港股盘整，资金逆势抢筹港股通科技ETF南方(159269)

Core Viewpoint - The Hong Kong stock market experienced a slight decline, but the Southbound Technology ETF (Southern, 159269) saw a net subscription of 12 million shares, indicating continued capital inflow despite the market downturn [1] Group 1: Market Trends - As of August 7, the cumulative net inflow of Southbound funds reached 894.528 billion HKD, significantly surpassing the total net buying amount for the entire previous year [1] - Recent U.S. non-farm payroll data indicated signs of economic slowdown, reinforcing market expectations for the Federal Reserve to lower interest rates to "stabilize growth," which has improved global risk appetite [1] - Economists predict that the historic influx of Northern funds into the South will suggest further highs for the Hong Kong stock market in the second half of the year, especially with potential synchronized interest rate cuts by the Federal Reserve [1] Group 2: Company Performance - Tencent, the largest weighted stock in the Southbound Technology ETF, is set to disclose its mid-2025 performance on August 13, with institutions generally optimistic about its second-quarter results [1] - The latest Price-to-Earnings (P/E) ratio for the index tracked by the Southbound Technology ETF is 23.84 times, which is at the 40.31% historical percentile over the past decade [1] Group 3: Economic Outlook - According to Founder Securities, the driving factors behind the recent strength in the Hong Kong stock market have not reversed, with strong resilience in the underlying economy and the current phase nearing the end of a profit decline cycle [1] - A series of favorable policies have been introduced, contributing to a friendly liquidity environment, which is expected to further accelerate capital inflow into the Hong Kong stock market, enhancing the market outlook [1]