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 has experienced 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 year-long trend of capital inflow despite short-term market adjustments [1][2]. Group 1: Market Performance - The Hang Seng Index and Hang Seng Tech Index saw maximum drawdowns of 5.3% and 7.79% respectively over the last 10 trading days as of August 5 [2]. - Southbound capital has already surpassed last year's total inflow, reaching 884.38 billion HKD year-to-date, marking a historical high [3][4]. Group 2: Fund Flows and ETF Growth - The trend of investing in Hong Kong stocks through ETFs has surged, with the total scale of 79 Hong Kong Stock Connect-themed ETFs increasing nearly twofold to 238.16 billion HKD compared to the end of last year [3]. - Notably, some ETFs, such as the Huatai-PineBridge China Innovation Drug ETF and the GF CSI Hong Kong Stock Connect Non-Bank Financials ETF, have seen their scales grow over 14 times this year [3]. Group 3: Institutional Investment Trends - Over 1,700 public fund products increased their allocation to Hong Kong stocks in the second quarter, with 250 funds raising their allocation by more than 10 percentage points [4]. - Public funds' holdings in Hong Kong stocks reached a record high of 39.8% of their total stock investment value by the end of the second quarter [4]. Group 4: Sector Focus and Investment Logic - The main sectors for public fund increases include pharmaceuticals, banks, and non-bank financials, with significant stock increases in companies like CSPC Pharmaceutical Group and China Construction Bank [6]. - The investment logic has shifted from mere valuation recovery to a value reassessment based on new productive forces and high-quality development, reflecting a global recognition of the relative value of Chinese assets [6][7]. Group 5: Future Outlook - Analysts maintain a positive outlook for both Hong Kong and A-shares, suggesting that "buying on dips" could provide strong support due to attractive valuations, particularly in AI-related tech stocks [7]. - There is an expectation of increased "converging trading" opportunities between A-shares and Hong Kong stocks, especially as southbound investor interest rises [7][8].