万亿资金南下，买了啥？

Group 1 - Significant capital inflow into Hong Kong stocks has been observed, with net inflows exceeding 1 trillion HKD this year, more than doubling compared to the same period in 2024 [1][5] - The top three stocks attracting southbound capital this year are Alibaba, Meituan, and China Construction Bank, with Alibaba alone seeing net purchases exceeding 100 billion HKD [1][11] - The sectors receiving the most attention from southbound funds include consumer discretionary retail, banking, non-bank financials, and pharmaceutical biotechnology, with consumer discretionary retail netting 178.29 billion HKD [7][8] Group 2 - Southbound funds have consistently recorded net inflows for nine consecutive trading days in September, with over 30 billion HKD net inflow in the first week of September alone [3][1] - The cumulative net purchase amount of southbound funds since the launch of the mutual market access mechanism has surpassed 4.7 trillion HKD, with the current year's net purchases accounting for 22% of this total [5][1] - Analysts suggest that the revaluation of Chinese assets is ongoing, particularly with the expectation of interest rate cuts by the Federal Reserve, which may lead to a bullish trend in Hong Kong stocks [1][13] Group 3 - The investment focus is expected to remain on sectors such as technology, pharmaceuticals, consumption, and manufacturing, which are considered core assets in China [14][13] - The valuation of Hong Kong stocks is perceived to be attractive, especially as global funds reassess Chinese assets, indicating a high long-term allocation value [14][13] - Companies benefiting from policy support and trends in AI development, as well as undervalued consumer firms expected to improve performance, are highlighted as key investment opportunities [14][13]