香港市场流动性报告（2024年3月）

Market Liquidity and Index Trends - The CCB International Hong Kong Market Liquidity Index and Hang Seng Index (HSI) cumulative difference has narrowed over the past month, indicating a potential market shift[1][4] - The Hang Seng Index has shown a recovery trend over the past month, supported by liquidity conditions[18] - The difference between the liquidity index and HSI reached 2 standard deviations last month, a level historically associated with market rebounds[20] Trading Volume and Market Activity - Hong Kong's average daily trading volume was approximately HKD 99.1 billion, down 3.1% month-over-month and 16.9% year-over-year[22] - The top 10 traded stocks accounted for 44.9% of February's total trading volume, down from 46.3% in January[24] Emerging Market Capital Flows - Taiwan recorded a net capital inflow of USD 8.6 billion year-to-date[30] - South Korea saw a net inflow of USD 9.0 billion year-to-date[33] - India experienced a slight net capital outflow year-to-date[28] Interest Rates and Currency Movements - The SOFR-HIBOR spread widened last month, with 1-month and 3-month spreads increasing to 0.81 and 0.90 percentage points respectively[93] - The Hong Kong dollar slightly depreciated against the US dollar, moving towards the upper limit of its trading band[92] ETF and Fund Flows - iShares MSCI Hong Kong ETF saw a reversal to net inflows last month[133] - Bond funds experienced net inflows, primarily into North American and global bond funds, while equity and mixed-asset funds continued to see outflows[140]