“重估牛”系列之港股资金面：9月W1港股资金：南向流入互联网，外资加码医药

Group 1 - The report indicates that from September 1 to 5, 2025, southbound funds recorded a net inflow of 29.687 billion HKD, primarily flowing into the consumer discretionary retail, pharmaceutical biotechnology, software services, non-ferrous metals, and automotive sectors, with the top five industries accounting for a total net inflow of 28.523 billion HKD [2][6][30] - The sectors with the highest net inflow were consumer discretionary retail (12.308 billion HKD), pharmaceutical biotechnology (5.131 billion HKD), software services (4.894 billion HKD), non-ferrous metals (3.887 billion HKD), and automotive and parts (2.303 billion HKD) [2][6][30] - The report highlights that the semiconductor, telecommunications services, durable consumer goods, hardware equipment, and media sectors experienced significant outflows [2][6][30] Group 2 - The report notes that during the same period, the Hong Kong stock market saw an increase, with the Hang Seng Index rising by 1.36% and the Hang Seng Tech Index increasing by 0.23% [5][11] - The healthcare sector in Hong Kong led the market performance, while the telecommunications services sector lagged [5][11] - Key factors contributing to market sentiment included policy support from the Ministry of Industry and Information Technology and the State Administration for Market Regulation, as well as weaker-than-expected economic data from the US, which raised expectations for a potential interest rate cut by the Federal Reserve [5][11] Group 3 - From January 20 to September 5, 2025, southbound funds accumulated a total net inflow of 851.872 billion HKD, with significant inflows into consumer discretionary retail, banking, pharmaceutical biotechnology, non-bank financials, and automotive sectors, totaling 574.213 billion HKD for the top five industries [7][45] - The report indicates that the sectors with the highest net inflow during this period were consumer discretionary retail (162.312 billion HKD), banking (141.212 billion HKD), pharmaceutical biotechnology (99.016 billion HKD), non-bank financials (98.612 billion HKD), and automotive and parts (73.061 billion HKD) [7][45] - The report also highlights that the telecommunications services and building materials sectors experienced notable outflows [7][45]