Market Performance - The Hong Kong stock market showed resilience with a low open and a strong recovery, as all three major indices closed higher. The Hang Seng Index rose by 0.72% to close at 25,967.98 points, while the Hang Seng Tech Index and the National Enterprises Index increased by 0.48% and 0.83%, respectively. The total trading volume on the main board reached HKD 245.26 billion [1]. Fund Flows - Despite a weak early market performance, southbound funds exhibited significant net buying, with a net inflow of HKD 5.345 billion. Notable net purchases included China National Offshore Oil Corporation with HKD 980 million, Pop Mart with HKD 793 million, and Meituan with HKD 524 million [2]. Sector Performance - The technology sector saw more gains than losses, with Meituan rising over 4% and Alibaba, Tencent, JD.com, and Baidu all increasing by over 1%. In contrast, the semiconductor sector faced declines, particularly with Hua Hong Semiconductor dropping over 4% due to potential U.S. export controls on products using American software to China. Additionally, Nvidia has completely exited the Chinese AI chip market, and Micron plans to halt server chip supplies to China [7]. Institutional Outlook - Goldman Sachs highlighted the significant potential of retail investors in the Chinese stock market, although a shift in investment habits may take years. The firm believes that corporate earnings growth remains the core driver of the Chinese stock market, suggesting that recent market pullbacks could present a buying opportunity. Longjiang Securities noted that trade frictions do not alter the slow bull market trend for Hong Kong stocks, identifying three potential growth areas: AI technology and new consumption, continued inflow of southbound funds, and improved global liquidity from potential U.S. interest rate cuts [8].
南向资金53亿港元低位抢筹 机构齐呼港股"逢低买入"时机到
Xin Lang Cai Jing·2025-10-23 10:09