8月W3港股资金：南向流入非银软件，外资流
Changjiang Securities·2025-08-25 09:17

Core Insights - The report highlights a net inflow of 306.13 billion HKD from southbound funds between August 18 and 21, 2025, primarily into non-bank financials, software services, and consumer discretionary sectors [2][7][34] - The top five sectors receiving inflows accounted for a total of 238.11 billion HKD, with non-bank financials leading at 85.1 billion HKD [2][7][34] - In contrast, foreign capital saw a net outflow of 145.99 billion HKD during the same period, with significant withdrawals from non-bank financials and consumer discretionary sectors [7][40] Sector Summaries Southbound Fund Inflows - Non-bank financials received the highest inflow of 85.1 billion HKD, followed by software services at 62.8 billion HKD, and consumer discretionary retail at 30.69 billion HKD [2][7][34] - Other notable inflows included pharmaceuticals and hardware equipment, each receiving 30.69 billion HKD and 28.85 billion HKD respectively [2][7][34] Foreign Capital Outflows - Foreign capital saw significant outflows from non-bank financials (-61.11 billion HKD), consumer discretionary retail (-47.58 billion HKD), and banking sectors [7][40] - The top sectors for foreign inflows included daily consumer retail (73.52 billion HKD) and medical equipment and services (31.31 billion HKD) [7][40] Market Performance - The Hang Seng Index increased by 0.27% and the Hang Seng Tech Index rose by 1.89% during the period from August 18 to 22, 2025 [6][12] - Key drivers for market performance included technological breakthroughs in semiconductor design and strong earnings reports from leading companies [6][12] Comparative Analysis - The report notes a divergence in fund flows, with southbound funds showing net inflows while foreign capital exhibited net outflows during the same timeframe [7][40] - The report also indicates that the southbound funds have been increasingly directed towards sectors like non-bank financials and software services, contrasting with the foreign capital's focus on consumer retail and medical sectors [7][40]