小米配售，南向资金狂买！什么信号？恒生科技ETF基金(513260)涨超1%，融资余额创新高！

Core Viewpoint - Xiaomi's recent share placement and the significant inflow of southbound funds signal a positive market sentiment towards Hong Kong stocks, particularly in the technology sector [1][3][6]. Group 1: Market Performance - The Hang Seng Tech ETF (513260) rose over 1%, with a premium rate of 0.35%, indicating sustained optimistic investor sentiment [1]. - The ETF has seen a net inflow of over 1.5 billion HKD in the last 20 days, continuing a four-day streak of capital inflow [1][3]. - Major stocks within the ETF, such as Kingdee International and XPeng Motors, saw gains exceeding 3% [3]. Group 2: Xiaomi's Share Placement - Xiaomi announced a placement of 800 million shares at a discount of 6.6%, raising 42.5 billion HKD, marking it as one of the largest placements in Hong Kong this year [3]. - Following the announcement, Xiaomi's stock dropped over 6% with a record trading volume of 71.8 billion HKD [3]. - Despite the drop, southbound funds significantly bought into Xiaomi, with a net purchase of nearly 8.5 billion HKD, making it the top net buy among southbound funds [3][6]. Group 3: Financial Performance of Tech Stocks - Recent earnings reports show strong performance among major tech companies, with Kuaishou reporting a 72.5% year-on-year increase in adjusted net profit for 2024 [5]. - Other companies like Kingsoft, Meituan, and Sunny Optical also reported substantial profit growth, with some exceeding 100% year-on-year [5]. - The overall earnings of major tech firms have surpassed expectations, which may continue to support the Hong Kong stock market [5][8]. Group 4: Southbound Fund Inflows - Southbound funds have made significant net purchases, totaling over 410 billion HKD this year, far exceeding the same period last year [6][8]. - The top net purchases among southbound funds include Alibaba and Xiaomi, indicating strong interest in these stocks [7]. Group 5: Investment Outlook - Analysts suggest that Hong Kong stocks should represent 40%-50% of Chinese stock allocations, indicating room for increased investment [9]. - The strong performance of core assets in Hong Kong, particularly in new economy sectors, supports the case for greater allocation [9][10].