传媒行业专题报告：南向资金如何配置港股互联网？

Investment Rating - Industry rating: Outperform the market (maintained rating) [1] Core Views - The report highlights the increasing interest from foreign and southbound funds in major internet stocks listed in Hong Kong, particularly Tencent Holdings, Kuaishou Technology, Meituan, and Bilibili [3][9][28]. Summary by Relevant Sections Tencent Holdings - Both foreign and southbound funds show a strong interest in Tencent, with foreign funds being more active. Southbound holdings increased from 1.37% to 14.89% of free float as of August 31, 2024, reaching a record high of 937 million shares on August 23, 2024 [11][16]. - Among the top ten brokers, six are foreign, with five increasing their holdings in the past year. HSBC's holdings are approximately 3.56 times that of southbound funds, indicating significant foreign ownership [16][20]. - The net buying activity from HSBC and Citibank shows a trend of more months with net buying than selling [20][24]. Kuaishou Technology - Kuaishou has seen a stable increase in southbound fund holdings, which rose from 0.28% to 18.87% of free float by August 31, 2024. Holdings remained stable between 480 million to 530 million shares since March 2024 [35][37]. - Foreign brokers, particularly HSBC, hold about 1.90 times the amount of southbound holdings, with HSBC increasing its stake by 48% in the past year [37][41]. - The net buying activity from HSBC shows a predominance of buying over selling [42][46]. Meituan - Southbound fund holdings increased from 0.71% to 14.92% of free float, although there was a slight decline from 899 million shares in April 2024 to 780 million shares by September 13, 2024 [52][56]. - HSBC's holdings are approximately 3.22 times that of southbound funds, with four foreign brokers increasing their stakes in the past year [56][60]. - The net buying activity from HSBC and Goldman Sachs indicates a trend of more months with net buying than selling [60][63]. Bilibili - Bilibili has experienced a steady increase in southbound fund holdings, rising from 1.83% to 37.36% of free float by August 31, 2024. Holdings increased from approximately 63.92 million shares to 68.49 million shares between July 2 and September 13, 2024 [69][71]. - HSBC holds about 0.87 times the amount of southbound holdings, with significant increases in holdings from foreign brokers [71][76]. - The net buying activity from HSBC shows a preference for buying over selling, with southbound buying being 1.5 times the selling [81].