公募基金加倉港股，主動偏股基金10大重倉港股佔4只
今年以來，港股在全球主要股市當中表現亮眼，行情的初期，AI技術突破帶動市場情緒大幅改善，港股作為“價值窪地”對全球資金吸引力大幅上升。
各路機構湧入港股，堪稱罕見。
年內南向資金淨流入8200.28億港元，超過2024年全年的8078.69億港元。
在資金推動下，港股領跑全球，年內恒生指數升幅27%，排名全球主要市場前列。
公募基金二季度繼續加倉港股，對港股持有比例再創歷史新高。
截至二季度末，主動偏股基金中港股持有規模達到16.85%，環比增長1.12%，持續創下歷史新高。
其中，騰訊連續兩個季度成為公募基金第一大重倉股，且前十大重倉中已經有4支港股標的，分別為騰訊控股、阿里巴巴、小米集團和中芯國際。
隨着港股市場熱度上升，港股IPO也格外活躍，今年以來融資總額已經位居全球第一。
截至7月25日，2025年已有52家公司登陸港股上市，接近2024和2023年全年的75%(均為70家)。
這其中的一個新趨勢是，自去年9月美的港股上市以來，越來越多的A股公司也選擇赴港上市。目前已有包括美的集團、寧德時代與恒瑞醫藥等13家A股龍頭企業登陸港股，後續更有超過50家A股披露赴港上市計劃，呈現A to H上市持續火熱的勢頭。
融資規模方面，今年港股IPO首發募集資金已達1273.6億港元，創2021年以來新高，接近過去兩年的總和(2024年877.4億港元與2023年462.9億港元)。
浦銀國際預計港股市場將以結構性行情為主。在新的趨勢性投資主題尚未出現前，行業輪動將會加快。接下來，半年報業績公佈期即將開啟，目前市場參與者對企業業績的預期較高，即便業績符合市場一致性預期甚至小幅超預期，可能仍不能滿足部分機構投資者對企業業績的較高期待，市場不排除出現回調。如果出現這樣的情況，預計資金將會從擁擠度較高的新消費、創新藥和銀行等板塊，往擁擠度較低、估值偏低、業績有望超預期的板塊輪動，比如科技板塊（AI產業鏈相關）。然而，如果市場情緒維持高升、流動性較為充裕，即便擁擠度較高的這些板塊因為資金流出而出現回調，也不影響港股大盤中期向好。紅利+科技的槓鈴策略依然有效，同時可以關注A股“反內卷”、美股AI等主題行情擴展至港股帶來的交易型機會。
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