兴业证券：ETF已成为资金流入港股市场的重要载体

Core Insights - The report highlights that since September 2024, the Hong Kong Stock Connect has been continuously injecting incremental funds into the Hong Kong stock market, with ETFs becoming a significant vehicle for this capital inflow [1][2]. Group 1: ETF as a Key Investment Vehicle - ETFs have emerged as a crucial channel for capital inflow into the Hong Kong market, with a cumulative net inflow of 11,438.8 billion yuan since the beginning of 2025, of which 2,763.7 billion yuan flowed through ETFs, accounting for over 20% of the total [2]. - By the end of Q3 2025, the market value of public funds investing in Hong Kong stocks reached 13,117 billion yuan, with passive public funds holding 6,862 billion yuan, representing 52.3% of the total [2]. Group 2: Fund Flow Trends in ETFs - In 2025, there is a noticeable preference for industry and thematic ETFs, while broad-based ETFs are experiencing outflows. The technology sector has become the focal point for capital allocation, with significant interest in innovative pharmaceuticals, large financials, and dividend sectors [3]. - Since the beginning of 2025, nearly 65% of the cumulative net inflow into Hong Kong stock ETFs has been concentrated in the technology sector [3]. - From June 2025 onwards, there has been an accelerated net inflow into Hong Kong stock ETFs, with a widening gap between the total net inflow into all ETFs and that of technology sector ETFs, as innovative pharmaceuticals and large financials have diverted some of the incremental funds [3]. Group 3: Recent Fund Flow Dynamics - In recent months, there has been a significant inflow into technology ETFs, with a net inflow of 20.1 billion yuan since early October 2025, despite adjustments in the Hang Seng Technology Index [5]. - The dividend sector has also seen a marked increase in inflow, with 4.6 billion yuan net inflow since early October, reaching a high level since September 2024 [5]. - Conversely, the inflow into innovative pharmaceutical ETFs has slowed, with a net inflow of 3.5 billion yuan since early October [6].