策略周报：主动外资流出港股压力或边际缓和

Group 1: Foreign Capital Trends - Active foreign capital outflow from Hong Kong stocks has narrowed to $0.56 billion, down from $5.09 billion the previous week, marking 11 consecutive weeks of outflows[63] - Passive foreign capital has turned to a net outflow of $3.23 billion, compared to a net inflow of $0.04 billion the previous week[63] - Trading foreign capital outflow has significantly increased to $16.49 billion, up from $2.27 billion the previous week[64] Group 2: Southbound Capital Inflows - Southbound net inflow reached 154.12 billion RMB, with an average daily inflow of 51.37 billion RMB, up from 48.70 billion RMB the previous week[12] - Southbound trading accounted for 54.40% of total trading, setting a historical high[20] - Key sectors for net inflows included media (25.11 billion RMB), electronics (23.15 billion RMB), and banking (11.10 billion RMB), while retail (-9.59 billion RMB) and consumer services (-2.97 billion RMB) saw net outflows[56] Group 3: Buyback Activity - The number of buyback cases decreased to 156, down by 113 from the previous week, reflecting a drop to the 55th percentile for 2023[61] - Buyback amount fell to 30.06 billion HKD, a decrease of 37.38 billion HKD from the previous week, with the buyback market value ratio dropping to 0.56%[61] - The software and services sector led in buyback amounts, while retail and commercial services saw an increase in buyback amounts[46]