机构聚焦9月外资流入动向，科技等领域受关注

Group 1 - Morgan Stanley reported that foreign net inflows into the Chinese stock market reached $4.6 billion in September, marking the highest monthly level since November 2024 [1] - Passive funds saw a net inflow of $5.2 billion in September, with a cumulative net inflow of $18 billion for the year, significantly surpassing the full-year total of $7 billion in 2024 [1] Group 2 - Active fund managers notably increased their positions in the semiconductor sector while reducing holdings in insurance, durable consumer goods, and apparel sectors [3] - The Hang Seng Tech Index rose by 13.9% in September, leading global major indices, with stocks like SMIC and Hua Hong Semiconductor reaching historical highs [3] - SMIC's stock closed at HKD 90.9, up 1.39%, and Hua Hong Semiconductor at HKD 87.5, up 2.1%, with year-to-date increases of 185.85% and 304.16% respectively [3] Group 3 - Looking ahead to October, the A-share and Hong Kong markets are expected to benefit from long-term policy layouts, numerous industrial catalysts, and a relatively loose liquidity environment [4] - Opportunities in A-shares are likely to be concentrated in the technology growth sector, while Hong Kong may benefit from its unique market structure and external liquidity expectations [4] - Key focus areas include AI computing power, semiconductor self-sufficiency, solid-state batteries, commercial aerospace, and controllable nuclear fusion, as highlighted by various securities firms [4]