2026年以来南向资金持续流入机构人士：港股有望震荡上行
Zhong Guo Zheng Quan Bao·2026-01-13 20:46

Core Viewpoint - The southbound capital flow into the Hong Kong stock market reached a record net inflow of 1,404.84 billion HKD in 2025, continuing into 2026 with a cumulative net inflow of 41.296 billion HKD as of January 13, 2026, contributing to a strong performance in the Hong Kong stock market [1][2]. Group 1: Southbound Capital Flow - In 2025, southbound capital was the largest incremental funding source for the Hong Kong stock market, with a total net inflow of 1,404.84 billion HKD, setting a record for annual net inflow [1]. - As of January 13, 2026, southbound capital continued to increase, with a cumulative net inflow of 41.296 billion HKD in just seven trading days, with six of those days showing net inflows [2]. - The number of shares held by southbound capital reached 5,643.75 billion shares as of January 12, 2026, an increase of 6.39 million shares since the beginning of 2026, with a total market value of 6.33 trillion HKD [2]. Group 2: Market Performance - The Hang Seng Index, Hang Seng China Enterprises Index, and Hang Seng Technology Index saw cumulative increases of 4.75%, 4.17%, and 6.41% respectively since the beginning of 2026 [4]. - Over 80% of the constituent stocks in the Hang Seng Index have risen, with notable increases in stocks such as Alibaba Health, WuXi Biologics, and JD Health, all exceeding 20% [4]. - The healthcare, materials, and conglomerates sectors led the market with increases of 15.46%, 12.86%, and 7.62% respectively, while only the telecommunications sector saw a decline of 0.49% [4]. Group 3: Valuation and Future Outlook - The rolling price-to-earnings ratio of the Hang Seng Index increased to 12.27 times as of January 13, 2026, up from 11.77 times at the beginning of 2026 [5]. - Analysts predict that the Hong Kong stock market will benefit from domestic policies and external economic conditions, with expectations of a second round of valuation recovery and further earnings growth in 2026 [6]. - Key investment themes include technology innovation, cyclical industries, and consumer sectors, with a focus on AI-related sectors, healthcare, and resource commodities [7].