Over 90 billion yuan in incremental funds will enter the market; technology growth is a key area of focus for allocation.

On February 20th, the Hong Kong stock market迎来了the first trading day of the Year of the Horse, with active performance from AI large models-related stocks such as Zhipu and MiniMax. The A-share market is about to open, and the allocation direction of incremental funds is highly关注ed. According to statistics, the total scale of incremental funds entering the market through public funds is over 90 billion yuan, with a focus on technology growth sectors.

Incremental funds are arriving

Focus on technology sectors

Wind data shows that the main sources of incremental funds entering the market through public funds are stock ETFs and actively managed equity funds that were established before the Spring Festival and are awaiting position building, with a total scale of over 90 billion yuan.

In terms of ETFs, three products will be listed in the first week of the Year of the Horse, including the Guotai Hang Seng Biotech ETF (listed on February 24), the E Fund CSI All Share Dividend Quality ETF, and the Hua’an CSI Nonferrous Metals Mining Theme ETF (both listed on February 26). Individual investors are the main holders of these ETFs, with the Guotai Hang Seng Biotech ETF held by individual investors accounting for as high as 95.84%.

Additionally, seven new ETFs established in February will also gradually confirm their market entry times. Based on a circulation scale of February 13, these products have a fund size of 2.339 billion yuan, with several focusing on Hong Kong stock investments.

In terms of active equity funds, since December 2025, there have been 112 general stock and偏股 mixed funds (excluding asset management collective transformation funds) established, with a total fundraising scale of over 80 billion yuan. Among them, 74 funds established since 2026 have a total scale of 74.809 billion yuan, with 71 able to invest in Stock Connect stocks. Among these new funds, 20 explicitly mention关注ing technology themes or have names containing “technology” or “growth,” with a total scale exceeding 25 billion yuan.

Public funds are optimistic about the technology track

Regarding investment布局 for the Year of the Horse, several public fund managers expressed optimism about the technology sector. Cheng Xi, fund manager at E Fund, stated that the technology track is expected to continue attracting资金关注. The development and implementation of domestic AI large models will support sectors such as chips and AI applications.

Nong Bingli, fund manager at Invesco Great Wall Fund, remains optimistic about the equity market in 2026. He believes many Hong Kong-listed companies have investment value. He recommends重点关注 four areas: computing power, consumer electronics, internet, and new消费. Fang Han, Director of Stock Strategy Research at Jiashi Fund, suggested重点布局 “AI+” downstream applications and upstream raw materials.

However, Feng Ludan, manager of the China Europe Digital Economy Fund, believes that the overall valuation of the AI sector is no longer低位, and the valuations of some热门 stocks include optimistic expectations for the coming years, which may lead to increased sector volatility.

(Source: China Securities Journal)