On February 13th, the Hong Kong stock market staged a rally and then fell back. The Hang Seng Technology Index rose as much as 4.2% during the day, hitting a new high before falling back to close down 0.87%. The Hang Seng Index also dropped by 0.2%. After a continuous rise in the Hong Kong stock market, the bullish sentiment has gradually cooled down from the previous hot state, and investors' cautious attitude has become more evident. However, before and after the Spring Festival, the Hong Kong stock market experienced a bull market. From January 14th to February 13th, the Hang Seng Index had risen by 15.58%, and the Hang Seng Technology Index had risen by 24.00%. Looking at the year-to-date gains, the former rose by 8.75% and the latter rose by 17.17%. Journalists from Caijing found that some actively managed equity funds heavily invested in Hong Kong stocks benefited from this rally. Most of the heavily invested Hong Kong stock funds have positive returns for the year Caijing journalists selected 87 actively managed equity funds (including common stock type, flexible allocation type, equity hybrid type, and balanced hybrid type) with Hong Kong stock investment values accounting for more than 50% of the fund's net assets as of the end of the fourth quarter of last year as a comparative indicator. Among them, 17 products had Hong Kong stock investment values accounting for over 90%. The fund with the highest net value increase from January 14th to February 13th was Jiashi Hong Kong Internet Industry Core Assets, with a net increase of 27.89%, and the Hong Kong stock investment value accounted for 93.58%. The top holdings of this product in the fourth quarter of last year were Alibaba-W (09988), Xiaomi Group-W (01810), Meituan-W (03690), Tencent Holdings, SMIC, Li Auto-W, Bilibili-W, Tongcheng Travel, Netease Cloud Music, and Kingsoft. The top holding Alibaba-W's stock price has risen by over 40% this year, while the second top holding Xiaomi Group has risen by over 20%. Recently, the market continued to be bullish on AI technology investments, driving the continuous strength of related concept stocks and sectors. Many of the top holdings of these products are in the AI sector, which also pushed up their fund net values. In addition, Foresight Technology, China Merchants Value Selection, Boshi Hong Kong Stock Connect Leading Trend, China Post Shanghai Hong Kong Shen Value Selection, Changcheng Hong Kong Stock Connect Value Selection Multi-Strategy, Puyin Ansheng Hong Kong Stock Connect Quantitative Selection, Qianhai Kaiyuan Shanghai Hong Kong Shen Core Drive, Huatai Bairui New Economy Shanghai Hong Kong Shen, Guolian Shanghai Hong Kong Shen Consumer products and other products have all seen net value growth rates exceeding 20%. The top holdings of these products are mostly in the technology sector. Looking at a longer timeframe, among the funds heavily invested in Hong Kong stocks this year, Foresight Technology had the highest net value growth rate of 21.03%, followed closely by Jiashi Hong Kong Internet Industry Core Assets at 20.57%. In addition, Qianhai Kaiyuan Shanghai Hong Kong Shen Core Drive, China Merchants Value Selection, Puyin Ansheng Hong Kong Stock Connect Quantitative Selection, and a total of 13 heavily invested Hong Kong stock funds had net value growth rates of over 10% for the year. Overall, out of the 87 heavily invested Hong Kong stock products, 82 had net value growth this year. Are funds that did not rise falling behind? Overall, among the 87 selected funds where Hong Kong stock investment values accounted for over 50% of the fund's net assets, all products saw their net values rise from January 14th to the present day. However, looking at the overall performance from the beginning of the year until now, there are still 5 funds with negative returns. Against the backdrop of the overall significant rise in the Hong Kong stock market index, why have these funds failed to keep up with the market pace and experienced falling behind? Specifically, China Merchants Hong Kong Stock Connect Advantage Growth had a net value decrease of 2.26% this year, with the top holdings including China Oilfield, Tencent Holdings, Sinopec, China Shenhua, China Shipping Leasing, Sands China, China Coal Energy, MGM China, COSCO Shipping Holdings, and Sea Wind International. The industry distribution is mainly in energy and industry. Bank of China Hong Kong Stock Connect Advantage Growth saw a net value decrease of 1.79%, with top holdings in China Mobile, China Shenhua, China Unicom, Agricultural Bank of China, Anhui Highway, China Telecom, Construction Bank, China Communications Service, China Oilfield, and Sinopec Crown. The industry layout is dominated by telecommunications, energy, and finance. In addition, China Merchants Shanghai-Hong Kong Deep Strategy, Wing Hang Stock Connect Quality Life Selection, and other funds have seen a similar trend of net value decrease this year, with heavy investments in the telecommunications, energy, and finance industries. Several funds increased their Hong Kong stock positions in the fourth quarter of last year Caijing journalists also found that compared to the third quarter of last year, some funds increased their positions in Hong Kong stocks in the fourth quarter. Several products under the Fuguo Fund significantly increased their holdings in Hong Kong stocks. For example, at Shanghai-Hong Kong Shen Performance Drive, the Hong Kong stock investment value ratio was 59.09% in the third quarter of last year, and increased to 83.12% in the fourth quarter. From January 14th to now, the fund's net value increased by 13.05%, with a year-to-date net value increase of 8.20%. Fuguo Shanghai-Hong Kong Shen Value Selection saw its Hong Kong stock investment ratio rise from 66.23% to 81.42%, with a net value increase of 9.28% in the period and a 3.64% increase for the year. Fuguo Shanghai-Hong Kong Shen Industry Selection rose from 75.97% to 90.99%, with a net value increase of 11.28% in the period and a 5.22% increase for the year. Huatai Bairui New Economy Shanghai-Hong Kong Shen saw its Hong Kong stock investment ratio increase by over 20%, with a net value increase of 20.64% in this rally, and an 11.46% increase for the year. In total, there were 8 products with Hong Kong stock investments accounting for over 10%. Even though Hong Kong stocks showed a pullback on the 13th, some institutional professionals still have a positive view on the Hong Kong stock market in the near future. Huaxin Securities stated that they continue to "strongly recommend" Hong Kong stocks, and are optimistic about individual stock opportunities in Hong Kong's banking, AI-related internet platforms, data centers, hardware and software applications. They recommend two directions for target configurations: high-priced Hong Kong tech stocks with continued foreign pricing power, and Hong Kong central enterprise dividends, especially optimistic about the performance of the four major Hong Kong banks. China Securities Investment pointed out that looking ahead to February, the narrative of Chinese asset revaluation is taking shape, and the spring excitement is entering an accelerated stage. Trading is becoming more extreme, with Hong Kong stocks having a better improvement in liquidity margins than A-shares, and the market's focus is more towards Hong Kong stocks. However, some institutions are warning investors to be cautious about risks. Bank of Communications International stated that the recent two-week rise of the Hang Seng Index was mainly driven by valuation, and the current position is relatively full compared to the low in early January, with a fast short-term upward slope, putting the Hang Seng Index into an overbought zone. At the same time, from the market perspective, the Hang Seng Index has reached a overbought level.The rise is mainly concentrated in the information technology sector, with limited dispersion to other sectors, so there may be a certain adjustment risk in the short term. Investors can adjust their positions accordingly and observe the situation of profit improvement.Guoyuan International stated that due to concerns in overseas markets, Hong Kong stocks have become one of the few safe havens for investors amidst the AI boom in China. In the short term, the main driving force behind the current Hong Kong stock market is likely more emotional factors, with the technology industry receiving attention and the valuations of related benefiting stocks significantly rising. Based on our assessment of the market environment, we believe that the short-term and medium-term trends of Hong Kong stocks are cautiously optimistic. This article is reproduced from "Caixin", edited by GMTEight: Li Fo.