At the 12th Fullgoal Forum, Zhang Feng, General Manager of Fullgoal Fund's Overseas Equity Investment Department, emphasized the remarkable resilience displayed by the Hong Kong stock market. This resilience has been bolstered by consistent inflows of southbound funds and a surge in share buybacks by listed companies. Notably, over the past three years, the Hang Seng Index, denominated in RMB, has yielded an impressive annualized return of up to 12%. Additionally, the AH Premium Index has risen to 134, underscoring the exceptional value proposition of investing in Hong Kong stocks.

Zhang Feng suggested employing the GARP (Growth at a Reasonable Price) strategy to select investment targets across three key dimensions. Firstly, he advised focusing on performance growth, particularly in industries with promising profit outlooks, such as consumption and technology. For instance, this includes areas like domestic chip substitution and intelligent driving. Secondly, he prioritized cash flow and dividends, advocating for the selection of dividend assets from robustly operating companies with dividend yields exceeding 4%. Industries like telecommunications and energy fit this criterion well. Lastly, he stressed the importance of valuation and governance, cautioning against investments in companies with high leverage and low transparency. Instead, he recommended giving preference to targets with standardized governance and a PB percentile below 30%.