买爆了！大资金，抄底！

Core Viewpoint - Southbound capital significantly increased its net buying in Hong Kong stocks, reaching a historical second-highest net purchase of 287.9 billion HKD on April 3, indicating strong investor confidence despite market volatility [1][2][4]. Market Performance - On April 3, the Hong Kong stock market opened lower, with the Hang Seng Index down 2.43% and the Hang Seng Tech Index down over 3%. However, both indices showed recovery during the day, with the Hang Seng Index closing down 1.52% and the Hang Seng Tech Index down 2.09% [2][5]. - The total market turnover reached 2894.92 billion HKD, an increase of over 700 billion HKD compared to April 2 [1]. Southbound Capital Activity - Southbound capital's net buying included significant purchases in major stocks: 60.72 billion HKD in the Tracker Fund, 48.33 billion HKD in the Hang Seng China Enterprises Index, and 34.87 billion HKD in Alibaba [2][4]. - Since the beginning of the year, southbound capital has accumulated nearly 500 billion HKD in net purchases, compared to 807.9 billion HKD for the entire previous year [4]. Sector Performance - Among the Hang Seng Index constituents, Shenzhou International and Techtronic Industries led the declines, with drops exceeding 14% and 12%, respectively. Conversely, Tingyi Holdings saw a rise of 3.5% [5]. - In the Hang Seng Tech Index, JD.com and Alibaba both fell over 5%, while Xiaomi Group managed a gain of 3.03% [6]. Corporate Actions - Tencent Holdings repurchased 1.011 million shares for 500 million HKD on April 3, with a price range between 492 HKD and 498.8 HKD. Year-to-date, Tencent has repurchased over 18.6 billion HKD worth of shares [7]. Economic and Policy Context - The U.S. announced a 10% "minimum baseline tariff" on trade partners, effective April 5, with additional tariffs on countries with significant trade deficits to follow on April 9 [8][9]. - Analysts suggest that while the tariffs are substantial, the market may have already priced in these risks, indicating potential for marginal improvement in the financial markets [9][10]. Investment Strategy - Analysts recommend focusing on sectors that are relatively resilient and benefit from policy support, such as automotive, electronics, home appliances, and technology. They also highlight the importance of low-valuation state-owned enterprises and local Hong Kong dividend stocks [11].