公募加码、ETF爆量、南向破纪录，港股后市机会在哪儿？

Core Viewpoint - The Hong Kong stock market is experiencing significant volatility, with southbound capital showing dramatic fluctuations, including a net outflow of over 18 billion HKD followed by a substantial inflow of 234.25 billion HKD, indicating a strong long-term investment trend despite short-term adjustments [1][2]. Group 1: Market Trends - The Hang Seng Index and Hang Seng Tech Index have seen maximum drawdowns of 5.3% and 7.79% respectively in the last 10 trading days as of August 5 [2]. - Year-to-date, southbound capital has flowed into the Hong Kong market totaling 884.38 billion HKD, surpassing the total inflow for the entire previous year of 807.87 billion HKD, marking a historical high [3][4]. - The trend of investing in Hong Kong stocks through ETFs has surged, with the total scale of 79 Hong Kong Stock Connect-themed ETFs reaching 238.16 billion HKD, nearly doubling from 81.99 billion HKD at the end of last year [3]. Group 2: Institutional Insights - Institutional consensus remains optimistic about the long-term value of the Hong Kong stock market, particularly in the technology sector, which is expected to attract future capital due to its high growth potential and technological barriers [1][3]. - Public funds have increased their allocation to Hong Kong stocks, with over 1,700 funds raising their positions in the second quarter, and the proportion of public fund holdings in Hong Kong stocks reaching a new high of 39.8% [4][5]. Group 3: Investment Strategies - The current investment logic in the Hong Kong market has shifted towards structural opportunities, with significant increases in holdings in sectors such as pharmaceuticals, banking, and non-bank financials [6]. - The market is witnessing a valuation uplift driven by policy benefits, global liquidity, and market sentiment, with a focus on high-quality development and new productive forces [6][7]. - There is a growing expectation of "converging trades" between A-shares and Hong Kong stocks, particularly in small-cap stocks, as interest from southbound investors increases [7][8].