南向资金，单日狂扫359亿！港股定价权正被ETF改写？

Core Viewpoint - The article discusses how ETFs are reshaping the pricing system of certain core sectors in the Hong Kong stock market, driven by significant inflows of southbound capital and the performance of thematic ETFs [1][7]. Group 1: Southbound Capital Inflows - On August 15, southbound capital net bought HK stocks worth 35.876 billion HKD, setting a new single-day record since the launch of the Stock Connect mechanism. Year-to-date, the net inflow has reached 938.9 billion HKD, continuously breaking annual records [2]. - Thematic ETFs play a crucial role in this capital flow, with six out of nine ETFs that have seen over 10 billion HKD in net inflows this year being Hong Kong-themed ETFs [2][6]. Group 2: Performance of Thematic ETFs - Thematic ETFs focused on internet, non-bank financials, and innovative pharmaceuticals have shown particularly strong performance. For instance, the 富国中证港股通互联网ETF increased by 17.703 billion HKD in the past month, while the 易方达中证香港证券投资主题ETF grew by 13.309 billion HKD [4]. - Year-to-date, the 富国中证港股通互联网ETF has seen a net increase of 46.918 billion HKD, ranking first in the market, while other ETFs in the technology and innovative pharmaceutical sectors have also surpassed 10 billion HKD in growth [4][5]. Group 3: Impact on Pricing Mechanism - The increasing scale of ETFs is leading to a significant expansion in the Hong Kong ETF market, with both leading products and niche themes gaining traction. This shift is primarily driven by strong performance metrics [5]. - The influence of southbound capital, particularly through ETFs, is becoming more pronounced in the pricing of Hong Kong stocks, especially for H-shares of brokerage firms, which have outperformed their A-share counterparts [9][10]. Group 4: Long-term Trends and Outlook - The article suggests that the current valuation recovery in the Hong Kong market is far from over, with ETFs being seen as the optimal way for investors to engage in the evolving pricing system [13]. - Analysts believe that the Hong Kong market is experiencing a unique phase characterized by ample incremental capital, improved risk appetite, and attractive valuations compared to overseas markets, which could provide sustained momentum for the market [13][14].