Looking back at 2024, under the influence of five cooperation measures with Hong Kong, the Hong Kong stocks began a significant rise at the end of April; in late September, multiple domestic ministries launched a series of policies combined with the Federal Reserve's unexpected 50 basis point interest rate cut, leading to an explosive surge in Hong Kong stocks and setting a new high for the year. Although the optimistic expectations for domestic policies cooled slightly towards the end of the year, and Trump's election as President of the USA released a tariff threat, causing market fluctuations to be weak, the Hang Seng index still had an increase of over 15% throughout the year.

As of December 19, northbound funds of the Hong Kong Stock Connect accumulated over 10 trillion in transactions this year, surpassing the total for last year, with an overall growth of nearly 50%. The net inflow of southbound funds exceeded 770 billion HKD this year, reaching a record high for annual inflow scale, and this year will continue to maintain a record of net purchases for 10 consecutive years since its inception.

From the perspective of the annual flow of southbound funds, Network Technology and high-yield stocks are still the most favored symbols by the northern funds. In September, $BABA-W (09988.HK)$ After being included in the Hong Kong Stock Connect, there has been a lot of market attention, with southbound funds pouring more than 82 billion Hong Kong dollars into Alibaba in just over three months, propelling Alibaba to the top position for net purchases from the north for the entire year. $BANK OF CHINA (03988.HK)$ 、$CHINA MOBILE (00941.HK)$Ranking second and third, with approximately 33 billion Hong Kong dollars added, followed closely by $TENCENT (00700.HK)$ and $XIAOMI-W (01810.HK)$ Both obtained a buy Inflow of approximately 18 billion HKD from northbound funds, with XIAOMI-W showing an exceptional performance with nearly 100% increase throughout the year.

In terms of net Sell, MEITUAN-W and HSBC Holdings were significantly sold off by funds, although $MEITUAN-W (03690.HK)$ with 31.684 billion HKD at the top of the Sell list, it still achieved over 90% increase. The 2nd to 5th placements $HSBC HOLDINGS (00005.HK)$ 、 $HKEX (00388.HK)$ 、 $XPENG-W (09868.HK)$ 、$LI NING (02331.HK)$Sold for 8.875 billion HKD, 1.162 billion HKD, 1.124 billion HKD, and 0.872 billion HKD, respectively.

Looking ahead to 2025, GTJA believes that the Hong Kong market will primarily experience an N-shaped upward fluctuation, with plenty of flexible opportunities during this period. Investors should actively seek structure, focusing on a barbell strategy that shifts weight towards both ends, while paying more attention to allocation rhythm and recognizing repair opportunities for certain domestic demand products.

In terms of industry allocation, attention can be paid to:

1) Leading Internet Plus-Related companies;

2) Domestic sectors benefiting from policy support and economic recovery, such as Consumer Electronics/Autos and other industries;

3) Industries with stable profits and high dividends, such as utilities/finance/telecommunications.

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