南向资金净买入超9000亿港元，都在买啥？

Group 1 - Southbound capital has become the main force driving the Hong Kong stock market, with a cumulative net inflow exceeding 900 billion HKD this year, surpassing the total for last year and setting a historical record [1] - The continuous inflow into Hong Kong stocks is driven by three main factors: the attractiveness of Hong Kong stocks after adjustments from 2021 to 2023, a global asset rebalancing from USD assets to non-USD assets, and the resonance of China's asset revaluation and industrial transformation, particularly in sectors like AI, innovative pharmaceuticals, and new consumption [1] - The CSI Hong Kong Stock Connect Technology Index has gained market favor this year, with the scale of its tracking ETF products expanding from 7.7 billion HKD at the end of 2024 to 27.8 billion HKD, marking a 259% increase, the highest growth rate among similar indices [1] Group 2 - The CSI Hong Kong Stock Connect Technology Index has the fewest sample stocks among similar indices (30 stocks) but has a higher proportion of weighted stocks, focusing on leading technology companies in Hong Kong [2] - The top five weighted stocks in the index account for 57% of the total, while the top ten account for 77%, including major tech giants like Tencent, Alibaba, Xiaomi, BYD, and SMIC, providing investors with a basket of quality tech assets [2] - The Hong Kong tech sector is entering a golden window for systematic valuation reshaping due to multiple favorable factors, including the release of computing power from the H20 chip unblocking, the continuous surge in global AI computing demand, and the rational return of the market following a cooling of the food delivery subsidy war [2]