“赚钱效应”持续！港股 两大资金共振→

Core Viewpoint - The Hong Kong stock market has shown strong performance since 2025, with the Hang Seng Index increasing nearly 28% year-to-date, driven by significant inflows of southbound capital and renewed interest from foreign investors in Chinese assets [1][2][3]. Group 1: Market Performance - The Hang Seng Index has reached new highs in 2025, with a year-to-date increase of approximately 28%, making it one of the top-performing markets globally [1]. - Southbound capital has seen a net inflow of nearly 800 billion HKD this year, approaching the total for the entire year of 2024, indicating a potential record-breaking year [1][4]. - As of July 24, the Hang Seng Index, Hang Seng Tech Index, and Hang Seng China Enterprises Index have year-to-date increases of 27.95%, 28.53%, and 26.99% respectively, with various sectors experiencing significant growth [8]. Group 2: Foreign Investment Trends - Foreign investors have begun to reassess the value of Chinese assets, with a net increase of 10.1 billion USD in domestic stocks and funds in the first half of the year, reversing a two-year trend of net selling [2][3]. - South Korean investors have traded over 5.4 billion USD in A-shares and Hong Kong stocks this year, making China their second-largest overseas investment destination after the U.S. [2]. - The return of foreign capital is attributed to a global rebalancing of investments, with funds shifting from traditional safe-haven assets like U.S. dollars and bonds to Asian markets [2][3]. Group 3: Southbound Capital Dynamics - Southbound capital's inflow is reshaping the market ecosystem, with a cumulative net inflow of nearly 4.5 trillion HKD since the launch of the Stock Connect program [4]. - The proportion of southbound capital in trading has increased to 35%, with significant contributions from individual investors and exchange-traded funds (ETFs) [4][6]. - The demand for Hong Kong stocks from mainland investors is rising, supported by narratives around AI, new consumption, and innovative pharmaceuticals [4][7]. Group 4: Future Market Outlook - Analysts expect that the influx of southbound capital and foreign investment will continue to support the Hong Kong market, with potential additional liquidity from stock buybacks by Hong Kong companies [6][10]. - Despite the significant gains in the market, many companies still exhibit low price-to-book (PB) and price-to-earnings (PE) ratios, indicating further growth potential [10]. - Potential opportunities in the second half of the year include sectors focused on domestic demand, technology innovation, and industries with strong comparative advantages in exports [11].