策略周报：3月第3周全球外资周观察：长线外资回流港股互联网-20260320

Group 1 - The core conclusion indicates that northbound capital may experience a slight net outflow recently, with flexible foreign capital likely seeing a small net outflow [1] - In the Hong Kong stock market, stable foreign capital inflow amounted to 8.3 billion HKD, while flexible foreign capital outflow reached 32.1 billion HKD, with a total inflow through the Stock Connect of 19.1 billion HKD [2] - In the A-share market, the estimated net outflow of northbound capital was 8 billion CNY during the recent week, compared to a net outflow of 2 billion CNY in the previous week [10] Group 2 - In the Asia-Pacific market, there was a net outflow of foreign capital from the Japanese stock market, amounting to 472.9 billion JPY, while the Indian stock market saw an inflow of 2.5 billion USD [15][17] - In the US and European markets, global mutual fund inflows into the US equity market totaled 32.2 billion USD in January, while inflows into European equity markets were 3.67 billion USD, 3.59 billion USD, and 4.27 billion USD for the UK, Germany, and France respectively [20][21] Group 3 - The report highlights that various sectors in the Hong Kong market saw significant foreign capital inflows, particularly in transportation, electrical equipment, and non-ferrous metals, while the Stock Connect saw inflows in banking, oil and petrochemicals, and automotive sectors [12] - The report also notes the performance of the ChiNext and SME boards, with the ChiNext showing a monthly increase of 2.32% while the SME board decreased by 2.06% [4]