港股早参 | 7月南向资金累计净买超1300亿，国常会部署深入实施“人工智能+”行动

Market Overview - As of July 31, Hong Kong's three major indices closed lower, with the Hang Seng Index down 1.6% at 24,773.33 points, the Hang Seng Tech Index down 0.69% at 5,453.14 points, and the National Enterprises Index down 1.72% at 8,882.95 points [1] - AI concept stocks showed strength against the trend, while large tech stocks generally declined, and sectors like financials, energy metals, and real estate performed poorly [1] - Notable stocks included Kuaishou rising nearly 6.5%, Alibaba falling over 1%, Meituan down over 4.5%, and Xiaomi Group down nearly 3% [1] Southbound Capital - On July 31, southbound capital net bought Hong Kong stocks worth 13.126 billion HKD, with a cumulative net purchase of 135.648 billion HKD in July [2] - Year-to-date, southbound capital has seen a cumulative net inflow of 866.842 billion HKD, marking a historical high for annual net inflows [2] U.S. Market Performance - Overnight, U.S. stock indices closed lower, with the Dow Jones Industrial Average down 0.74%, the S&P 500 down 0.37%, and the Nasdaq down 0.03% [3] - Large tech stocks had mixed results, with the U.S. Tech Giants Index up 1.31% and Facebook up 11.29%, while Qualcomm fell 7.71% [3] - The Nasdaq China Golden Dragon Index rose 0.66%, indicating a positive trend for Chinese concept stocks [3] Key Messages - On July 31, the State Council approved the "Artificial Intelligence +" action plan, emphasizing the acceleration of AI technology and its commercial application across various sectors [4] - The "Stablecoin Regulation" in Hong Kong took effect on August 1, with the Hong Kong Monetary Authority releasing guidelines for licensed stablecoin issuers, indicating a likely early application for licenses by major banks [4] Short Selling Data - On July 31, a total of 611 Hong Kong stocks were short-sold, with a total short-selling amount of 35.811 billion HKD [5] - The top three stocks by short-selling amount were Meituan at 3.476 billion HKD, Alibaba at 2.506 billion HKD, and Kuaishou at 1.374 billion HKD [5] Institutional Insights - Zhongtai Securities noted that the Hong Kong tech sector still holds long-term investment value, with leading tech companies having strong competitive advantages and valuation upside [6] - The tech sector's overall profitability is stabilizing, entering a performance realization phase in the second half of the year, presenting a rare combination of "returns + growth" [6] Hong Kong ETFs - The Hong Kong Consumption ETF (513230) focuses on e-commerce and new consumption sectors, which are relatively scarce compared to A-shares [7] - The Hang Seng Tech Index ETF (513180) includes core AI assets and leading tech companies that are also relatively scarce compared to A-shares [7]