南向+外资持续流入，增量资金护航港股长牛

Group 1 - The core viewpoint is that southbound capital inflow into Hong Kong stocks has exceeded 940 billion HKD this year, marking the fastest inflow since the launch of the Stock Connect, surpassing the total inflow of the previous year [1] - From January to March, southbound funds significantly and continuously flowed into Hong Kong stocks due to the revaluation of domestic AI, while April saw a shift to a corrective phase after external tariff risks led to a market drop, with a net inflow of 166.7 billion HKD in April [1] - In May, the inflow slowed as the market recovered quickly, with a notable single-day net outflow of 18.5 billion HKD on May 12, following profit-taking after substantial inflows [1] - By the end of May, a new inflow trend began, with a total net inflow of over 215 billion HKD in June and July, averaging 5.1 billion HKD per day [1] - Hong Kong technology stocks are the preferred choice for overseas funds allocating to Chinese equity assets, with passive foreign capital having net inflows into Hong Kong stocks for eight consecutive weeks, totaling 6.93 billion USD [1] Group 2 - The global technology cycle is currently experiencing a new wave led by AI, which is rapidly penetrating various economic and social sectors [2] - China is in a transitional phase of economic development, where technological innovation is key to driving industrial structure upgrades, with the technology sector being a focus of policy support [2] - Hong Kong stocks in the technology sector gather core assets related to domestic AI, covering the entire industry chain, and are expected to benefit continuously from the accelerated penetration of AI [2] Group 3 - Relevant ETFs include the Hang Seng Internet ETF (513330) and the Hong Kong Stock Connect Technology ETF (subscription code 159101) [3]