策略周报：2月第4周全球外资周察：长线外资离场是近期恒科偏弱主因-20260228

Group 1: A-Share Market - Recent week saw a slight net inflow of northbound funds estimated at 2.1 billion yuan, down from 3 billion yuan the previous week [10] - Flexible foreign capital estimated net inflow of 10 billion yuan in the recent week, compared to 8.8 billion yuan the week before [10] - Top active stocks in the recent week included Ningde Times with a total transaction amount of 17.9 billion yuan, accounting for 23% of the stock's weekly trading volume [10] Group 2: Hong Kong Market - Long-term foreign capital outflow is a primary reason for the recent weakness in the Hang Seng Index, with stable foreign capital outflow of 25.3 billion HKD and flexible foreign capital outflow of 14.3 billion HKD in the recent week [12] - Total capital inflow into the Hong Kong market was 1.9 billion HKD, with local funds contributing 10.5 billion HKD [12] - Significant foreign capital inflows were observed in the automotive and semiconductor sectors, with notable inflows into ETFs and software services [12] Group 3: Asia-Pacific Market - In the Asia-Pacific market, there was a net inflow of 523.4 billion JPY into the Japanese stock market in the latest week, down from 1,191.8 billion JPY the previous week, with a cumulative net inflow of 13.8 trillion JPY since the beginning of 2023 [15] - In contrast, the Indian stock market experienced an outflow of 3.98 billion USD in January, increasing from 2.52 billion USD the previous month, with a cumulative net inflow of 8.3 billion USD since 2020 [17] Group 4: US and European Markets - In January, global mutual funds saw a net inflow of 29.8 billion USD into the US equity market, slightly down from 32.2 billion USD the previous month, with a total net inflow of 753.5 billion USD since 2020 [19] - European equity markets also experienced inflows, with net inflows of 3.67 billion USD, 3.59 billion USD, and 4.27 billion USD into the UK, Germany, and France respectively, all showing increases from the previous month [19]