交易思路从波动率回到性价比

Foreign Capital Movement - Active foreign capital net inflow increased to $16.5 million (vs. previous week's inflow of $8.8 million), marking two consecutive weeks of net inflow[2] - Passive foreign capital net inflow expanded to $3.855 billion (vs. previous week's inflow of $2.580 billion), setting a new weekly peak for 2023[2] - Trading foreign capital recorded a net outflow of $619 million (vs. previous week's outflow of $726 million), continuing two weeks of net outflow[12] Southbound Capital - Southbound net inflow decreased slightly to 10.939 billion RMB, with daily average net inflow returning to levels close to pre-"924" policy[3] - Southbound trading proportion rebounded to 35.58%, indicating increased trading activity[3] - Current AH premium is around 145, slightly above the "reasonable" neutral position, with expected fluctuation range for Q4 estimated at 135-145[3] Corporate Buybacks - The number of buyback cases rose to 194, an increase of 88 cases from the previous week, reaching above the 70th percentile for 2023[22] - Buyback amount reached 4.471 billion HKD, up by 2.693 billion HKD from the previous week[22] - Buyback market value ratio increased to 0.82, also above the 60th percentile for 2023[22] Market Sentiment - The average short-selling ratio of the Hang Seng Index remained below 10%, recorded at 8.65%[5] - The Hang Seng Index's price-to-earnings ratio (PETTM) fell to 10.3x, with a relative risk premium of 5.68%, indicating value compared to global indices[5] - The put-call ratio for the Hang Seng Index increased to 0.89, reflecting a shift in market sentiment[5]