南下资金创历史新高，从公募二季报看港股投资机会

Core Viewpoint - The article highlights the increasing demand for investment in Hong Kong stocks, evidenced by record net inflows from mainland investors through the Stock Connect program, reaching 765.4 billion RMB as of July 25, 2024, surpassing the previous record of 744 billion RMB for the year [1]. Group 1: Investment Trends - The net inflow of funds into Hong Kong stocks has set a new historical high, indicating a strong and growing interest from investors [1]. - The proportion of Hong Kong stock assets in actively managed equity funds has been on the rise for six consecutive quarters, reaching 17.20% by the end of Q2 2025, compared to an average of 15.30% across all funds [4][6]. Group 2: Sector Allocation - The allocation to technology and internet sectors remains significant, with a 45.5% share in Q2 2025, although it has decreased from 49.9% in Q1 2025. The structure within this sector has seen some optimization, with a 3% decrease in the media sector and a 0.2% increase in the computer sector [6][7]. - The pharmaceutical and biotechnology sectors have emerged as the largest area of increased investment, with their share rising from 7.5% in Q1 to 13.7% in Q2 2025, marking a 6.2% increase [8]. - New consumption and high-dividend assets are forming a complementary allocation, with the light manufacturing sector and the financial sector seeing increases of 1.9% and 2.3%, respectively, in their market value proportions [9]. Group 3: Investment Opportunities for Retail Investors - The Hong Kong market features 163 A+H shares, representing only 6.15% of total listings, indicating a unique investment landscape compared to A-shares. The market offers distinct advantages in sectors like technology, internet, and innovative pharmaceuticals [10]. - Ordinary investors can access Hong Kong stocks through various means, including direct trading, ETFs, and mutual funds, with options available for different risk appetites and investment amounts [11][14].