“重估牛”系列之港股资金面：9月W4港股资金：南向流入互联网，外资加码消费者服务

Group 1 - The core viewpoint of the report indicates that from September 22 to 25, 2025, southbound funds recorded a net inflow of 14.493 billion HKD, primarily flowing into sectors such as consumer discretionary retail, non-ferrous metals, semiconductors, hardware equipment, and software services, with the top five sectors accounting for a total net inflow of 12.234 billion HKD [2][6][34] - The five sectors with the highest net inflow were: consumer discretionary retail (6.964 billion HKD), non-ferrous metals (1.992 billion HKD), semiconductors (1.198 billion HKD), hardware equipment (1.092 billion HKD), and software services (0.989 billion HKD) [2][6][34] - Conversely, the sectors with the most significant outflows included pharmaceuticals and biotechnology (-1.492 billion HKD), durable consumer goods (-0.255 billion HKD), consumer services (-0.225 billion HKD), automotive and parts (-0.216 billion HKD), and chemicals (-0.137 billion HKD) [2][6][34] Group 2 - During the same period, foreign intermediary funds experienced a net outflow of 19.015 billion HKD, with notable inflows into consumer services, non-bank financials, electrical equipment, pharmaceuticals and biotechnology, and real estate II, totaling a net inflow of 6.005 billion HKD across the top five sectors [7][41] - The sectors with the highest net inflow from foreign intermediaries were: consumer services (2.836 billion HKD), non-bank financials (1.419 billion HKD), electrical equipment (0.837 billion HKD), pharmaceuticals and biotechnology (0.683 billion HKD), and real estate II (0.231 billion HKD) [7][41] - The sectors that saw the most significant outflows included consumer discretionary retail (-8.9 billion HKD), medical equipment and services (-4.081 billion HKD), banking (-3.612 billion HKD), semiconductors (-1.356 billion HKD), and transportation (-1.283 billion HKD) [7][41]