摩根士丹利：中国&香港-南下资金交易追踪

Investment Rating - The industry view is rated as "In-Line" [8] Core Insights - In May 2025, there were inflows to 35 major HK-listed consumer stocks covered in the Shanghai/Shenzhen-Hong Kong Stock Connect, with average Southbound holdings increasing by 0.6 percentage points month-over-month [1] - Year-to-date 2025, average net flows from Southbound increased by 2.5% compared to the end of 2024, with 37 stocks showing inflows and 29 showing outflows [2][3] Summary by Category - The top five stocks with inflows in May were H&H (12.3 percentage points increase), Weilong (10.6 percentage points), Tianli Education (6.4 percentage points), Jiumaojiu (5.6 percentage points), and Crystal (4 percentage points) [7] - The top five stocks with outflows included CRB (-4.3 percentage points), ZHY (-2.7 percentage points), Man Wah (-2.6 percentage points), Shenzhou (-2.6 percentage points), and Koolearn (-2.1 percentage points) [7] - Categories such as Home Improvements, Beer, Duty Free, Home Appliances, Luggage, Education, and Toys recorded average outflows, while other categories experienced average inflows [7]