内外资奔涌共振驱动港股流动性稳步提升

Group 1 - The continuous inflow of domestic and foreign capital into the Hong Kong stock market reflects a global capital "rebalancing" logic adjustment, driven by increased uncertainty in global economic growth and a robust recovery in the Chinese economy [1][2] - The Hong Kong stock market has shown significant performance, with the Hang Seng Index and Hang Seng Tech Index both rising over 30% year-to-date, supported by earnings recovery and strong growth in sectors like new consumption and AI [2][3] - Despite the strong performance, the valuation levels of Hong Kong stocks, particularly in the tech sector, remain significantly lower than those in other major global markets and A-shares, indicating a potential for valuation correction [2][3] Group 2 - Structural trends in the Hong Kong stock market are evident, with capital favoring sectors and leading companies that have strong earnings support, growth potential, and favorable policies, such as Alibaba, Tencent, Xiaomi, and SMIC [3] - The continuous inflow of capital is expected to enhance the overall valuation levels of the Hong Kong market and provide investors with opportunities to share in market growth [2][3] - The improvement of the connectivity mechanism is anticipated to further enhance liquidity in the Hong Kong stock market, solidifying its position as an indispensable hub connecting mainland China and global markets [3]