南向资金，单日狂扫359亿元！

Core Viewpoint - The article highlights the significant role of ETFs in reshaping the pricing system of Hong Kong stocks, driven by substantial inflows of southbound capital, particularly through thematic ETFs focused on sectors like internet, non-bank finance, and innovative pharmaceuticals [1][2][4]. Group 1: ETF Inflows and Performance - As of August 15, southbound capital has net purchased HKD 358.76 billion in Hong Kong stocks in a single day, marking a record high since the launch of the Stock Connect mechanism, with total net purchases reaching HKD 938.9 billion this year [1]. - Thematic ETFs have attracted over HKD 100 billion in net inflows, with six out of nine top-performing stock ETFs being Hong Kong-themed [5]. - Notable ETFs include the Fuqun CSI Hong Kong Internet ETF, which has seen a net increase of HKD 469.18 billion this year, and the E Fund CSI Hong Kong Securities Investment Theme ETF, which has increased by HKD 186.11 billion [3][4]. Group 2: Sector-Specific Insights - The internet, non-bank finance, and innovative pharmaceuticals sectors have shown particularly strong performance, with the E Fund CSI Hong Kong Securities Investment Theme ETF achieving a year-to-date return of 64.89% [4][5]. - The performance of Hong Kong-listed brokerages has been notably strong, with companies like GF Securities and China Galaxy Securities seeing year-to-date gains of 93.34% and 80.23%, respectively [7]. Group 3: Changing Pricing Dynamics - The influence of southbound capital, especially through ETFs, is increasingly evident in the pricing dynamics of Hong Kong stocks, shifting the pricing power from foreign capital to domestic investors [8][9]. - The total growth of ETFs linked to Hong Kong stocks has exceeded HKD 200 billion this year, indicating a significant shift in the market's pricing mechanism [8]. Group 4: Future Outlook - Analysts believe that the current valuation recovery in the Hong Kong market is far from over, with ETFs being seen as a prime vehicle for investors to engage in the evolving pricing system [10]. - The long-term outlook suggests that the Hong Kong market, as a major offshore RMB market, will continue to attract both domestic and foreign capital, enhancing its investment appeal [11].