南向资金重回净流入，恒生科技指数ETF（513180）盘中转涨

Core Viewpoint - The Hang Seng Tech Index experienced fluctuations, with a notable recovery in southbound capital inflows after a significant outflow on August 28, indicating potential for a "catch-up" rally in the tech sector [1] Group 1: Market Performance - The Hang Seng Tech Index opened high but saw a decline before strengthening again, with gold stocks performing well while the semiconductor sector faced collective adjustments [1] - The largest ETF tracking the Hang Seng Tech Index (513180) saw gains, with leading stocks including Haier Smart Home, SenseTime, Trip.com, and Li Auto, while Honghua, Tencent Music, and SMIC faced declines [1] Group 2: Capital Flows - On August 28, southbound capital experienced a significant net outflow of 20.441 billion HKD, but by the time of reporting, there was a recovery with over 5 billion HKD net inflow [1] - According to Cathay Pacific Securities, the total annual net supply of southbound capital is expected to exceed 1.2 trillion HKD, suggesting a marginal improvement in foreign investment [1] Group 3: Investment Opportunities - Domestic institutional investors, particularly public funds, have considerable room for increased allocation to Hong Kong stocks, with an estimated total scale of 300 to 450 billion HKD for public funds this year [1] - Insurance capital is projected to see actual incremental growth of around 250 to 400 billion HKD, benefiting from steady growth in premium income [1] - The Hang Seng Tech Index has underperformed compared to the A-share tech sector, but improved external liquidity narratives may enhance its upward momentum, presenting a potential "catch-up" opportunity [1]