Since the beginning of this year, the Hong Kong stock market has continued to adjust due to geopolitical, regulatory risks and other factors. During this period, the investment ideas of fund managers also began to show different changes: some began to strategically increase the proportion of allocation because of the improvement of performance-to-price ratio of Hong Kong stocks, while others chose to reduce their positions appropriately because of the increased risk of uncertainty.

On the whole, most of the Hong Kong stock theme funds increased their positions in Hong Kong stocks in the first quarter, and Qianhai open source funds increased their holdings by a large margin. In addition, there are Zhou Weiwen, Qiu Dongrong, Mou Xinghai, Shi Bo, Zhang Danhua and other well-known fund managers have substantially increased their positions.

In the view of many fund managers, although there is some uncertainty in the macro environment in 2022, the worst time for Hong Kong stocks has passed, and the underlying logic of the Hong Kong stock market with extremely low valuation is more rational than that of the A-share market. the opportunity has also changed from structural opportunities to systematic opportunities, which is worthy of strategic allocation. However, taking into account the increase in uncertainties and increased market volatility, some fund managers have maintained a certain degree of control over the position of Hong Kong stocks.

Many funds added positions in Hong Kong stocks in the first quarter.Qianhai Open Source Group increases its positions.

With the improvement of the performance-to-price ratio of Hong Kong stocks, some public offering funds increased the proportion of Hong Kong stocks in the first quarter.

According to Wind statistics, compared with the fourth quarter of last year, 56 funds invested in Hong Kong stocks accounted for more than 10 percentage points of the fund's net assets in the first quarter of this year, of which 15 increased their positions by more than 20 percentage points in a single quarter. It is worth mentioning that most of these funds that significantly increase their positions in Hong Kong stocks are Hong Kong stock-themed funds.

Specifically, in the first quarter, the Shanghai, Hong Kong and Shenzhen theme funds of Qianhai Kaiyuan almost collectively increased their positions in Hong Kong stocks. For example, the proportion of Hong Kong stock investment in the business industry of Qianhai Open Source Shanghai, Hong Kong and Shenzhen at the end of the first quarter was 75.4%, which was 75.4% higher than that at the end of the fourth quarter of last year. The position levels of Huixin and Shanghai Shenzhen New opportunities increased by 72.15% and 63.8% respectively in the first quarter to 90.39% and 83.26%, respectively. In addition, Qianhai open source Shanghai, Hong Kong and Shenzhen core drivers, and Qianhai open source Shanghai, Hong Kong and Shenzhen powerful industries increased their positions by 45.13 percentage points and 44.8 percentage points respectively to 82.1% and 64.32%, respectively.

In addition, Jianxin Hong Kong Stock Select, Jingshun Great Wall Port Stock Connect Global Competitiveness, Chinese Business Pharmaceutical and Medical Industry, Huitianfu balanced selection for six months, Huatai Zijin Taiying and Huatai Zijin Information Technology are scheduled to open in six months. China Post Shanghai, Hong Kong and Shenzhen selection, southern consumption upgrading and other positions are more than 20 percentage points.

The position of Hong Kong stocks increased by more than 10% in the first quarter

However, there are also 29 funds that have reduced their positions in Hong Kong stocks by more than 10 percentage points during the first quarter, of which the holdings of Huatai Berry Hong Kong Stock Exchange Quantification and Bosch value improvement have decreased by more than 20 percentage points in the two years, down from 65.46% and 30.68% at the end of the fourth quarter of last year to 37.77% and 8.43%, respectively.

The position of Hong Kong stocks increased by more than 10% in the first quarter

It is worth mentioning that there is no lack of well-known and influential fund managers who significantly increased or reduced their positions in Hong Kong stocks in the first quarter. For example, the Bosch Shanghai, Hong Kong and Shenzhen growth enterprises managed by Mou Xinghai and the Zhonggeng value pilot managed by Qiu Dongrong have all increased their positions by more than 20 percentage points. The South Ruihe managed by Shi Bo and Yun Lei for three years, and the China Europe Cave managed by Zhou Weiwen for one year. Zhang Danhua and Wang Guizhong managed the core assets of the Internet industry of Tijia Hong Kong shares, the strategic emerging industries of ICBC managed by du Yang, the value of Jingshun Great Wall that Bao could not manage, and Qianhai Open Source Shanghai, Hong Kong and Shenzhen Blue chips managed by qu Yang all increased their positions by more than 10 percentage points. In addition, Huitianfu Innovation Future managed by Lao Jie Man, Yinhua consumption theme managed by Bo Guanhui, and Penghua Innovation managed by Wang Zonghe all reduced their positions by more than 10 percentage points in the next quarter.

In addition, according to the statistics of Guojin Securities, although the total market value of Hong Kong stocks held by funds decreased in the first quarter compared with the previous quarter, the share of Hong Kong stocks increased slightly because the market value of A shares shrank even more. During the first quarter, Hong Kong stock investment funds still ranked first in the proportion of optional consumption and information technology to Hong Kong stocks, but suffered significant reduction in positions, while low-valued financial, real estate, telecommunications services, and energy industries became concentrated positions.

The worst is over.Hong Kong stocks have reached the window to increase their positions.

Fund managers generally believe that despite some uncertainty in the macro environment in 2022, there is still a chance for the Hong Kong stock market to repair, and some even believe that Hong Kong stocks have shifted from structural opportunities to systemic opportunities.

Shi Bo believes that after the adjustment over the past year, the underlying logic of the Hong Kong stock market with extremely low valuations is more rational than that of the A-share market. The reason is that only three industries in the A-share market showed positive earnings in the first quarter, and the market as a whole showed a downward trend in the valuation center. On the contrary, the index structure of the Hong Kong stock market is highly differentiated, but the overall operation is in accordance with the fundamental trend. The three higher-performing assets are (1) assets that are positively related to the rise in US bond yields, (2) high-quality inner housing stocks that benefit from relaxed domestic real estate policies, and (3) oil and gas stocks that benefit from rising crude oil prices. "therefore, we believe that the current very low valuation level of the Hong Kong stock market shows a certain degree of risk aversion when the A-share and US stock markets are affected by liquidity tightening. As a result, the proportion of Hong Kong stocks allocated to our portfolio increased significantly in the first quarter. "

After the Hong Kong stock market fell significantly in late March, Zhou Weiwen included the shares of Internet platform companies in the portfolio. In his view, some Hong Kong stocks, especially those of Internet leading companies, have shown their investment value after being suppressed by policy uncertainty. In the future, the proportion of plate allocation will be dynamically adjusted according to the future profit growth rate and valuation of related industries.

Mou Xinghai said that the Hang Seng Index has experienced a sharp fall, the mood has reached the bottom, the stock market has bottomed out and rebounded, and the worst time for Hong Kong stocks has passed. Now it may be time to increase positions step by step and accumulate, although the performance has not yet fully bottomed out. Structurally, the most backward sectors last year (such as the Internet, finance, consumption, services, medicine, etc.) have enough room for repair, and the performance-to-price ratio is becoming more and more obvious in the long run. "We think there will be iterations in the second quarter, but the inflection point will also appear and relatively clear, and the second half of the year will be relatively better. It is expected that the market liquidity is abundant and credit will be tight and loose, the value sector has slightly more opportunities, the plate changes faster, and the market volatility is still large. "

Qiu Dongrong said that what deserves more attention is that the substantial adjustment of Hong Kong stocks has changed from structural opportunities to systematic opportunities in terms of valuation, fundamentals and liquidity, which is worthy of strategic allocation.

Specifically, Hong Kong stocks focus on the value stocks represented by resources and energy, some Internet stocks and pharmaceutical technology growth stocks in Hong Kong stocks.

However, although some fund managers are optimistic about the future, they have maintained a certain degree of control over the position of Hong Kong stocks in the context of increased uncertainties and increased market volatility.

Xiao Nan, a manager of Yi Fangda's high-quality strict selection fund for three years, believes that Hong Kong, as an offshore market, lacks long-term funds, so it is very sensitive to bad luck, and investors are also very determined when they leave the market, and the downward trend has not stopped so far. However, Hong Kong stocks are currently in a trough of fundamentals, capital and emotional aspects, and there is a good chance that they will be able to get out of the current predicament in the future.

During the first quarter, in the face of the more complex domestic and foreign political and economic environment, Xiao Nan appropriately reduced the position, but also reduced the position of some Hong Kong stocks. But at the same time, he believes that after the conflict between Russia and Ukraine eased at the end of the quarter, the valuations of many high-quality companies in Hong Kong stocks are already very cheap, and there is a good chance that the economic situation will improve and the epidemic will be brought under control in the future. "the past experience of Hong Kong stocks has proved that truly excellent companies have always been favored by global investors, and many excellent companies in Hong Kong stocks already have good investment value. "

An equity fund manager in Beijing who has always allocated less Hong Kong stocks has also recently increased the allocation of Hong Kong stocks. In his view, although the current Hong Kong stock market faces an extremely complex external environment and will experience market fluctuations in the short term, it is undeniable that the Hong Kong stock market is still the most cost-effective market in the world, and there are more and more investment opportunities. While being cautious, we should also actively establish positions for the long term. Measured from a longer-term dimension, the expected rate of return in the future can still be expected.