The capital market in the new year has set sail, and the grand opening on the first day has also injected a lot of confidence into investors. At present, the market is in fierce confrontation, looking for the main line of investment in the new year. Among them, many fund managers continue to look to the Hong Kong stock market.

Qiu Dongrong, a Hong Kong stock fund, has been supporting Hong Kong stocks for several years. He expressed his long-term optimism about the Hong Kong stock market on many occasions. For the upcoming new fund with the theme of Hong Kong stocks, Zhonggeng Fund announced that Qiu Dongrong and the employees of the company will jointly contribute not less than 60 million yuan for self-purchase. As the closed operation period of this new fund is as long as 18 months, the fund manager himself and self-purchasing employees are constantly optimistic about the Hong Kong stock market.

From the standpoint of Qiu Dongrong's product management, his support for Hong Kong stocks is proved by real money. He is in charge of two funds, Zhonggeng Value Pilot and Zhonggeng Value Quality, and the position of Hong Kong stocks has remained at a high level for a long time. According to the fund contract, the proportion of shares invested in Hong Kong listed stocks shall not exceed 50% of stock assets. As of the end of the third quarter of last year, the Hong Kong stock investment positions of the two funds were 44.9 1% and 47.45% respectively. At the end of the second quarter before this, it was 46.44% and 48.44% respectively; At the end of the first quarter of last year, it was 45.6% and 47.23% respectively.

As far as heavyweight stocks are concerned, at the end of the third quarter of last year, five of the top ten heavyweight stocks of Zhonggeng Value Pilot Fund and Zhonggeng Value Quality Fund were Hong Kong stocks, namely China Offshore Oil, China Hongqiao, China Overseas Development, Yuexiu Property and Meituan. These two funds also achieved positive returns in the past year. In 2022, the value pilot of Zhonggeng closed up by 4.85%, and the value quality of Zhonggeng closed up by 8.77%. In terms of management scale, the former currently totals more than11800 million yuan, an increase of more than 8 billion yuan compared with the beginning of last year; The latter totaled more than 6.6 billion yuan, a slight increase from the beginning of the year.

Capturing Alpha is a challenge, and you should be full of awe. Although you continue to be optimistic about Hong Kong stocks, in the live broadcast of 65438+1October 3, Qiu Dongrong also bluntly said that you should be full of awe in the Hong Kong stock market. He admits that it is actually very difficult, even challenging, to obtain Alpha in Hong Kong stocks, and they will try to establish advantages in two aspects.

First, as a local investor, he and his team hope to use their deep understanding of the fundamentals, risks and growth of local assets to establish a competitive advantage; Second, they will stick to the value investment strategy of low valuation and think about whether they can establish advantages from two angles: sufficient margin of safety and sufficient absolute income.

"From these two years, even though we didn't perform particularly well when we entered the Hong Kong stock market two years ago, based on our low-valued strategic investment ideas, most of the fields involved, whether resources, energy or the Internet, still have absolute returns, and also gained some relative returns and a little alpha." He believes that "of course, this may also be related to the market style in the past two years, so we hope to adhere to these two points, and the first point is more important."

Zhong Geng Fund also said that the company is optimistic about the Hong Kong stock market, and the time to enter the Hong Kong stock market was actually before the release of Zhong Geng's value quality two years ago. At that time, the investment team of Zhonggeng Fund believed that blue-chip stocks, value stocks, coal and oil companies of Hong Kong stocks were very cheap and had good investment opportunities.

At present, Zhonggeng Fund believes that with the economic recovery of China, the marginal improvement of overseas capital outflow and the enhancement of the pricing power of southbound funds, the Hong Kong stock market contains strategic and systematic investment opportunities. From bottom to top, it represents leading enterprises and central enterprises that are the cornerstones of China's traditional economy, and innovative companies that represent emerging forces, such as science and technology and medicine. Low valuation and pricing, low fundamental risk, and even lack of profit elasticity and growth. Generally speaking, there are many investment targets to choose from, and there is an opportunity to build a cost-effective portfolio through an undervalued investment strategy.

At the beginning of the new year, institutional investors are actively looking for the main line of investment in the new year, and the opportunity of Hong Kong stocks is one of their key concerns.

Zhang Jintao, director of value investment in harvest fund, said when looking forward to the public offering strategy in 2023, the market in 2023 will be better than that in 2022, and the performance of Hong Kong stocks will be stronger than that of A shares in one year. He believes that Hong Kong stocks have been lagging behind A-shares in the past three or four years, and the overall valuation is cheaper. Once the economy improves, profits begin to rise and valuations rise, the returns of Hong Kong stocks will be more attractive and more resilient.

Zhang Jintao said frankly that Hong Kong stocks are a relatively complex market, and its trend should not only consider the fundamentals of China, but also pay attention to global liquidity. The fundamentals of the two markets are different, and the position of valuation is different. The pace of interest rate hikes by the Federal Reserve will begin to slow down next year, and multiple factors will be more favorable to Hong Kong stocks.

As for the rebound of Hong Kong stocks at the end of 2022, Zhang Jintao believes that the leading factors of the rebound are the repair of valuation and the revision of excessively pessimistic expectations. Zhang Jintao said that although the rebound was large, due to the previous market decline, the valuations of many sectors were still at a lower position below the center. Superimposed next year, the overall expected profit will be significantly improved. Compared with this year, the current positioning is that the upside opportunity is greater than the downside risk, and the cost performance is very good. "We see that the premium of A/H is still in a relatively high position, so the attractiveness of the entire valuation of Hong Kong stocks, including the future profit valuation, will be even greater." He said.

Zhao Xiancheng, fund manager of the overseas investment department of Bosera Fund, believes that Hong Kong stock companies represent most of the top leading companies in China, and the constraints of the previous two years have gradually receded, optimistic about the return of long-term valuation of Hong Kong stocks. He believes that although the Hong Kong stock market is not as big as A shares and US stocks, the trend of leading concentration is obvious. Considering the high degree of internationalization of Hong Kong stocks, many leading manufacturers in the industrial chain choose to list in Hong Kong stocks, and Hong Kong stocks will remain the main battlefield of China's new economy in the future.

When asked about the future prospects of the new economic sector in the Hong Kong stock market, Zhao Xiancheng believes that under the multiple backgrounds of domestic economic stabilization, policy slowdown and Sino-US conflict easing, foreign capital left over from the previous two years will also return one after another. In his view, although there are still some overseas investors who are cautious about the China stock market, with the strengthening of domestic economic growth momentum, more and more overseas investors will be optimistic. In addition, despite the recent sharp rebound in Hong Kong stocks, compared with the previous decline, it is still at a historical low and has long-term allocation value.