南向资金“扫货”港股，年内净流入超万亿港元

Core Insights - Southbound capital inflow into Hong Kong stocks has exceeded 1 trillion HKD this year, marking a record high since the launch of the Hong Kong Stock Connect in 2014 [1][3] - The continuous net inflow of southbound funds indicates a growing demand from mainland investors for Hong Kong stocks, with a total inflow of approximately 4.7 trillion HKD since the launch of the Stock Connect [3] Inflow Trends - As of September 2, 2023, the net inflow of southbound funds reached approximately 1,000.22 billion HKD, with a single-day inflow of 9.281 billion HKD [1][3] - The annual net inflow has shown a consistent upward trend, with significant increases noted in 2015 (127.18 billion HKD), 2017 (339.94 billion HKD), and peaks in 2020 (672.13 billion HKD) and 2021 (454.39 billion HKD) [3] Market Dynamics - Goldman Sachs has raised its forecast for southbound capital inflow in 2025 from 110 billion USD to 160 billion USD, approximately 1.25 trillion HKD [4] - The daily trading volume of southbound funds has increased from around 5% at the beginning of the Stock Connect to approximately 36% currently, indicating enhanced liquidity in the Hong Kong market [4] Investment Preferences - Key factors driving the inflow include the valuation advantages of Hong Kong stocks, high dividend yields, and unique investment opportunities in sectors like technology and new consumption [5] - The top ten stocks with the highest net purchases by southbound funds include Alibaba, Tencent, and Meituan, reflecting a preference for companies with global competitiveness and stable cash flows [6] Sector Focus - Southbound funds are primarily concentrated in the financial, technology, and biopharmaceutical sectors, driven by stable dividend yields, low valuations, and strong growth potential [7] - The influx of southbound capital is reshaping the investment landscape in Hong Kong, enhancing the influence of mainland investors on market pricing and expectations [7][8] Future Outlook - Analysts predict that the Hong Kong market will experience a significant growth phase driven by technological innovation and capital inflow, with a potential recovery in valuation and profit expectations [8] - The shift from retail to institutional investors in southbound capital is expected to enhance the professional investment capabilities and value discovery in the market [9]