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, the highest monthly level since November 2024 [1] - Passive funds saw a net inflow of $5.2 billion in September, with a total net inflow of $18 billion year-to-date, significantly surpassing the full-year total of $7 billion in 2024 [1] - Semiconductor sector saw increased positions from active fund managers, while insurance, durable consumer goods, and apparel sectors experienced reduced positions [1] Group 2 - The Hang Seng Technology Index rose by 13.9% in September, leading global major indices [1] - Semiconductor stocks such as SMIC and Hua Hong Semiconductor reached historical highs, with SMIC closing at HKD 90.9 per share (up 1.39%) and Hua Hong at HKD 87.5 per share (up 2.1%), with year-to-date increases of 185.85% and 304.16% respectively [1] - Positive policy releases have significantly boosted confidence in both A-share and Hong Kong markets, with continued acceleration of southbound capital inflows into the Hong Kong market [1] 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 [2] - Opportunities in A-shares are likely to be concentrated in the technology growth sector, while Hong Kong benefits from its unique market structure and external liquidity expectations [2] - Key focus areas include AI computing power, semiconductor self-sufficiency, solid-state batteries, commercial aerospace, and controllable nuclear fusion, as highlighted by various securities reports [2]