Shen Zhen Shang Bao·2025-11-12 00:34Core Insights - Southbound funds have significantly increased their investment in Hong Kong stocks, with a cumulative net purchase amount exceeding 50 billion HKD since the launch of the Hong Kong Stock Connect program [1][2] Group 1: Investment Trends - As of November 11, southbound funds recorded a net inflow of 44.67 billion HKD, marking the 15th consecutive trading day of net buying [1] - Year-to-date, the net purchase amount by southbound funds has surpassed 1.3 trillion HKD, reaching 1,309.82 billion HKD, setting a new annual record since the program's inception in 2014 [1][2] Group 2: Market Performance - The strong performance of the Hong Kong stock market, with the Hang Seng Index and Hang Seng Tech Index both rising over 30% this year, has positively influenced the continuous net buying by southbound funds [2] - The IPO market in Hong Kong has attracted high-quality new listings, including secondary listings from U.S. and A-share companies, which have expanded the pool of attractive investment targets for southbound funds [2] Group 3: Stock Holdings - Major holdings by southbound funds include Tencent Holdings with a market value of 651.23 billion HKD, Alibaba-W at 344.21 billion HKD, and China Construction Bank at 273.32 billion HKD [2] - In the past month, the top ten net purchases by southbound funds included Xiaomi Group-W, China National Offshore Oil Corporation, and Meituan-W, with net purchase amounts ranging from 8.89 billion HKD to 1.68 billion HKD [3] Group 4: Valuation Insights - Industry experts believe that the current valuation levels of Hong Kong stocks remain attractive, suggesting that the trend of increased investment from southbound funds is likely to continue [4] - The market is seen as having many undervalued stocks with resilient earnings, indicating significant long-term investment value [4]