Over the past week, the Hong Kong Hang Seng Index defied broader market trends to climb higher, successfully surpassing the阶段性高点 from last October and repeatedly刷新近四年来指数新高. As Hong Kong stocks heated up during trading sessions, numerous public fund companies have also been actively布局港股主题产品. Currently, whether it's the application and issuance of thematic funds or the frequent early closures during fundraising periods, all indicate a unified bullish sentiment among capital towards Hong Kong stock investments. Looking ahead, the long-standing valuation advantage makes "cost-effectiveness" a major factor for fund managers看好港股. Furthermore, some managers believe that with the influx of global capital and the辐射效应 of the "tech bull," the Hong Kong stock technology sector may resonate with policy themes, potentially accelerating a long-term value re-rating.
Dense applications for Hong Kong stock themed funds have been filed. According to disclosures on the China Securities Regulatory Commission (CSRC) website, on January 30, the E Fund Selected Strategy Series - E Fund (HK) China Stock Dividend Fund entered the application phase. On January 23, E Fund, China Merchants Fund, and Fullgoal Fund also各自 had Hong Kong stock themed products submitted for application. This epitomizes the recent concentrated filing of such funds by various asset managers; among funds applied for within 2026 alone, there are 39 Hong Kong stock themed funds (whose names include terms like "Hang Seng" or "Hong Kong Stock"). Fund types include ETFs, ETF feeder funds, and active equity products. Thematic focuses cover concepts such as Hang Seng Tech, Stock Connect dividends, Stock Connect consumption, and Stock Connect healthcare. Notably, with the recent rise of the non-ferrous metals and chemical sectors, Hong Kong stock themed funds are also focusing their布局方向 on related areas. For instance, Yongying Fund applied for a Hong Kong Stock Connect Cycle Smart Selection Mixed Fund, while China Universal Fund上报了 a Hong Kong Stock Connect Cycle Selected Mixed Fund.
"The Hong Kong stock market is currently a valuation洼地 among major global markets. This phenomenon also reflects fund managers' optimism about future opportunities in Hong Kong stocks, hoping to seize the current configuration window by accelerating product establishment to quickly build positions," commented an observer from a public fund company in North China. On the issuance side, Hong Kong stock themed funds have recently garnered significant attention. Wind data shows that on January 29, the Industrial Fund's Hang Seng Tech Index fund launched its issuance. On January 26, CCB Principal Hang Seng Biotech Index and ZhongOu Hong Kong Stock Consumption funds were issued on the same day. Furthermore, Hong Kong stock funds constitute a considerable proportion of recently提前结募的基金. For example, Da Cheng港股恒信 moved its initial fundraising deadline up from February 4 to January 22; China Front Securities开源恒生港股通科技主题ETF advanced from January 23 to January 22; and Guotai恒生生物科技ETF was brought forward from January 23 to January 16.
Multiple factors have led to a "temperature difference" compared to A-shares. As mentioned by the public fund observer, the current rush by fund companies to launch new Hong Kong stock funds, coupled with踊跃 capital on the subscription side, reveals an underlying willingness to "buy the dip." Reviewing the 2025 market performance, although Hong Kong stock indices performed reasonably well—the Hang Seng Index surged 27% for the full year—the index actually progressed through起伏: a strong first-quarter rally, a second-quarter adjustment, another rise from July to October, followed by a return to volatility in the final quarter. During this period, funds doubling in value led by Hong Kong-listed innovative pharmaceuticals emerged only to retreat, with both innovative pharma and the Hang Seng Tech sector experiencing significant pullbacks, especially in the fourth quarter. "However, after this phase of volatile adjustment, Hong Kong stock valuation levels have持续回落, now returning to relatively low levels where their配置性价比优势凸显," stated China Asset Management. Consequently, against the backdrop of A-shares' "tech bull" market in the fourth quarter of last year, Hong Kong stocks appeared somewhat "落寞." China AMC analysis attributes this phenomenon primarily to a "misalignment" of hot spots between the two markets. The main drivers leading this round of A-share gains were artificial intelligence, commercial aerospace, semiconductor hardware, and some pro-cyclical sectors like non-ferrous metals—areas where A-shares host many representative companies with high capital concentration. In contrast, the core heavyweight sectors in Hong Kong are internet leaders, biopharmaceuticals, and some high-dividend financial and property stocks. The key themes driving the A-share rally恰恰 did not feature these Hong Kong "main forces." "In other words, the sectors where capital is aggressively attacking in A-shares might have a much smaller presence in Hong Kong, creating a noticeable 'temperature difference'," China AMC explained.
Deeper than structure is a "divergence" in the capital environment. The A-share market currently enjoys strong support from relatively abundant internal liquidity, evidenced by ongoing discussions about "deposit migration" and active margin trading balances, primarily driven by domestic capital. However, China AMC believes Hong Kong is an offshore market whose liquidity "lifeline" relies more heavily on global capital, particularly the flow of US dollar funds. While the high-interest-rate environment overseas has shown some signs of easing, its overall appeal to global capital persists, which to some extent inhibits large-scale international fund inflows into emerging markets, including Hong Kong. On one side, A-shares benefit from a relatively full "domestic pond," while on the other, the inflow of "external活水" into Hong Kong remains less smooth, leading to different liquidity conditions for the two markets.
The "Tech Bull" may radiate towards Hong Kong stocks. Entering 2026, the key issues causing the "temperature difference" between Hong Kong and A-shares are gradually easing, with the Hong Kong stock market showing clear signs of heating up as the Hang Seng Index hovers near its four-year high. Fullgoal Fund believes the recent breach of the USD/CNH 7.0 level by the offshore Renminbi is a significant force driving Hong Kong stock strength. Over the past year, amid the Fed's interest rate cuts and a weakening US dollar cycle, global capital has shown a tendency to increase allocations to non-US assets, leading to sustained inflows into Hong Kong stocks. The recent strength of the Renminbi directly enhances the attractiveness of Hong Kong stocks—denominated in HKD but with assets rooted in the Chinese economy—to foreign investors, potentially further boosting capital inflows. Simultaneously, Hong Kong's lower interest rate environment and scarce high-quality assets are also attracting accelerated southbound capital from the mainland: throughout 2025, net southbound inflows into Hong Kong stocks exceeded HKD 1.4 trillion, setting an annual record since the launch of the Stock Connect program.
Additionally, as the inaugural year of the "15th Five-Year Plan," current policy focuses on new quality productive forces, with technological self-reliance, AI implementation, and green transformation becoming core directions. Fullgoal Fund argues that the structure of the Hong Kong stock market is gradually shifting from being dominated by finance and property towards becoming an industrial highland for "hard tech + biopharma + new consumption." "Since the beginning of the year, the Hong Kong market has transitioned from a broad rally to a quality-driven structural行情, with significant performance divergence. Core opportunities are mainly concentrated in industry themes such as innovative pharmaceuticals, semiconductors, and high-dividend resources, which resonate with policy priorities, potentially accelerating long-term value re-rating," Fullgoal Fund stated. Xu Chengcheng of Industrial Fund believes that the investment热潮 in the Hong Kong market over the past few years essentially reflects a good fit between the scarcity of Hong Kong assets and the current stage of technological development. "Particularly at the forefront of technology, the 'gold content' of certain specific sector listings in Hong Kong might be higher." Furthermore, for the same industry and company, Xu Chengcheng noted that Hong Kong listings often offer cheaper valuations and better cost-effectiveness compared to their A-share counterparts.
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