Hong Kong stocks experience a strong rebound, with leading funds and popular stocks taking the lead

Securities Times reporter An Zhongwen

After a period of deep pullback, Hong Kong stocks have finally welcomed a long-awaited rebound. On April 1, major sectors across Hong Kong stocks surged across the board. By the close, the Hang Seng Tech Index rose 2.29%, and the Hang Seng Healthcare Index jumped 6.39%.

Judging from the market action, fund “block trading” stocks have become the core driving force behind the rebound. Multiple themes—including robotics, innovative drugs, retail consumption, artificial intelligence (AI), and internet entertainment—each recorded notable gains in their key benchmark names, showing the characteristics of a broad-based rebound.

Specifically, the robotics sector performed especially strongly. U-BEST, heavily held by Qianhai Kaiyuan Fund, soared 17.10% in a single day, while MicroPort Robot, held by Eastmoney Fund, rose nearly 9%. The innovative drugs sector also moved higher in parallel: Lepu Biotech, heavily held by Jingshun Great Wall Fund, closed up 14.42%; meanwhile, SanSheng Pharmaceutical, heavily held by E Fund China, rose about 12%. In the retail consumption theme, Blue Sail, heavily held by BOC-Style Fund, rose 6.09%; Oriental Selection, held by Minsheng Galaxy Fund, surged 10.46%. In the artificial intelligence sector, JingTe Holding, heavily held by Frontier Fund, rose 8.10%. The internet entertainment for mobile internet theme also clearly rebounded: Bilibili, heavily held by Ping An Fund, rose nearly 7%; Zicheng Technology, held by Southern Fund, surged 10.43%.

It is worth noting that on April 1, Hong Kong’s aviation sector led the entire market with a gain of 8.58%, becoming the most direct reflection of consumption recovery, and also confirmed by statistical data. Data recently released by the National Bureau of Statistics shows that in February, CPI rose 1.3% year over year, hitting the highest level in nearly three years. Among this, the rebound in service consumption prices was particularly notable. Airfares, transportation equipment leasing, travel agency fees, and hotel accommodation prices rose 29.1%, 19.8%, 12.5%, and 5.4%, respectively. As travel-related prices warmed back up, it directly reflected a repair in residents’ offline consumption demand, and provided solid fundamental support for sectors such as aviation, hotels, and tourism. Public fund products represented by 广发睿毅领先基金 also more aggressively built positions. Fund manager Lin Yingrui, known as a star manager, continued to buy into the consumption-recovery theme. The fund’s top six overweight holdings are all aviation stocks, so it reaped substantial gains in this rebound.

Regarding the current structure of the Hong Kong stock rebound, with expansion from localized strength to a broader market, many fund managers believe it is related to confidence restoration after undervaluation.

A consumption-sector fund manager in South China said that currently, the southbound capital deployment is no longer limited to a small number of popular themes; the coverage continues to widen, reflecting that institutional capital confidence in Hong Kong stocks is being restored. The core support is that the overall valuation of Hong Kong stocks remains in a historically low range, and the cost-effectiveness of positioning is prominent. The February CPI data further validates the trend of domestic demand recovery, providing support for the rebound rally to spread into consumption and services sectors, ultimately forming a scene where technology, consumption, pharmaceuticals, and resource cycles move together.

However, public fund professionals judge that the Hong Kong stock rebound rally may be difficult to sustain immediately without a one-step transition. Going forward, it still needs to focus on performance delivery.

“A number of sentiment indicators have already released bottoming signals, but the sustainability of the rebound still depends on performance verification.” A sector research analyst at a Shenzhen fund company also believes that Hong Kong’s current style is rotating rapidly in response to marginal changes in the Middle East geopolitical conflict: when tensions heat up, defensive assets take the lead; when the situation eases, technology growth leads. Whether the market can continue to strengthen later depends on two key variables: first, whether geopolitical risk further eases and brings overseas capital back; second, whether performance can deliver on the growth expectations and provide more explicit configuration clues for capital.

(Editor: Liu Chang)

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