For Hong Kong stock investors, yesterday was another day of accelerated recovery. The Hang Seng Index closed up 2.35% in volume, and the Hang Seng Technology Index rose 4.71%, with transactions reaching HK$200 billion.

Reporter Du Meng

For Hong Kong stock investors, yesterday was another day of accelerated recovery. Hang Seng Index (HSI.HI) closed up 2.35% in volume, and Hang Seng Technology Index (HSTECH.HI) rose 4.71%, with transactions reaching HK$200 billion.

Wind data shows that there are 271 funds containing "Hong Kong stocks" in the market abbreviation (calculated by A/C combined), and 250 funds have achieved positive returns in the past month. Among them, 158 funds have made more than 10% of their returns in the past month.

Specifically, the Bose China Securities Hong Kong Stock Connect consumer theme ETF has the highest increase in in the past month, reaching 30.52%, with a return rate of 37.5% this year. CSI Index website data shows that the CSI Hong Kong Stock Connect Consumer Theme Index (931454.CSI) was released on March 6, 2020. Among the top ten heavily held stocks, the top two stocks are Tencent Holdings (0700.HK) and Meituan -W (3690.HK), accounting for more than 10%. As of June 27, the index's yield in the past year was 30.74%, and the yield in the past month was 16.94%.

, as a passive index fund, can produce nearly 14% of the index return? Industry insiders said that it may be related to the fund's holdings . As a new fund just established on March 3 this year, the Bose China Securities Hong Kong Stock Connect Consumer Theme ETF has not disclosed its quarterly report holdings. On March 18, the fund listing announcement showed that the proportion of the fund invested in the index targets of constituent stocks and alternative constituent stocks was 90.47%.

In addition to ETFs, some active equity funds invested in Hong Kong stocks also rose sharply in June. Chuangjinhexin Hong Kong Stock Connect has grown in nearly a month and has a return of 26.79%. However, due to the large decline before, as of June 27, the fund's return rate has remained -11.63% this year. The first quarter report shows that the top ten heavily held stocks of the fund are all targets of the Hong Kong Stock Connect, accounting for a total of 66.43%.

Hong Kong stocks rebounded strongly, which also led to a wave of fund issuance and subscription.

htmlOn June 11, the Southern Hang Seng Hong Kong Biotech ETF announced the end of its recruitment early. The fund began raising funds on June 6, and the original fundraising deadline was July 6. The effective contract of the fund shows that a total of 16,100 valid subscribers have been made, and a total of 1.109 billion yuan has been raised. The fund will be listed on the Shenzhen Stock Exchange on June 28.

htmlOn June 27, Huaxia Hang Seng Technology ETF Linkage Fund issued an announcement, easing the daily purchase limit for a single account from 1,000 yuan to 50,000 yuan. On May 17, the fund just adjusted the daily large purchase limit to 1,000 yuan.

Wind data shows that Hang Seng Technology Index was established on July 27, 2020, with December 31, 2014 as the base date, with a base point of 3,000 points. After hitting a new high of 11,001.78 points on February 26, 2021, the index fluctuated and fell to 3,463.44 points on March 18 this year, a historical low.

As of June 27, there were 30 components of the index . The top ten heavyweight stocks are Meituan-W (3690.HK), Alibaba -SW (9988.HK), Tencent Holdings (0700.HK), Kuaishou-W (1024.HK), Xiaomi Group -W (1810.HK), JD Group-SW (9618.HK), NetEase-S (9999.HK), Sunny Optical Technology (2382.HK), SMIC (0981.HK), and Haier Smart Home (6690.HK). Although the index of

continues to decline, investors' determination to increase their positions remains unchanged. In the first quarter of this year, the net subscription share of Huaxia Hang Seng Technology ETF was 7.912 billion shares, Huatai-Prudent Southern Dongying Hang Seng Technology ETF had a net subscription share of 4.115 billion shares, Tianhong Hang Seng Technology Index had a net subscription share of 1.97 billion shares, and E Fund Hang Seng Technology ETF had a net subscription share of 1.739 billion shares.

In the past month, the Hang Seng Technology Index has rebounded strongly, closing at 5063.38 points on June 27. Currently, there are 17 Hang Seng Technology ETFs and Connected Funds on the market.

Hong Kong stocks rebounded strongly. Is it a flash in the pan? How do you view the current valuation and cost-effectiveness of Hong Kong stocks?

Boshi Fund Index and Quantitative Investment Department fund manager Wan Qiong told Interface News reporters that Hong Kong stocks are still in a relatively low valuation range. In the long run, Hong Kong stocks still have relatively good allocation value.

"The Hang Seng Index may not be comparable at present and in history due to changes in component stocks. Looking at the Hang Seng High Dividend Index, the current price-to-earnings ratio of the index is at the lowest level in the past 10 years, and the dividend yield of the index is close to 7%, which is also at the high level in the past 10 years. If you look further at the weighted stocks in the Hong Kong stock market, you can find that the valuations of these weighted stocks are basically at the low level in the past 10 years, and the long-term potential returns of Hong Kong stocks are still very high. At such a valuation level, Hong Kong stocks have investment value at least in terms of valuation level." Wan Qiong said.

Fund manager of GF Hang Seng Technology (QDII-ETF) Liu Jie said in an interview with reporters that from a policy perspective, the regulatory authorities issued an announcement and related specific measures to include ETF in the interconnection and interoperability. In the medium and long term, this is not only conducive to enriching the types of transaction products and providing more convenience for investing in assets between the two places, but also has positive significance for promoting the mutual integration of the capital markets between the two places and further opening up of China's capital markets.

From the perspective of fundamentals , the epidemic prevention and control situation in the mainland has gradually improved, economic growth has once again returned to important issues, and fiscal policies such as special bonds have been further accelerated, and monetary policy maintains net injection. The Hang Seng Technology Index has exposed more growth factors in the mainland, and has also risen significantly in the near future, and the market's confidence in recovery has been further strengthened.