Core Insights - Despite recent fluctuations, Hong Kong stock market investment enthusiasm remains high, leading to a significant increase in the scale of Hong Kong stock funds, which surpassed 1 trillion RMB, reaching 10330.08 billion RMB by the end of Q3, a 67.98% increase from the end of Q2 [1] Group 1: Drivers Behind Fund Growth - The primary drivers for the expansion of Hong Kong stock funds include: 1) Significant valuation gap effect, with the Hang Seng Index's P/E ratio at 11.97, considerably lower than major global indices like Germany's DAX (18.44) and the UK's FTSE 100 (20.23), alongside a dividend yield of 3.05% compared to the S&P 500's 1.11% [2] 2) Structural advantages of the Hong Kong market, which caters to both defensive and growth investment needs, featuring high-dividend blue-chip stocks and innovative companies in technology, biomedicine, and new consumption sectors [2] 3) Continuous enhancement of the attractiveness of Chinese assets, with Hong Kong serving as a key platform for quality Chinese enterprises, drawing both domestic and foreign investments to share in China's economic growth, particularly in high-tech sectors [2] Group 2: Sector Focus - The technology sector is a major focus for Hong Kong stock funds, particularly in "Internet + AI" computing, as Chinese AI companies are becoming globally competitive, representing a core investment target for both domestic and international investors [3] - Other noteworthy sectors include: 1) High-dividend assets, which are becoming increasingly attractive in a global declining interest rate environment, with potential for both dividend income and capital appreciation [4] 2) Biomedicine, where China is transitioning from a follower to an innovator, with significant breakthroughs and the ability to license new products internationally [4] 3) New consumption, highlighted by successful cultural products and IPs that showcase China's ability to export culture and tap into vast market potential [5]

中国资产仍具备较强吸引力 中国基金报：对2025年下半年的A股市场怎么看？市场拐点有望在何时出现？ 李崟： 目前市场的估值水平仍处在历史偏低位置，同时宏观处于货币政策与财政政策"双宽 松"阶段，为A股市场向好提供重要支撑。 【导读】 绩优基金经理展望下半年：市场有望震荡向上，掘金大健康、新消费、科技创新 中国基金报记者 方丽 曹雯璟 张燕北 陆慧婧 2025年上半年即将收官。展望下半年市场，基金经理对整体投资机会有何预期？哪些领域更 值得布局？影响股市行情的核心因素有哪些？ 中国基金报采访了七位绩优公募基金经理，分别为 招商基金投资管理一部总监李崟，兴业基 金权益投资部总经理邹慧，永赢基金权益研究部总经理、永赢惠添益基金经理王乾，诺安基 金研究部总经理邓心怡，长城基金国际业务部副总经理、长城港股通价值精选基金经理曲少 杰，平安医药精选股票基金经理周思聪和信澳领先增长基金经理齐兴方 。 整体看，他们对后市较为乐观，认为A股市场整体估值水平仍处在历史偏低位置，货币政策和 财政政策处于"双宽松"阶段，为A股市场向好提供重要支撑；预计下半年市场有望震荡向上， 看好大健康、新消费、科技创新等领域。 王乾： 预计下半年市 ...