南下资金年内净流入破万亿！AI仍是港股主线

Core Insights - The Hong Kong stock market has seen over HKD 1 trillion in net inflows year-to-date, surpassing the total for the entire year of 2024, indicating a potential record high for annual inflows [1][3]. Group 1: Market Performance - The average daily trading volume of the Hong Kong Stock Connect has reached HKD 60.8 billion, accounting for 24.5% of the overall market [3]. - The Hong Kong stock market has recorded 26 consecutive months of net inflows, with August 2025 alone seeing a net inflow of HKD 112.2 billion, ranking as the ninth highest on record [6]. - The number of eligible ETFs under the Hong Kong Stock Connect has increased from 5 to 17, with 5 ETFs tracking the Hang Seng Tech Index, reflecting growing investor interest [6]. Group 2: Sector Performance - The Hong Kong stock market's performance in the first half of 2025 showed positive growth, with revenue and profit growth rates of 1.9% and 4.6%, respectively [7]. - The financial sector remains the largest holding in the Hang Seng Stock Connect, making up 32% of the portfolio, followed by information technology at 20% and consumer discretionary at 16% [6]. - The healthcare sector has seen the most significant increase in weight, rising from 3% to 7%, while consumer discretionary and information technology sectors also experienced increases [6]. Group 3: Investment Trends - AI continues to be a central theme in the Hong Kong stock market, with strong growth in cloud services driven by AI demand [8]. - The materials and technology sectors are expected to maintain high growth, while sectors like energy and consumer staples may see a turnaround in performance in the second half of 2025 [7]. - The liquidity-driven bull market in Hong Kong is likely to keep sectors with positive fundamental expectations in the spotlight [7].