华泰 | 策略：港股通调整效应进一步增强

Core Viewpoint - The Hang Seng Index Company announced adjustments to the Hang Seng Composite Index, with changes to the Hong Kong Stock Connect list effective from September 8, 2025, following the close of trading on September 5, 2025 [1] Group 1: Adjustments to Hong Kong Stock Connect - The adjustments will include 20 stocks being added to the Hong Kong Stock Connect, while 19 stocks will be removed [1][2] - The sectors of the newly included stocks include Information Technology, Materials, Healthcare, Industrials, Consumer Discretionary, Real Estate, and Consumer Staples [2] Group 2: Performance of Adjusted Stocks - Historical data shows that newly included stocks in the Hong Kong Stock Connect have exhibited significant excess returns, with median and average returns of +1.8% and +5.2% respectively during the adjustment window [3] - Conversely, stocks being removed from the Hong Kong Stock Connect have underperformed the market, with median returns of -4.6% and -5.3% during the respective periods [3] Group 3: Market Dynamics and Trends - There has been a notable "running ahead" phenomenon, where stocks predicted to be included have outperformed the Hang Seng Index by an average of 29.2% since July 1, 2025, indicating increased speculative trading [4] - The continuous inflow of southbound funds has enhanced the adjustment effects of the Hong Kong Stock Connect, reflecting a shift in pricing power towards Hong Kong stocks [4]