人民币持续走强！南向资金9月加仓超1100亿港元

Core Viewpoint - The offshore RMB has strengthened against the USD, indicating a potential long-term appreciation cycle for RMB assets, with significant inflows into Chinese technology stocks in the Hong Kong market driven by expectations of US Federal Reserve interest rate cuts [2][4]. Currency and Market Performance - On September 17, the offshore RMB broke the 7.10 mark against the USD, reaching a high of 7.0995, the first time since November of the previous year. The onshore RMB also hovered around the 7.10 mark, with a peak of 7.1036 [3]. - The Hong Kong dollar has also strengthened, moving away from the weak end of its peg against the USD, trading at 7.78 HKD per USD as of September 17 [3]. - The one-month Hong Kong Interbank Offered Rate (HIBOR) has decreased from 4% at the end of August to 3.21% on September 17, indicating easing liquidity conditions [3]. Foreign Investment Trends - There has been a notable increase in foreign capital inflows into Chinese assets, with foreign investment in the Hong Kong market rising to 66%, compared to 79% in 2022, suggesting room for further growth [4]. - In August, foreign investors allocated nearly $45 billion to emerging market stocks and bonds, with China receiving a significant portion, totaling a net inflow of $39 billion in bonds and stocks [4]. Southbound Capital Inflows - Southbound capital has accelerated, with over 110 billion HKD added in September alone, contributing to a total net purchase of over 1.1 trillion HKD year-to-date. Internet leading companies have been the focus of this inflow [5]. - The Hang Seng Tech Index surged by over 11% in September, reaching a new high of 6300 points, with significant contributions from major tech stocks like Tencent and Alibaba [5][6]. Market Outlook - The Hang Seng Tech Index is currently valued at only half of the Nasdaq, indicating substantial room for valuation recovery. The market is expected to benefit from abundant liquidity and the anticipated US interest rate cuts [5][6]. - The combination of easing monetary policy in both the US and China is likely to create a favorable environment for further capital inflows into the Hong Kong stock market, which is viewed as a global valuation low point [6].