摩根士丹利：中国 &香港市场-南向交易追踪

Investment Rating - Industry View: In-Line [6] Core Insights - In June 2025, there were inflows to 30 major HK-listed consumer stocks covered in the Shanghai/Shenzhen-Hong Kong Stock Connect, with average Southbound holdings as a percentage of free float increasing by 0.4 percentage points month-over-month for the 66 major HK-listed consumer stocks eligible for Connect trading [6][10] - Year-to-date 2025, average net flows from Southbound were up 2.9% compared to the end of 2024, with 40 stocks showing inflows and 26 showing outflows [2][3][6] - The top five stocks with inflows in June were Xiaocaiyuan (7.5 percentage points increase), Maogeping (5.8 percentage points), Topsports (5.6 percentage points), CR Beverage (4.5 percentage points), and Chervon (4 percentage points) [9][10] - The top five stocks with outflows included Wisdom Education (-3.2 percentage points), UPC (-2.8 percentage points), XBXB (-2 percentage points), Weilong (-1.8 percentage points), and JS Global (-1.6 percentage points) [9][10] Summary by Category - In June 2025, categories such as HPC, Agriculture, Home Appliances, Toys, Education, Luggage, and Duty-free recorded average outflows, while other categories experienced average inflows [9] - Year-to-date 2025, Beer, HPC, Education, Home Appliances, and Luggage recorded outflows, while other categories had average inflows [9]