港股：内外资仍存分歧

Group 1: Market Trends - The Hong Kong stock market experienced fluctuations with a rebound driven by short covering and capital inflows from southbound trading, while active foreign capital continued to see outflows, reaching $500 million last week, up from $454 million the previous week, marking seven consecutive weeks of outflows[2] - Southbound capital inflows remained high at 22.785 billion RMB, although the trading proportion decreased to 36.33%[3] - The average short-selling ratio of the Hang Seng Index fell to 14.15%, with a notable drop to 12.41% on Friday, indicating limited elasticity for short covering at this level[5] Group 2: Capital Movements - Active foreign capital outflows from Hong Kong stocks expanded to $500 million, while passive foreign capital outflows narrowed to $258 million, indicating a shift in foreign investment dynamics[2] - The trading capital outflow increased significantly to $2.443 billion, compared to $1.121 billion the previous week, reflecting heightened trading activity[2] - The net inflow of ADRs rose to $554 million, up from $81 million the previous week, suggesting a potential shift in investor sentiment towards ADRs[12] Group 3: Corporate Buybacks - The number of buyback cases in Hong Kong stocks remained high at 261, with a total buyback amount of 7.010 billion HKD, despite a decrease of 325 million HKD from the previous week[4] - The buyback market value ratio fell to 0.00138, but all indicators remained above the 80th percentile for 2023, indicating strong corporate confidence in stock repurchases[4] Group 4: Sector Performance - In terms of sector performance, the highest net inflows from southbound trading were seen in retail (3.329 billion RMB), pharmaceuticals (1.823 billion RMB), and banking (1.814 billion RMB), while consumer services and non-ferrous metals experienced net outflows[26] - The AH premium narrowed to around 147, with a reasonable fluctuation range estimated between 142-149, indicating a balanced valuation between A-shares and H-shares[3]