港股小幅盘整，资金逆势抢筹港股通科技ETF南方(159269)，机构看好港股行情继续向好

Group 1 - The Hong Kong stock market experienced a slight decline, but the Southbound Technology ETF (159269) saw a net subscription of 12 million units, with 7 out of the last 10 trading days showing net inflows [1] - As of August 7, Southbound funds have recorded a cumulative net inflow of 894.528 billion HKD this year, significantly surpassing the total net buying amount for the entire previous year [2] - Recent U.S. non-farm payroll data indicated signs of economic slowdown, reinforcing market expectations that the Federal Reserve may lower interest rates to "stabilize growth," which has improved global risk appetite [2] Group 2 - Economist Hong Hao noted that the historic influx of Northbound capital in the first half of the year suggests that the Hong Kong stock market may reach new highs in the second half, especially with potential synchronized interest rate cuts by the Federal Reserve, leading to increased liquidity [2] - The largest holding in the Southbound Technology ETF, Tencent, is set to announce its mid-2025 earnings on August 13, with institutions generally optimistic about its second-quarter performance [2] - The latest price-to-earnings ratio (TTM) for the index tracked by the Southbound Technology ETF is 23.84, which is at the 40.31% historical percentile over the past decade [2] Group 3 - According to Founder Securities, the factors driving the recent strength in the Hong Kong stock market have not reversed, with strong economic fundamentals in China and the current phase being the end of a profit downturn, alongside a series of favorable policies leading to continued acceleration of Southbound capital inflows [2] - The overall liquidity environment remains friendly, with expectations for further inflows to support the positive momentum in the Hong Kong stock market [2]