爆买！超1万亿港元！

Core Insights - The Hong Kong stock market has seen significant inflows from southbound funds, with a net purchase of 92.81 billion HKD on September 2, leading to an annual net purchase exceeding 1 trillion HKD, the highest since the launch of the mutual market access mechanism [1][2] - The Hang Seng Index and Hang Seng Tech Index have both risen over 20% this year, contributing to the attractiveness of the Hong Kong market for mainland investors [2][4] Group 1: Southbound Fund Inflows - Southbound funds have accumulated a total net purchase of nearly 4.7 trillion HKD in the Hong Kong stock market, setting a historical record [1][2] - The proportion of trading volume attributed to southbound funds has increased to over 45% this year, compared to 34.63% in 2024 [6][8] - The influx of southbound funds has created a positive cycle, enhancing liquidity and valuation in the Hong Kong market [1][4] Group 2: Market Dynamics and Investor Behavior - The return of the Hong Kong market's performance has attracted mainland investors, with notable stocks like Xiaomi and Pop Mart reaching new highs, creating a "wealth effect" [4][5] - Low valuations and high dividend yields in the Hong Kong market are appealing to risk-averse investors, especially in a low domestic interest rate environment [5][11] - The strategic positioning of Hong Kong as a platform for RMB internationalization and the return of Chinese concept stocks has further attracted capital [5][8] Group 3: Future Outlook - While there is still room for net purchases from southbound funds, the pace of inflows may slow down due to the recent strong performance of the A-share market, which offers more immediate profit opportunities [11][12] - The overall valuation of the Hong Kong market remains low, but the recent rise in A-shares may lead to a shift in investor focus away from Hong Kong stocks [11][12] - The increasing influence of southbound funds is expected to enhance the correlation between Hong Kong and A-share markets, although southbound funds do not possess absolute pricing power [8][11]