“重估牛”系列之港股资金面：9月港股资金复盘：南向流入互联网，外资加码硬件科技

Core Insights - The report highlights a net inflow of 145.4 billion HKD from southbound funds during September 2025, primarily directed towards sectors such as consumer discretionary retail, software services, non-ferrous metals, biopharmaceuticals, and non-bank financials [2][5][14] - The top five sectors receiving the most inflow were: consumer discretionary retail (77.3 billion HKD), software services (11.5 billion HKD), non-ferrous metals (9.3 billion HKD), biopharmaceuticals (8.6 billion HKD), and non-bank financials (8.5 billion HKD) [2][5][14] - Conversely, sectors experiencing the largest outflows included telecommunications services (-3.7 billion HKD), durable consumer goods (-3.7 billion HKD), hardware equipment (-2.8 billion HKD), daily consumer retail (-0.9 billion HKD), and semiconductors (-0.9 billion HKD) [2][5][14] Southbound Fund Inflows - From September 1 to 30, 2025, the net inflow of southbound funds totaled 145.4 billion HKD, with significant contributions from consumer discretionary retail, software services, non-ferrous metals, biopharmaceuticals, and non-bank financials [2][5][14] - The report indicates that the total net inflow for the top five sectors was 115.2 billion HKD, showcasing a strong preference for these industries [2][5][14] Foreign Institutional Fund Flows - During the same period, foreign institutional funds saw a net outflow of 77.1 billion HKD, with notable inflows into hardware equipment, consumer services, media, biopharmaceuticals, and durable consumer goods, totaling 35.6 billion HKD [6][25] - The sectors with the highest inflows from foreign institutions included hardware equipment (16.7 billion HKD), consumer services (12.1 billion HKD), and media (2.8 billion HKD) [6][25] Comparative Analysis - The report also compares the inflow trends of southbound funds and foreign institutional funds, indicating a divergence in sector preferences, with southbound funds favoring consumer discretionary sectors while foreign institutions leaned towards hardware and automotive sectors [6][25][45] - The analysis of the changes in the proportion of holdings in the market capitalization reveals significant shifts in sectors such as media, consumer services, and hardware equipment, indicating evolving investment strategies [25][30]