港美股看台丨年内港股表现领先全球，还能涨吗？

Group 1 - The Hong Kong stock market has shown strong performance in 2025, with the Hang Seng Index rising over 25% year-to-date, outperforming major global markets such as the US, Japan, and Europe [1][2] - The recent volatility in the Hong Kong market, including a 1.36% drop on July 30, marks the largest single-day decline in over a month, raising questions about future opportunities [1][6] - Positive factors driving the Hong Kong market's strength include stable economic performance with GDP growth exceeding 5%, improved US-China relations, and positive developments in certain domestic industries [2][3] Group 2 - Structural factors contributing to the Hong Kong market's performance include valuation advantages and strong profit growth, attracting global capital [3] - The "China asset safe haven" effect has become significant, with international capital reallocating towards Hong Kong amid easing external pressures [3] - Southbound capital has played a crucial role in the Hong Kong market, with net purchases reaching 853.7 billion HKD year-to-date, surpassing the total for the entire previous year [4] Group 3 - The trading activity of Southbound capital has increased, with total transaction volume exceeding 15 trillion HKD in 2025, indicating heightened interest from international investors [4] - Korean financial institutions have shown a strong interest in the Hong Kong market, with their trading volume in the first five months of the year exceeding 1.5 trillion HKD, a significant increase compared to the previous year [5] - Despite recent fluctuations, the Hong Kong market is still considered to have room for growth, as current levels remain significantly below historical highs [6]