市场热点探析：本轮港股大涨背后增量资金状况

Group 1 - The core viewpoint of the report highlights that the Hong Kong stock market has seen significant gains, with the Hang Seng Index and Hang Seng Tech Index leading the major markets in year-to-date performance, achieving increases of 24.0% and 26.2% respectively as of September 30, 2024 [1][10] - The Hang Seng Tech Index experienced a remarkable rise of 36.6% in just half a month since mid-September, showcasing its strong elasticity compared to other indices [1][10] - The report notes that international intermediary funds have shifted from net outflows to net inflows in September, with a net inflow of HKD 39.6 billion, surpassing the net inflow of mainland funds at HKD 20.5 billion [2][15] Group 2 - The report indicates that international intermediaries prefer to hold stocks in the consumer discretionary and information technology sectors, which are significant components of the Hang Seng Tech Index. As of September 30, 2024, these sectors accounted for 30% and 25% of international intermediary holdings, respectively [2][21] - The weight of the information technology sector in the Hang Seng Tech Index is 50%, while consumer discretionary accounts for 49%, both significantly higher than the 19% and 35% in the Hang Seng National Enterprises Index [2][21] - The report anticipates that the recent strong performance of the Hong Kong market is driven by multiple factors, including favorable domestic policies and a more accommodative global liquidity environment following the U.S. Federal Reserve's interest rate cuts [2][27]