南向资金重回净流入！港股何时再度跑赢A股？

Group 1 - The core viewpoint of the articles highlights the recent improvement in liquidity in the Hong Kong stock market, with southbound funds returning to net inflow after a period of decline [1] - As of 13:40 on December 15, southbound funds recorded a net purchase exceeding 1.8 billion HKD, with the Hong Kong Stock Connect (Shanghai) contributing over 1.726 billion HKD and the Hong Kong Stock Connect (Shenzhen) adding over 144 million HKD [1] - Southbound fund inflows had previously reached a record net inflow of 1.4 trillion HKD this year, but have since declined significantly, with the 10-day moving average dropping from an average of 7 billion HKD to less than 1 billion HKD [1] Group 2 - The Hong Kong stock market has shown weakness, failing to keep pace with the recovery seen in US and A-shares, with the Hang Seng Index falling by 2.2% and the Hang Seng Tech Index down by 0.7% since late November [1] - In contrast, A-shares and US stocks have posted positive returns, with the CSI 300 up by 0.5%, and the S&P 500 and Nasdaq rising by 5.5% and 6.9% respectively [1] - The sensitivity of the Hong Kong market to liquidity changes is emphasized, with recent negative factors including weak funding conditions, rising US Treasury yields, and the unlocking of IPOs [1] Group 3 - CICC's strategist Liu Gang notes that while short-term liquidity disturbances exist, they may be exaggerated by market sentiment [2] - The relationship between active public funds reducing their positions in Hong Kong stocks and future market expectations is highlighted, indicating that the influx of IPOs creates both demand for funds and increases the supply of quality companies [2] - CICC identifies potential factors that could lead to Hong Kong stocks outperforming A-shares, including accelerated inflows of southbound funds, expectations of US Federal Reserve interest rate cuts, stabilization of domestic fundamentals, and the emergence of clear structural themes [2]