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南向资金“扫货”港股！机构最新测算：万亿资金入场可待
2 1 Shi Ji Jing Ji Bao Dao·2025-07-08 13:27

Core Viewpoint - The Hong Kong market has demonstrated significant resilience and strong performance in the first half of 2025, with major indices showing approximately 20% gains year-to-date [1][2]. Group 1: Market Performance - As of July 8, 2025, the Hang Seng Index, Hang Seng Tech Index, and Hang Seng China Enterprises Index have recorded year-to-date increases of 20.33%, 19.41%, and 19.09% respectively [2][3]. - The Hong Kong stock market is expected to attract over 1 trillion yuan in capital inflows for the entire year [2]. Group 2: Capital Inflows - Southbound capital has been the main driver of the Hong Kong stock market's performance, with a net inflow of 703.15 billion yuan year-to-date, representing 94% of the total for 2024 [3][4]. - The banking, retail, pharmaceutical, and non-bank financial sectors have seen the highest net inflows, with amounts of 212.4 billion yuan, 168.3 billion yuan, 122.4 billion yuan, and 63.3 billion yuan respectively [3]. Group 3: Investment Preferences - Public funds are primarily focused on technology and consumer sectors, leading to significant inflows into several Hang Seng Tech ETFs [6][7]. - Insurance funds prefer high-dividend and low-volatility assets, seeking stable cash flows, with a notable interest in financial and energy sectors [8][14]. Group 4: IPO Market - The Hong Kong IPO market has seen a strong recovery, with over 107 billion HKD raised in the first half of 2025, a 22% increase from the previous year [11][12]. - The number of IPO applications has surged to approximately 200, with a notable increase in the quality of companies going public [11]. Group 5: Valuation and Future Outlook - Despite the strong performance, the valuation of the Hong Kong market remains attractive, with the Hang Seng Index trading at a TTM P/E ratio of 10.68 and a dividend yield of 3.93% [13]. - Analysts suggest a balanced investment strategy focusing on high-growth technology and new economy sectors, alongside stable dividend-paying assets to mitigate external volatility [13][14].