独家洞察 | 王者归来？港股创四年新高，全球热钱正涌入中国资产！

Core Viewpoint - The recent surge in Hong Kong stocks is attributed to external factors such as the potential interest rate cut by the Federal Reserve, as well as internal factors including strong liquidity and favorable valuations in the market [4][5][6]. Group 1: Market Performance - The Hang Seng Index reached a nearly four-year high of 25,918 points on August 25, closing at 25,829 points with a daily increase of 1.94% [2]. - The Hong Kong Stock Exchange saw significant trading activity, with a total turnover approaching 370 billion HKD, an increase of nearly 30% compared to the previous trading day [2]. Group 2: External Catalysts - Federal Reserve Chairman Jerome Powell's remarks at the Jackson Hole meeting indicated rising risks in U.S. employment and persistent inflation pressures, leading to increased market expectations for a 25 basis point rate cut in September [4]. - The anticipated rate cut is expected to lower global funding costs, making risk assets like stocks more attractive, and is likely to benefit Hong Kong's market due to its currency peg to the U.S. dollar [4]. Group 3: Internal Factors - Chinese stocks, including both A-shares and Hong Kong stocks, have been favored by domestic and international investors, with HSBC Global Research raising its targets for major A-share indices [5]. - The Hang Seng Index's price-to-earnings ratio was reported at 11.5 times as of August 22, significantly lower than major indices in the U.S., Japan, and Europe, indicating attractive valuations [5][6]. - There has been a notable inflow of southbound capital, with a cumulative inflow of 891.09 billion CNY this year, surpassing levels seen since 2021 [5][6]. Group 4: Future Outlook - The increasing allocation of domestic active equity funds to Hong Kong stocks has reached a record high, with a portfolio allocation of 19.9% as of Q2 2025 [6]. - The presence of emerging industries such as AI and innovative pharmaceuticals in the Hong Kong market, along with plans for leading A-share companies to list in Hong Kong, is expected to enhance the overall asset quality of the market [6].