南向资金+公司回购+外资流入！港股科技资产强势拉升

Group 1 - The Hong Kong stock market opened strongly on September 12, with Alibaba rising nearly 7% and Tencent Holdings increasing by 2.94% [1] - The A-share market outperformed the Hong Kong market significantly from late June to the end of August, with the CSI 300 index rising by 14.66% and the ChiNext index increasing by 36%, while the Hang Seng Index only rose by 3.26% [1] - As of September 10, both the Hang Seng Index and the Hong Kong Technology Index had increased by over 4%, contrasting with the ChiNext index's 0.4% rise and the CSI 300 index's 1.14% decline during the same period [1] Group 2 - The Hong Kong market is experiencing accelerated southbound capital inflows, with a net inflow exceeding 1 trillion HKD year-to-date as of September 9 [2] - There has been a significant trend of share buybacks among Hong Kong-listed companies, particularly in the technology and biotechnology sectors, with Tencent Holdings leading the buyback scale at over 499 billion HKD [2] - Since late August, the outflow of active foreign capital from the Hong Kong market has decreased, while passive foreign capital inflows have accelerated, indicating a shift in investment dynamics [2] Group 3 - The U.S. PPI data released on September 10 showed a year-on-year increase of 2.6%, lower than the expected 3.3%, leading to increased expectations for a 50 basis point rate cut by the Federal Reserve [3] - Historical analysis indicates that the Hong Kong market tends to perform well in the 12 months following the Fed's first rate cut, with the Hang Seng Index rising over 42% since September 18, 2024 [3] - The anticipated rate cuts by the Federal Reserve are expected to enhance the allocation value of Chinese assets, particularly in the Hong Kong internet sector, which is sensitive to interest rates and has global competitive advantages [3]