环比二季度末规模大增67.98%；基金份额合计达8810.67亿份，环比增长42%。 被动基金成为规模扩张主力，增速明显高于主动管理型基金。其中，"港股通-指数及联接基金""港股 QDII-指数及联接基金"三季度末规模分别为4738.32亿元人民币、3835.54亿元人民币，份额分别为 3716.34亿份、3625.36亿份。"港股通-指数及联接基金"规模、份额环比分别增长93.37%、70.32%。 ◎记者 何漪 港股投资热情高涨，助推港股基金规模持续扩大。Wind数据显示，10月1日至11月12日，恒生科 ...

Core Viewpoint - The overall market is experiencing an upward trend, with the A-share market reaching a rating of 4.1 stars, indicating a positive investment environment [1][2]. Market Performance - All market caps (large, medium, and small) are rising, with large and medium caps showing slightly higher gains [3]. - Growth style stocks are outperforming, while value style stocks are also seeing increases [4][6]. - The Sci-Tech 50 and ChiNext indices are leading the gains in the market [5]. Hong Kong Market Insights - The Hong Kong stock market is experiencing a decline, particularly in technology and pharmaceutical indices, which are showing significant volatility [9][10]. - Despite recent fluctuations, the overall performance of the Hong Kong market this year has been better than that of the A-share market [13]. - The Hong Kong market rating has returned to around 3.5-3.6 stars [14]. Investment Strategies by Star Ratings - **5-Star Rating**: Represents the highest investment value stage for stock funds, characterized by a lack of investor confidence. It requires courage to invest during this phase [16][18]. - **4-Star Rating**: Indicates a return to normal valuations for some stock funds, with fewer undervalued options available. Investment is possible but should be balanced with stock asset proportions [20][26]. - **3-Star Rating**: Most funds are at normal or high valuations, with very few undervalued options. This stage is not ideal for large investments in stock funds, and investors should consider lower-risk assets [30][33]. Dividend and Cash Flow Indices - The article includes a valuation table for dividend and free cash flow indices, providing insights into their performance metrics such as earnings yield, P/E ratio, and dividend yield [37]. - Specific indices like the Shanghai Dividend Index and others are highlighted for their earnings yield and dividend rates, indicating potential investment opportunities [47]. Upcoming Events - A live session is scheduled to discuss market trends, leading stocks, and investment strategies in the current market environment [41].

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%， ...