港股资金专题报告：南向资金配置大金融板块，外资配置科技板块

Group 1 - The report highlights that from May 12 to 13, 2025, southbound funds recorded a net inflow of HKD 42.13 billion, primarily flowing into the banking, semiconductor, pharmaceutical, non-bank financial, and durable consumer goods sectors, with the top five industries collectively seeing a net inflow of HKD 45.32 billion [2][6][18] - During the same period, foreign institutional funds experienced a net outflow of HKD 21.71 billion, with significant inflows into non-bank financials, hardware equipment, automotive and parts, home appliances, and media, totaling a net inflow of HKD 32.74 billion across the top five industries [6][29] - The report notes that from May 7 to 13, 2025, southbound funds had a net inflow of HKD 6.25 billion, mainly into banking, discretionary retail, telecommunications services, coal, and pharmaceuticals, with the top five industries seeing a total net inflow of HKD 141.79 billion [7][36] Group 2 - The report indicates that over the past 30 days, the inflow of southbound funds has decreased, while the liquidity surplus in the Hong Kong banking market has significantly increased [5][14] - The report mentions that the "public offering new regulations" have notably enhanced the attractiveness of allocating to large financial sectors in A-shares [5][12] - The report also states that the premium of A-shares over H-shares is currently at a relatively high level, reflecting a divergence in valuation perceptions between investors in both markets [5][20]