主动配置型外资的趋势拐点仍需等待

Group 1: Foreign Capital Trends - Active foreign capital has seen a net outflow from Hong Kong stocks for 9 consecutive weeks, with a net outflow of $4.58 million last week compared to a previous outflow of $2.13 million[2] - Passive foreign capital also turned to a net outflow of $0.58 million, contrasting with a net inflow of $4.66 million the previous week[2] - Trading foreign capital's net outflow increased to $4.241 billion, up from $3.852 billion the prior week[2] Group 2: Southbound Capital Movements - Southbound capital maintained a high net inflow of 24.578 billion RMB last week, with a slight decrease in trading proportion to 43.91%[3] - The AH premium narrowed to around 145, remaining within a reasonable range of 142-149 based on sensitivity analysis[3] - Key sectors for net inflow included banking (2.352 billion RMB), retail (1.920 billion RMB), and telecommunications (1.683 billion RMB), while media and oil sectors saw significant outflows[3][25] Group 3: Capital Repurchase Activities - The number of repurchase cases in the Hong Kong market reached 265, an increase of 7 cases from the previous week, placing it above the 90th percentile for 2023[4] - The total repurchase amount was 5.136 billion HKD, a slight decrease of 0.60 billion HKD from the previous week, remaining around the 70th percentile for 2023[4] - The repurchase market value ratio slightly declined to 0.0097, indicating a stable repurchase environment[4] Group 4: Market Sentiment and Short Selling - The average short selling ratio for the Hang Seng Index decreased to 10.04%, continuing a three-week downward trend[5] - The short selling ratio for internet stocks fell to 14.33%, while the real estate sector's ratio decreased to 11.83%[5] - The put-call ratio for the Hang Seng Index rose to 0.83, indicating a shift in market sentiment[5]