券商中国·2025-09-14 09:16Core Viewpoint - The recent trend shows a significant capital inflow from the A-share market to H-shares, with the Hang Seng Index experiencing a steady rise while the A-share market undergoes consolidation [1][2][3]. Group 1: Market Performance - The Hang Seng Index has shown strong performance in September after a period of consolidation in July and August, with a notable increase in technology and consumer sectors [2][3]. - A recent fund focused on Hong Kong stocks raised 1 billion RMB in a single day, indicating strong investor interest in the H-share market despite a relatively modest 4.18% increase in the Hang Seng Index during July and August [2][3]. Group 2: Sector Analysis - The technology sector, particularly companies like Alibaba and Meituan, is gaining traction due to their advancements in AI and improved market narratives, attracting risk-seeking capital [4][5]. - The new consumption trend is characterized by a shift from mass consumption to personalized and rational consumption, which supports the growth of new consumer sectors [6][7]. Group 3: Future Outlook - The potential for a shift in capital flows is anticipated as the Hong Kong dollar stabilizes and the Federal Reserve is expected to resume interest rate cuts, which could enhance liquidity and attract foreign investment into the Hong Kong market [3][5]. - The new consumption sector is seen as a structural benefit driven by innovation and market expansion, with long-term investment potential in areas like trendy products and personal care [6][7].