From "poison" to "medicine," have these assets really "turned around"?!

On February 17th, an ETF named Hang Seng Internet became the only equity ETF that day to achieve a transaction volume exceeding 10 billion yuan.

This marks the second time in the last three trading days that a Hong Kong stock fund has set a record for daily transaction volume (breaking 10 billion yuan).

This may be a symbolic action indicating that Hong Kong stock funds have completely shed their previous "depressed image."

Looking back at 2021 and 2022, despite the saying in the fund market that year: "cross the Hong Kong River to seize pricing power," these grand slogans ultimately became a joke.

That year, many funds heavily invested in Hong Kong Stock Connect had the lowest returns in the entire industry. In the following two years, whenever related fund managers were reminded of that year, their expressions were filled with "regret for not having acted differently."

However, this year, the situation is quite different.

A casual scan of the top-performing funds this year reveals that some of the leading funds have significantly benefited from Hong Kong stock targets. The Hang Seng TECH Index has even greatly outperformed the mainland broad-based indices—by more than ten percentage points.

Will Hong Kong stocks really become the "panacea" for fund managers' performance this time?

"Expensive" Because of Hong Kong Stocks

There are still many funds this year that are "expensive" because of Hong Kong stocks.

The fund managed by Zhai Xiangdong, China Merchants Advantage Enterprises, has seen a rise of nearly 32% since the beginning of the year, ranking among the top 5 public funds in the entire market (as of February 14th, Wind).

Observing the heavy stock portfolio for the fourth quarter of 2024, the stocks that contributed the most to the portfolio this year for Zhai Xiangdong are Xiaomi Group-W, Kingsoft Cloud, and Hand Enterprise Solutions.

Both Xiaomi Group-W and Kingsoft Cloud are Hong Kong stocks.

A detailed study of the fund's fourth-quarter report reveals that five of the top ten heavy stocks in this fund are Hong Kong stocks, with the proportion of Hong Kong stock allocation in the entire fund being approximately 46.44%, very close to the contractual limit.

As long as Zhai Xiangdong does not make significant adjustments to the positions, Hong Kong stocks will evidently play a prominent role in the performance of the fund he manages.

The More Overweight, the Better the Performance

A similar situation exists with the fund managed by Wang Guizhong and Zhao Yu, Harvest Frontier Technology. This fund has risen over 25.3% since the beginning of the year, ranking among the top 20 active public funds in the entire market.

From the fourth-quarter report of heavy stocks, the holdings of Xiaomi Group-W, Naxin Microelectronics, and XPeng in this fund are likely to provide significant contributions to the portfolio.

Among them, especially Xiaomi Group-W has performed quite strongly this year.

The quarterly report shows that the fund's allocation to Hong Kong stocks is about 60%.

This clearly takes full advantage of the clause in the fund contract that allows Hong Kong Stock Connect targets to account for 0-95% of the fund's assets.

Hong Kong "bull stocks" mostly originate from the mainland

So, which stocks are leading this round of Hong Kong stock asset "rise"?

The answer is that most are still rooted in domestic companies.

For example, Lao Pu Gold, which was listed last year, the blind box concept stock Pop Mart, and Xiaomi Group, which has successfully transformed into a new energy vehicle manufacturer. Also, AI representative company Kingsoft Cloud, among others.

Among them, stocks like Lao Pu Gold have seen an increase of over 104% this year.

Gold consumption heats up

Since the beginning of 2025, the "new gold consumption" company Lao Pu Gold has seen an increase of about 104.4%.

Lao Pu Gold is a new Hong Kong stock listed last year, focusing on the manufacturing of high-end gold jewelry, claiming to inherit classic Chinese culture and intangible cultural heritage craftsmanship, and is the first to promote ancient gold methods in the market.

When it was first listed, its valuation was not expensive, but it has already attracted very enthusiastic external attention, surging 70% on the first day of listing.

However, that day's 70% was just the beginning.

It has since skyrocketed continuously, and by mid-February, the company's stock price had reached a maximum of HKD 495 per share.

Wind data shows that by the end of 2024, 15 funds heavily invested in Lao Pu Gold—fewer than expected by the outside world.

These include Yin Hua Quality Consumption managed by Zhang Ping and Wang Lu, Guangfa Value Core and Guangfa Growth Navigator One-Year Holding managed by Wu Yuanyi, Fu Guo Consumption Selected 30 managed by Zhou Wenbo, Cai Tong Balanced Preferred One-Year Holding managed by Xia Qin and Jia Yanan, and Yin Hua Fu Li Selected managed by Jiao Wei and Qin Feng, where the holding of Lao Pu Gold accounts for more than 5% of net value.

How long will this round of market last

For fund managers heavily invested in Hong Kong stocks, the future trend of Hong Kong stocks is even more concerning.

Wind data statistics show that since the beginning of 2025, the Hang Seng TECH Index has increased by nearly 23.7%, and the Hang Seng Index has increased by nearly 12.8%, becoming the leading index among domestic mainstream indices (as of February 14)

Taking the Hang Seng TECH Index as an example, in fact, since the second half of 2024, Hong Kong stocks have shown a significant rebound. After a slight adjustment, there has been a notable rise since mid-January 2025.

On February 13, during trading, the Hang Seng TECH Index reached a new high since late February 2022. However, it turned from rising to falling during the session, stirring the hearts of investors. On February 14, the Hang Seng TECH Index was even stronger.

Where will this round of market go?

Risk Warning and Disclaimer

The market has risks, and investment requires caution. This article does not constitute personal investment advice and does not take into account the specific investment goals, financial situation, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article are suitable for their specific circumstances. Investment based on this is at one's own risk