Hua Xia Shi Bao·2025-09-16 09:57Core Viewpoint - The influx of mainland capital into the Hong Kong stock market has accelerated in 2025, with a net buying amount of 1.09 trillion HKD by September 15, surpassing the total for the entire year of 2024, indicating a significant shift in market dynamics and pricing logic towards a new era of domestic pricing in Hong Kong stocks [2][3][4]. Group 1: Capital Inflow Dynamics - As of September 15, 2025, the net buying amount of southbound funds reached 1.09 trillion HKD, exceeding the total net buying amounts from 2020 to 2024, which were 672.125 billion HKD, 454.396 billion HKD, 386.291 billion HKD, 318.842 billion HKD, and 807.869 billion HKD respectively [3]. - The continuous inflow of southbound funds is reshaping the pricing logic and ecological structure of the Hong Kong stock market, leading to a liquidity boom driven by these funds [3][4]. Group 2: Investment Focus and Trends - The primary focus of the inflow is on high-growth sectors such as innovative pharmaceuticals and technology, with significant interest in leading internet companies like Alibaba, Meituan, and Tencent [2][5]. - By September 15, 2025, southbound funds had net purchases of over 130 billion HKD in Alibaba, more than 50 billion HKD in Meituan, and approximately 25 billion HKD in Tencent, highlighting strong investor confidence in these companies [5][6]. Group 3: Market Outlook - Multiple institutions express optimism about the future of the Hong Kong stock market, suggesting that liquidity easing and improving corporate earnings will support a structural market rally, particularly in technology and finance sectors [7][8]. - The potential for a U.S. interest rate cut could further enhance the attractiveness of the Hong Kong market, allowing it to capture more international capital seeking higher-risk assets [7][8].