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]. Group 1: RMB Exchange Rate 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 [4]. - The onshore RMB also hovered around the 7.10 mark, with a peak of 7.1036, marking a significant recovery since April when both onshore and offshore RMB had depreciated [4]. - The Hang Seng Technology Index surged past 6300 points, achieving a four-year high, with a notable increase of over 11% in September alone [2][8]. Group 2: Capital Inflows and Market Sentiment - Southbound capital has accelerated its inflow, with a total net purchase exceeding 1.1 trillion HKD this year, and 1146 billion HKD in September, particularly focusing on leading internet companies [6][7]. - Alibaba has seen continuous net buying for 19 days, totaling 548.90 billion HKD, reflecting strong investor confidence [8]. - The current foreign capital share in the Hong Kong market has slightly rebounded to 66%, indicating potential for further growth compared to 79% in 2022 [5]. Group 3: Interest Rates and Economic Indicators - The one-month Hong Kong Interbank Offered Rate (HIBOR) has decreased from 4% at the end of August to 3.21% on September 17, although it remains above the year's low of 0.53% [4]. - The easing of HIBOR rates due to anticipated Fed rate cuts has alleviated pressure on the Hong Kong real estate market, leading to a rebound in property prices, which have risen for four consecutive months [4].