南向资金连续4日净流入！机构：基金新规影响有限，港股流动性有望内外共振

Group 1 - The Hong Kong stock market has experienced continuous adjustments, with the Hang Seng Tech Index falling below the 250-day moving average, a key bull market support line [1] - As of December 18, southbound capital has recorded a net inflow into the Hong Kong stock market for four consecutive days, indicating a long-term commitment to Hong Kong assets rather than short-term trading behavior [1] - Year-to-date, southbound capital has achieved a record net inflow of 1.4 trillion HKD, reshaping the funding structure that previously relied heavily on foreign capital [1] Group 2 - Since late November, the net inflow of southbound capital has been declining, with the 10-day moving average dropping from an average of 7 billion HKD to less than 1 billion HKD, and even turning into net outflows at times [1] - The China Securities Regulatory Commission issued a draft guideline on December 6, requiring fund companies to establish a performance evaluation system centered on investment returns, which may impact fund allocations [2] - As of the third quarter, domestic actively managed equity funds have significantly over-allocated to Hong Kong stocks, with a total over-allocation of approximately 198 billion HKD, while the benchmark allocation for Hong Kong stocks is only 17% [2]