爆发，资金大举买入

Core Viewpoint - The strong inflow of southbound funds into the Hong Kong stock market is driven by the "profit-making effect," reflecting the confidence of mainland investors in core assets of the Hong Kong market [1][3]. Fund Inflow and Market Performance - On August 5, southbound funds recorded a net purchase of HKD 234.25 billion, marking the second instance in a month where daily net inflow exceeded HKD 200 billion [1][3]. - Year-to-date, the total net inflow of southbound funds into Hong Kong stocks has reached HKD 8843.81 billion, setting a historical record [3][6]. - Analysts attribute the recent market recovery to improved Sino-U.S. relations and rising expectations for U.S. Federal Reserve interest rate cuts, which have bolstered investor confidence [1][3]. Economic Indicators and Predictions - Recent U.S. labor market data indicates a slowdown, with July's non-farm payrolls adding only 73,000 jobs, below expectations, and an uptick in the unemployment rate to 4.2% [3]. - Goldman Sachs predicts that the Federal Reserve may begin a series of rate cuts starting in September, potentially reducing rates by 25 basis points three times [3]. Market Dynamics and Investment Sentiment - The Hong Kong stock market is significantly influenced by U.S. monetary policy, with liquidity and bond rates playing a crucial role [4]. - The analysis framework for the Hong Kong market has shifted to consider the competitive liquidity landscape in the Asia-Pacific region, emphasizing the importance of foreign capital allocation [4]. Corporate Performance and IPO Activity - Several Hong Kong-listed companies have reported strong mid-year earnings, attracting further interest from mainland investors. For instance, WuXi AppTec reported a revenue of HKD 20.799 billion, a year-on-year increase of 20.6% [4]. - The Hong Kong IPO market has been active, with 42 IPOs completed in the first half of the year, raising over HKD 107 billion, a 22% increase compared to the previous year [9]. Long-term Outlook - The total net inflow of southbound funds for the year is expected to exceed HKD 1 trillion, with a potential slowdown in the inflow rate in the second half of the year [6][7]. - Analysts believe that the long-term investment value of the Hong Kong stock market remains intact, despite potential short-term volatility [6].