南向大买港股：买了多少？买了什么？还有多少空间？

Core Insights - The Hong Kong stock market, represented by indices such as the Hang Seng Index and Hang Seng Tech, has significantly outperformed both the US and A-share indices in 2025, capturing the top three positions in year-to-date performance [1][2]. Group 1: Capital Inflow - As of last week, the net capital inflow from the southbound trading has reached 692.1 billion yuan, which is equivalent to 93.02% of the total inflow for the entire year of 2024 [4]. - In the first quarter of 2025, the southbound net inflow reached a historic high of 411.3 billion yuan, indicating strong investor interest [4]. - By the end of February 2025, the southbound inflow had already surpassed the total inflow for the years 2021-2023, and it is expected to exceed the total for 2024 soon [4]. Group 2: Investment Preferences - Prior to 2024, retail investors were the main contributors to southbound capital, but in 2025, institutional investors such as public funds and insurance companies have been the primary drivers, accounting for approximately 60% of the total inflow [6]. - Active public funds have primarily invested in sectors like internet, semiconductors, and innovative pharmaceuticals, while ETFs have also favored internet and innovative pharmaceutical sectors [7]. - Insurance capital has shown a preference for banking and insurance sectors within the Hong Kong market [7]. Group 3: Future Potential - Institutions estimate that there is still room for increased southbound capital allocation in the second half of 2025, with the total net inflow expected to exceed 1 trillion yuan for the year [9]. - Public funds are projected to contribute an additional 200-300 billion yuan in net inflow [13]. - The attractiveness of Hong Kong's scarce assets, particularly those related to the AI industry, is expected to drive further investment, with companies like Xiaomi, Tencent, and Alibaba benefiting from valuation recovery [13]. - The Hong Kong Tech 50 ETF (159750) has a high concentration of core internet stocks and covers various high-tech sectors, indicating a robust investment landscape [15].