策略周报：1月第4周全球外资周观察：南向和外资净流入规模放量

Group 1: Northbound Capital Flow - Northbound capital estimated net outflow of 900 million CNY in the recent week (2026/1/26-2026/1/30), compared to a net outflow of 9.3 billion CNY in the previous week[1] - Flexible foreign capital estimated net inflow of 2.5 billion CNY in the recent week, down from 3.2 billion CNY in the previous week[1] - Top active stocks included Zijin Mining with a total transaction amount of 24.7 billion CNY, accounting for 9% of the stock's weekly trading volume[1] Group 2: Hong Kong Market - Total capital inflow into the Hong Kong market was 5.9 billion HKD in the recent week (2026/1/21-2026/1/27) with stable foreign capital outflow of 3.5 billion HKD and flexible foreign capital inflow of 8.2 billion HKD[2] - Hong Kong Stock Connect saw an inflow of 12.6 billion HKD, while local funds in Hong Kong or mainland China experienced an outflow of 9.1 billion HKD[2] - Sectors attracting foreign capital included metals, pharmaceuticals, and telecommunications, while software services and petrochemicals saw significant inflows through Hong Kong Stock Connect[2] Group 3: Asia-Pacific Market - Japanese stock market saw a net inflow of 212.8 billion JPY from overseas investors in the latest week, down from 750.5 billion JPY in the previous week, with a cumulative net inflow of 11.7 trillion JPY since the beginning of 2023[2] - Indian stock market experienced an outflow of 2.52 billion USD in December, compared to an outflow of 430 million USD in the previous month, with a cumulative net inflow of 12.2 billion USD since 2020[2] Group 4: US and European Markets - US equity market saw a net inflow of 32.2 billion USD from global mutual funds in December, up from 9.2 billion USD in the previous month, with a cumulative net inflow of 723.7 billion USD since 2020[3] - European equity markets received net inflows of 1.74 billion USD, 970 million USD, and 2.16 billion USD in the UK, Germany, and France respectively, compared to previous month inflows of 550 million USD, 1.17 billion USD, and 1.4 billion USD[3]