于震荡中寻转机！万亿南向过香江，港股ETF“铁三角”值得关注

Market Overview - The A-share market has experienced significant fluctuations this week, but a correction is considered normal after substantial gains this year [1] - The Hong Kong stock market has seen a similar trend, with pessimists viewing the situation as a potential end to the current rally, while optimists see it as a buying opportunity [1] Capital Flow - Southbound capital has net purchased over 1 trillion HKD in Hong Kong stocks this year, indicating strong buying activity [2][3] - The inflow of southbound capital has remained robust even during periods of market stagnation since April [3] Industry Performance - The financial, pharmaceutical, and technology sectors have seen the highest inflows, forming a "iron triangle" in the Hong Kong stock market [4] - The technology sector is highlighted as a leading performer, driven by policy support and AI trends, with the Hang Seng Tech Index and the Hang Seng Hong Kong Stock Connect Technology Theme Index being key investment vehicles [5][6] ETF Analysis - The Hang Seng Hong Kong Stock Connect Technology Theme Index has outperformed other indices with a nearly 90% return over the past year [5] - The largest ETF tracking this index, the GF Hang Seng Hong Kong Stock Connect Technology Theme ETF, has a scale exceeding 3.5 billion [6] Pharmaceutical Sector - The innovative pharmaceutical sector has rebounded strongly this year, with multiple ETFs related to this sector showing over 100% returns [7] - Approximately 110 Hong Kong biopharmaceutical companies reported positive mid-year earnings, with many showing significant revenue growth [7] Non-Bank Financial Sector - The non-bank financial sector has shown a steady increase, with the relevant index rising over 40% this year [8] - Major brokerage firms have reported positive growth in both revenue and net profit, supporting the sector's performance [8][10]