恒指盘中创近四年新高，谁在买

Core Viewpoint - The Hang Seng Index (HSI) has reached a nearly four-year high, driven by capital inflows and the recent strength of the A-share market, with a long-term optimistic outlook on hard technology and undervalued consumer and internet stocks [1][3][13]. Market Performance - On September 9, the HSI peaked at 26,027 points, marking its first return to the 26,000-point level since October 26, 2021. The index closed at 25,938.13 points, up 1.19% for the day. The Hang Seng Technology Index and the Hang Seng China Enterprises Index rose by 1.30% and 1.32%, respectively. Year-to-date, these indices have increased by 29.30%, 30.45%, and 26.78% [3][4]. - Notable stock performances include Bilibili rising over 5%, Kuaishou over 4%, and Alibaba and JD.com each over 3%. The healthcare sector also saw significant gains, with Alibaba Health up over 10% [3]. Sector Contributions - Key sectors influencing the HSI include pharmaceuticals, non-ferrous metals, and semiconductors. For instance, China Biologic Products has surged by 98% in the last three months, while JD Health and WuXi AppTec have increased by 69% and 62%, respectively [4][8]. - The top-performing stocks in the HSI include Alibaba, which has risen by 75.10% this year, and Xiaomi, which is up 62.90% [3]. Capital Flows - The recent rise in the HSI is attributed to liquidity, particularly from southbound capital, which has seen a net inflow of 1.04 trillion HKD this year. The proportion of southbound capital in the Hong Kong stock market has increased from 5.3% in 2021 to over 11% currently [8][9]. - The expectation of U.S. Federal Reserve interest rate cuts has also contributed to increased foreign investment in Hong Kong stocks, with passive foreign capital continuing to flow in [9][10]. Institutional Investment Strategies - Institutions are focusing on high-dividend, high-quality assets, particularly in technology and financial sectors. Investment strategies include a "barbell strategy," balancing investments in tech leaders and high-dividend assets [11][12]. - The market is characterized by structural differentiation, with a focus on sectors such as technology, pharmaceuticals, and high-yield assets. The HSI is viewed as undervalued compared to historical averages, suggesting long-term investment potential [13].