南向资金跟踪：核心稳固，边际灵活：增量加速与定价权提升下的南向资金配置格局

• Southbound funds have expanded significantly, with cumulative net inflows exceeding HKD 50,797 billion since the launch of Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect, reflecting the long-term willingness of domestic investors to allocate cross-border assets[12][17][19] - As of November 2025, Southbound funds' stockholding value reached HKD 6.27 trillion, accounting for 13.05% of the total market capitalization of Hong Kong stocks, marking a nearly ninefold increase from the initial level of 1.47% at the end of 2016[12][15][16] - Southbound funds' trading volume has surged, with its share of Hong Kong stock market transactions exceeding 50%, indicating its growing influence in market pricing[17][19][54] - The behavior of Southbound funds has shifted from "sentiment overflow" to "value-driven," becoming a key force in reshaping the valuation system of Hong Kong stocks[22][25][26] - Southbound funds' industry allocation has evolved from a "finance and real estate-dominated" structure to a diversified model centered on "finance + technology + consumption," supplemented by healthcare and utilities[35][36][37] - Secondary industry allocation reveals Southbound funds' preference for "factorized styles," transitioning from low valuation sectors to growth-oriented industries like technology and new consumption, and later incorporating defensive and resource factors[41][42][43] - Southbound funds have formed a "value-growth-defense" multi-factor combination, reflecting its maturity as a long-term allocation force[49][50][52] - In 2025, Southbound funds' net inflows reached HKD 13,819.1 billion, with daily average trading volume accounting for 47.97% of the Hong Kong stock market's daily average transactions[53][54][56] - Core industries such as non-essential consumption and finance remain the main allocation directions, while technology, healthcare, and energy sectors serve as tactical adjustments[63][65][66] - Southbound funds' stockholding concentration has slightly decreased, with the top 10 holdings accounting for 41.4% and the top 50 holdings accounting for 67.5%, indicating a trend toward internal rebalancing within core assets[73][74][90] - Key stocks with significant net inflows in 2025 include Alibaba-W, Meituan-W, and major financial stocks like China Construction Bank and China Merchants Bank[80][81][92]