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超198亿港元南向资金大举抄底 近百亿港元买入两只港股基金
Mei Ri Jing Ji Xin Wen·2025-10-14 04:05

Core Insights - The article highlights a significant influx of southbound capital into the Hong Kong stock market, with a net purchase amounting to 198 billion HKD, marking the largest net buying since August 5 this year [2][4]. Group 1: Southbound Capital Inflows - Southbound capital's net buying reached 198 billion HKD, the highest since August 5, when it was 234 billion HKD, contributing to a strong rally in the Hang Seng Index [2][4]. - The main beneficiaries of this capital influx were the ETFs, specifically the Tracker Fund of Hong Kong (盈富基金) and the Hang Seng China Enterprises Index ETF (恒生中国企业), which collectively saw a net inflow of 94.18 billion HKD [4][5]. Group 2: Fund Performance and Holdings - The Tracker Fund of Hong Kong received a net inflow of 72.83 billion HKD, with 52.08 billion HKD from the Shanghai-Hong Kong Stock Connect and 20.75 billion HKD from the Shenzhen-Hong Kong Stock Connect [5]. - The fund has a net asset size of 150.8 billion HKD and has seen a cumulative growth of 32.70% this year, slightly outperforming the Hang Seng Index [5]. - The Hang Seng China Enterprises ETF attracted a net inflow of 21.35 billion HKD and has a net asset size of 29.178 billion HKD, with a year-to-date growth of 29.38% [9]. Group 3: Sector Allocation - The Tracker Fund focuses on financials (33.56%), consumer discretionary (24.28%), and information technology (18.91%) [5]. - The Hang Seng China Enterprises ETF has a different allocation, with consumer discretionary at 29.36%, financials at 22.43%, and information technology also at 22.43% [9]. Group 4: Market Sentiment and Strategy - The significant buying of ETFs indicates that mainland institutional investors are leveraging short-term market fluctuations for low-positioning, reflecting confidence in long-term valuation recovery in the Hong Kong market [12][13]. - The current valuation advantage of the Hong Kong market, particularly H-shares compared to A-shares, is highlighted, with examples such as SMIC's H-share price being about half of its A-share price [13].