Core Viewpoint - The southbound capital has experienced explosive growth in 2023, with a record net inflow of over 940 billion HKD by August 18, indicating strong investor interest in Hong Kong stocks despite recent underperformance compared to A-shares [2][3]. Group 1: Southbound Capital Inflow - As of August 18, the cumulative net inflow of southbound capital reached over 940 billion HKD, setting a historical high [2][9]. - Some brokerages predict that the total net inflow for the year could exceed 1.2 trillion HKD, which may support an upward trend in the Hong Kong stock market [3][12]. - The recent trend shows that southbound capital is increasingly targeting undervalued, high-dividend assets and technology stocks [4][15]. Group 2: Market Performance - The Hang Seng Index and the Hang Seng Tech Index saw maximum gains of 33% and 49% respectively in the first half of the year, but have underperformed since mid-June [5]. - On August 18, the Hang Seng Index fell by 0.37%, marking a three-day decline of 1.71% [7]. - Despite the market's pullback, southbound capital has accelerated its buying pace, with a record single-day net purchase of 358.76 billion HKD on August 15 [8][9]. Group 3: Investment Strategies - Current investment strategies among southbound capital include a focus on low-valuation, high-dividend assets and high-growth technology sectors [4][15]. - Institutional investors are generally optimistic about the dividend potential of Hong Kong stocks, favoring a "barbell strategy" that balances low-valuation, high-dividend assets with high-growth technology stocks [16][17]. - The high dividend yield and growth potential of Hong Kong stocks are seen as attractive in a low-risk interest rate environment, providing a compelling case for long-term investment [10][14].
爆买!南向资金年内狂扫近万亿港元创纪录 神秘扫货清单曝光
2 1 Shi Ji Jing Ji Bao Dao·2025-08-18 13:36