南向资金年内扫货逾8200亿港元，超去年总和！港股结构性行情有望延续

Market Overview - The Hong Kong stock market continued its upward momentum last week, with the Hang Seng Index rising by 2.27% to close at 25,388.35 points, the Hang Seng Tech Index increasing by 2.51% to 5,677.90 points, and the National Enterprises Index gaining 1.83% to 9,150.49 points [1] Southbound Capital - On July 25, southbound capital recorded a significant net purchase exceeding 20 billion HKD. Since 2025, the cumulative net purchase amount has surpassed 820 billion HKD, exceeding the total net purchase of 807.87 billion HKD for the entire year of 2024 [2] Hot Topics - The World Artificial Intelligence Conference (WAIC) is set to take place in Shanghai on July 26, featuring five major segments including forums, exhibitions, competitions, and innovation incubation, showcasing the latest practices in AI technology and industry trends [3] - During the WAIC, Tencent announced the release and open-sourcing of the industry's first 3D world generation model, the Hongyuan 3D World Model 1.0, by its Vice President of Tencent Cloud [3] Short Selling Data - On July 25, a total of 622 Hong Kong stocks were short-sold, with a total short-selling amount of 25.60 billion HKD. The top three stocks with short-selling amounts exceeding 1 billion HKD were BYD (13.24 billion HKD), Meituan (12.64 billion HKD), and Tencent Holdings (12.10 billion HKD) [4] Institutional Insights - According to Ping An International, the Hong Kong stock market is expected to exhibit a structural market trend in the short term. As new investment themes have yet to emerge, sector rotation is anticipated to accelerate. With the half-year earnings reporting period approaching, market participants have high expectations for corporate earnings, and even if earnings meet or slightly exceed consensus expectations, it may not satisfy some institutional investors, potentially leading to a market pullback. In such a scenario, funds may rotate from crowded sectors like new consumption, innovative pharmaceuticals, and banking to less crowded sectors with lower valuations and better earnings prospects, such as the technology sector related to the AI industry [5] Related ETFs - Key ETFs mentioned include: - Hang Seng Pharmaceutical ETF (159892) - Hang Seng Internet ETF (513330) - Hong Kong Consumption ETF (513230) - Hong Kong Automotive ETF (159323) - Hang Seng Tech Index ETF (513180) [5]