AH溢价持续缩窄 南向资金年内净买入额超2024年全年

Group 1 - Southbound funds recorded a net purchase of 201.84 billion HKD on July 25, with 114.74 billion HKD from the Shanghai-Hong Kong Stock Connect and 87.1 billion HKD from the Shenzhen-Hong Kong Stock Connect. Year-to-date, the total net purchase reached 8200.28 billion HKD, surpassing last year's total of 8079 billion HKD, marking a historical high for the same period [1][2] - Southbound funds have been net buyers of Hong Kong stocks for 25 consecutive months, with expectations of exceeding 1 trillion HKD in net inflows for the year. The focus of these investments has been on internet leaders, pharmaceuticals, banks, and insurance companies [1][2] - The Hang Seng Index has risen by 26.56% year-to-date, leading global major indices, driven by active market conditions and abundant liquidity. Southbound funds now account for approximately 35% of the total trading volume in the Hong Kong stock market [2][3] Group 2 - Recent purchases by southbound funds have included significant stakes in internet companies like Kuaishou-W and Meitu, with Kuaishou-W holdings increasing by 23.47 million shares since early July. Goldman Sachs has noted Kuaishou-W's strong fundamentals in advertising and e-commerce, along with its leading AI capabilities [3] - The AH premium index fell to 123.4 points on July 25, the lowest since June 2020, with a year-to-date decline of over 13%. The continuous inflow of southbound funds is a key factor driving the Hong Kong stock market and influencing sector trends [3] - The narrowing of the AH premium is attributed to the revaluation of Hong Kong stocks by southbound funds, particularly the preference of southbound insurance capital for high dividend stocks, indicating a potential continuation of this trend [3]