Hong Kong stocks experience a strong rebound, with fund-collective stocks leading the charge.

Securities Times reporter An Zhongwen

After a deep pullback, Hong Kong stocks have finally seen a long-awaited rebound. On April 1, all major sectors of Hong Kong stocks surged together. By the close, the Hang Seng Tech Index rose 2.29%, while the Hang Seng Healthcare Index jumped 6.39%.

From the trading screen, fund “blockholder” stocks have become the core driving force behind the rebound. Several key themes saw broad gains, including robots (300024), innovative drugs, retail and consumer, artificial intelligence (AI), and internet entertainment, among others. Core benchmark stocks across each sector all recorded impressive gains, showing the characteristics of a broad-based rebound.

In particular, the robotics sector stood out. Yuzhou Choice Fund, heavily invested in UBTech, saw a single-day jump of 17.10%. MicroPort Robot, held by Eastmoney Fund, rose nearly 9%. The innovative drug sector also moved higher in tandem. Lepu Bio, heavily held by Invesco Great Wall Fund, closed up 14.42%, while SanSheng Pharmaceutical, heavily held by E Fund, rose by about 12%. In the retail and consumer segment, Bluegloo, heavily held by BOCM Fund, rose 6.09%, and Oriental Selection, held by Minsheng Canal & Silver Fund, increased by as much as 10.46%. In the artificial intelligence sector, JingTai Holding, heavily held by Franklin Templeton Fund, rose 8.10%. The internet entertainment under mobile internet also clearly warmed back up: Bilibili, heavily held by Ping An Fund, rose nearly 7%, and Beichen City Technology, heavily held by Southern Fund, surged 10.43%.

It is worth noting that on April 1, the Hong Kong aviation sector led the entire market with a gain of 8.58%, becoming the most direct reflection of consumer recovery, and also corroborated by statistical data. The National Bureau of Statistics recently released data showing that in February, CPI increased 1.3% year over year, reaching the highest level in nearly three years. Among them, the service consumption price recovery was especially notable. Airfares, transportation equipment leasing, travel agency fees, and hotel accommodation prices rose 29.1%, 19.8%, 12.5%, and 5.4%, respectively. The rebound in travel-chain prices directly reflects a repair in residents’ offline consumption demand, providing solid fundamental support for sectors such as aviation, hotels, and tourism. Public funds, represented by Guangfa Ruiyi Leading Fund, have also positioned heavily in these areas. Consumption-recovery-focused star fund manager Lin Yingrui continued to buy into the consumer recovery theme; the fund’s top six holdings are all aviation stocks, so it reaped substantial gains in this rebound.

Regarding the current rebound structure in Hong Kong stocks expanding from local to broad across the market, many fund managers believe it is related to a confidence repair following undervaluation.

A consumption-industry fund manager in South China said that the current allocation of southbound capital is no longer limited to a small number of popular sectors; its coverage continues to expand, reflecting that institutional capital confidence in Hong Kong stocks is being restored. The core support lies in the fact that the overall valuation of Hong Kong stocks remains at historically low ranges, with standout allocation value. The February CPI data further validates the trend of domestic demand recovery, providing support for the rebound scenario to spread into consumer and service sectors, ultimately forming a “together dancing” pattern among technology, consumer, pharmaceuticals, and resource cycle themes.

However, public-fund professionals judge that the Hong Kong stocks rebound may be difficult to sustain all at once; going forward, it will still need to focus on performance delivery.

“Multiple sentiment indicators have already released bottoming signals, but the persistence of the rebound still depends on performance validation.” A research analyst at a Shenzhen fund company also believes that the current style in Hong Kong stocks rotates quickly with changes at the margin in Middle East geopolitical conflicts: when tensions rise, defensive assets take the upper hand; when the situation eases, technology growth leads. Whether the market can continue to strengthen depends mainly on two variables going forward: first, whether geopolitical risks ease further and prompt overseas capital to return; second, whether earnings can deliver on the expectations for business conditions, providing investors with clearer allocation cues.

(Editor: Zhang Yang HN080)

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