导致香港离岸股指表现不佳的主因是，其权重股主要由互联网及消费类企业组成，而这些企业正受到中国国内消费疲软的拖累。与此同时，这些公司的盈余增长疲弱以及流动性减弱，也进一步加剧了离岸市场的下行压力。
尽管部分分析师认为，鉴于港股目前估值较低且具有多元化配置的价值，未来仍有反弹的空间，但预计在短期内，香港离岸中资股相对于表现优异的晶片股和AI概念股，仍将继续维持弱势。
Chinese stocks listed in Hong Kong are facing challenging milestones as global investors rush into the artificial intelligence (AI) supply chain. With the Hang Seng China Enterprises Index and the MSCI China Index falling nearly 9% this year and nearing a bear market, investors are increasingly favoring chipmakers listed on the mainland and in other North Asian markets.
The primary reason for the underperformance of Hong Kong's offshore indices is that they are dominated by internet and consumer companies, which are currently vulnerable to weak domestic consumer demand. Meanwhile, sluggish earnings growth and easing liquidity are adding further pressure to these offshore gauges.
Although some analysts see potential for a rebound in Hong Kong's offshore shares citing cheaper valuations and portfolio diversification benefits, their underperformance compared to the surging chip and AI-related stocks is expected to persist in the near term.