2020 “Yinhua Fund Cup” Sina bank financial planner competition, hot registration. From now on to September 7, you will receive free gift packages worth more than 700 yuan from Guan Qingyou, Luo Yuanshang, Chen Kaifeng and Jian Qi. < / P > < p > the repeated shocks of the Shanghai stock index near 3300 can not stop the continuous boom of new fund raising. In the case of high valuations of pharmaceutical, consumer and science and technology sectors, and the cumulative large increase in the year, what direction can be allocated for the subsequent new raised funds? Since the opening of Shanghai Hong Kong stock connect and Shenzhen Hong Kong stock connect, with the influx of southward capital, domestic capital has become one of the important participants in the Hong Kong stock market. According to Oriental Wealth choice, as of August 20, there were 56 southward capital stocks in the Hong Kong stock market, accounting for more than 20%. < p > < p > specifically, Ganfeng lithium, Huaneng International Power and Huadian International Power respectively accounted for 56.76%, 44.34% and 43.95% of the southern capital shares, ranking the top three. In addition, Shenzhou holdings, GAC group, Orient Securities, Luoyang Glass shares and other 17 stocks accounted for more than 30% of the total funds. According to the latest disclosure of the fund’s second quarter report, many fund managers have also shifted the focus of equity assets allocation from the previous A-shares to Hong Kong stocks with higher cost performance. < p > < p > take Jingshun Great Wall performance growth fund managed by star fund manager Liu Yanchun as an example. As of the end of June this year, there were six Hong Kong stocks in the top ten heavy positions of the fund, and the first heavy position shares were also changed from Guizhou Maotai at the end of the first quarter to Yihai international, which is for Hong Kong stocks. There are also five Hong Kong stocks in the top 10 heavy positions of e fund blue chip selected hybrid funds managed by another star fund manager Zhang Kun. Among them, Hong Kong stock exchange is the first heavy position stock, Tencent holdings replaced Guizhou Maotai as the second heavy position stock. According to the latest global strategy report issued by Societe Generale Securities, as of August 14, the forecast P / E ratio of Hang Seng index is 11.8 times, and that of Hang Seng state-owned enterprise index is 8.8 times, both of which are in the middle and lower reaches since July 2005. < / P > < p > “for global investors, it may be that the valuation of Hong Kong stock market has not really increased significantly in the past year. At present, the valuation of Hong Kong stock market is in a depression, which is a better investment direction, and Hong Kong stock is also very attractive for southward capital and foreign capital.” Cathay Pacific Fund International Business investment director, Cathay Pacific global chief investment officer Wu Xiangjun said. < p > < p > since the second half of the year, the market has accumulated a lot of gains. Under this background, many newly raised funds have focused on the valuation “depression” of Hong Kong stocks. < p > < p > for example, the Wells Fargo growth strategy hybrid fund with an initial amount of 11.66 billion yuan, which was established on August 11, said in the fund’s prospectus that the proportion of the fund’s investment in the Hong Kong Stock Exchange’s underlying stocks accounted for the proportion of the stock assets Jingshun Great Wall, also established in early August, has a mixed competitive advantage, with an initial raised scale of 11.17 billion yuan, which also indicates that the proportion of shares invested in Hong Kong stock connect’s underlying stock accounts for no more than 50% of the stock assets. < / P > < p > “from the current point of view, if we look at investment opportunities from the perspective of the whole industry and the whole market, in terms of the choice between Hong Kong shares and a shares, I will see which side will bring high expected returns to investors, and then decide how to allocate them.” A fund manager in Shanghai said. Guo Chengdong, managing director of overseas and Portfolio Investment Department of deppon fund, said that from historical experience, most Hong Kong stocks have not risen as much as a shares since 2019 and 2020, which means that the future valuation return of Hong Kong stocks will be all-round and multi-faceted, not only in the financial real estate sector represented by the Hang Seng Index, but also in the new economic sector represented by the Hang Seng technology index The comprehensive structure of the Hong Kong Stock Exchange will also benefit. < / P > < p > “in the second half of the year, China’s economy is likely to maintain a steady recovery, and we will focus on low-priced value stocks with relatively small increases and relatively safe valuations. In the medium and long term, some good quality targets of Hong Kong stocks have considerable investment value, and we will actively seize these opportunities. ” Guohai Franklin fund manager Xu Cheng said.