聚焦ETF市场 | 港股ETF资金流入创纪录！谁居榜首？

Core Insights - Record inflows into Hong Kong stock ETFs indicate a shift in investor strategy, with $10 billion flowing in August, reflecting confidence in the relative value and structural advantages of Hong Kong stocks [2][4]. Group 1: Inflows and Market Dynamics - Hong Kong stock ETFs are expected to continue benefiting from their relative value attractiveness, with significant inflows driven by valuation gaps and investor demand [4]. - The return gap between the Hang Seng Index and the CSI 300 Index reached an average of 13% this year, the highest since 2021, indicating a structural advantage for Hong Kong stocks [4]. - Despite a recent rebound in A-shares narrowing this gap, it is viewed as a short-term adjustment rather than a structural change [4]. Group 2: Investor Preferences and ETF Trends - Investors are increasingly favoring thematic ETFs over broad market ETFs, with six of the top 20 inflows this year focusing on Hong Kong stocks [8]. - The top inflow ETF, the Invesco CSI Hong Kong Internet ETF, attracted $610 million, while the E Fund CSI Hong Kong Securities Investment Theme ETF garnered over $2 billion [8]. - The demand for new Hong Kong tracking ETFs is accelerating, with 17 new ETFs launched in 2025 and an additional 16 applications pending with the China Securities Regulatory Commission [8].