外资加仓中国，资金为什么爆买港股

Core Viewpoint - Foreign capital is continuously increasing its investment in China, with southbound funds experiencing explosive growth, reaching a record net inflow of over 940 billion HKD as of August 18 this year [1][4][7]. Group 1: Southbound Fund Inflows - As of August 18, southbound funds have accumulated a net inflow of 940.3 billion HKD, surpassing the total for the entire year of 2024, marking a historical high [7]. - It is projected that the total net inflow of southbound funds for the year could exceed 1.2 trillion HKD, which is expected to support the upward trend of the Hong Kong stock market [2][8]. - Recent data shows that southbound funds have been actively buying into Hong Kong stocks even during market pullbacks, with a record single-day net purchase of 358.76 billion HKD on August 15 [7]. Group 2: Investment Strategies - Current investment strategies for southbound funds focus on two main areas: undervalued, high-dividend assets and technology-related assets [2][12]. - Institutional investors are generally optimistic about high-dividend stocks in the Hong Kong market, emphasizing the importance of value and growth expectations in their investment principles [13][14]. - The investment approach includes a "barbell strategy," balancing between low-valuation, high-dividend assets and high-growth, high-volatility technology stocks [12][14]. Group 3: Market Performance and Comparisons - The Hang Seng Index and Hang Seng Technology Index saw significant gains earlier in the year, with maximum increases of 33% and 49% respectively, but have underperformed compared to the A-share market since mid-June [4][5]. - The recent performance divergence between A-shares and Hong Kong stocks is attributed to the latter being in a period of intensive half-year report releases, leading to a more cautious investment sentiment [10][11]. - Despite the recent underperformance, the long-term value of Hong Kong stocks remains attractive due to their unique assets and lower valuations compared to A-shares [11][14].