TENCENT(HK:00700) Hua Xia Shi Bao·2025-05-28 03:15Core Viewpoint - The emergence of DeepSeek has led to a global reassessment of the value of Chinese tech stocks, with the Hang Seng Tech Index rising approximately 16% year-to-date as of May 27, 2025 [1][5] Group 1: Southbound Capital Inflow - Southbound capital has surged this year, with a net buying amount reaching 633.35 billion HKD as of May 27, 2025, indicating a strong market interest [2][4] - The daily net inflow exceeding 10 billion HKD has become a common occurrence, particularly noted during the period from April 1 to 9, where net buying consistently surpassed 10 billion HKD [2][4] - The net buying amounts from 2020 to 2024 were 672.125 billion HKD, 454.396 billion HKD, 386.291 billion HKD, 318.842 billion HKD, and 807.869 billion HKD, showing a significant increase in 2025 [2] Group 2: Market Dynamics and Investor Sentiment - Improved economic data and enhanced corporate profit expectations have increased investor risk appetite, making the Hong Kong stock market more attractive [4] - The unique advantages of the Hong Kong market, including the listing of mainland companies, have provided more investment options for southbound capital [4] - The deepening financial cooperation between mainland China and Hong Kong has reduced the costs and risks associated with capital flow, further promoting the inflow of southbound funds [4] Group 3: Internet Companies and Stock Buybacks - The Hang Seng Tech Index has risen approximately 16% year-to-date, with major internet companies like Alibaba, Tencent, and Kuaishou leading the charge [5][6] - A total of 189 Hong Kong-listed companies have conducted buybacks this year, totaling approximately 3.3 billion shares, with Tencent being the largest repurchaser at over 24 billion HKD [5] - Tencent's buyback amounts from 2021 to 2024 were approximately 2.6 billion HKD, 33.8 billion HKD, 49 billion HKD, and 112 billion HKD, showing a consistent increase [5] Group 4: Positive Market Outlook - Many institutions remain optimistic about the Hong Kong stock market, citing improved domestic demand and macroeconomic conditions as key factors [7] - The current market is seen as a phase of policy support and rebalancing uncertainty, with new economic sectors becoming new growth engines [7] - The Hang Seng Index and Hang Seng Tech Index are currently at relatively low valuations, presenting high investment value [7][8]