（文章来源：每日经济新闻） 每经AI快讯，8月26日，截至目前，南向资金净买入额达20亿港元。 ...

金融界8月26日消息，周二，港股市场低开后震荡续上行，截止午盘，恒生指数跌0.22%报25773.56点， 恒生科技指数涨0.27%报5840.71点，国企指数跌0.11%报9237.89点，红筹指数跌0.43%报4369.65点。 盘面上，大型科技股部分由跌转涨，网易、快手、小米、腾讯均翻红，阿里巴巴仍跌超1%，美团、百 度小幅走低；美联储转"鸽"，降息预期下金价上涨逻辑更为清晰，黄金股带领有色金属股齐涨，中国黄 金国际、灵宝黄金涨超6%；9月新品催化苹果概念股普升，高伟电子、蓝思科技领涨；濠赌股拉升，金 界控股绩后放量大涨超19%表现最佳，且刷新阶段新高，汽车股、纸业股、乳制品股、航空股多数上 涨。另一方面，特朗普称将迅速对药品征收关税，生物医药股普遍走低，信达生物、石药集团等创新药 概念股齐跌；昨日上海调整限购，分析指市场更需要的是"持续添柴"，昨日走强的内房股普跌，军工 股、中资券商股、半导体芯片股表现低迷。 企业新闻 海底捞(06862.HK)：上半年收入207.03亿元，同比下降3.7%；净利润17.6亿元，同比下跌13.7%。 钧达股份(02865.HK)：上半年收入约36.56亿元，同比减少4 ...

Market Overview - The Hang Seng Index opened down 0.45%, and the Hang Seng Tech Index fell by 0.76%, with Alibaba dropping over 2% [1] Future Outlook for Hong Kong Stocks - Guotai Junan Securities suggests that with a rate cut in September likely, the Hong Kong stock market will realign with the A-share market, making corporate earnings changes a key driver of performance differences between the two markets [1] - Huatai Securities indicates that foreign capital still has room to increase allocation to the Chinese market due to: 1) Overseas liquidity is likely to remain loose, influenced by monetary policy and financial regulation; 2) Improvement in domestic fundamentals and potential appreciation of the RMB [1] - It is noted that the importance of foreign capital in the Hong Kong stock market has decreased, with southbound capital accounting for over 40% of trading in interconnectivity stocks, making the sustainability of future inflows a point of focus [1] Earnings and Investment Strategy - According to招商策略, the outlook for the Hong Kong stock market remains optimistic, with interim earnings showing improvement and the earnings forecast rate reaching a three-year high. The profitability of Hong Kong stocks with a higher "new economy" component is expected to improve ahead of A-shares [1] - Historical data suggests that during previous bull markets, the Hong Kong index has slightly underperformed compared to A-shares, leading to a recommendation to focus on differentiated investment strategies, starting with innovative pharmaceuticals, followed by the internet sector, and finally new consumption [1]

每经AI快讯，8月25日，截至目前，南向资金净卖出额达20亿港元。 ...

晋景新能(01783)盘中涨超8%，截至发稿，涨6.3%，报8.1港元，成交额1067.65万港元。 消息面上，8月22日盘后，恒生指数公司公布了其定期的半年度指数调整结果，其中晋景新能获纳入恒 生综合指数成分股，变动将于9月5日收市后实施并于9月8起生效。此前，瑞银、中金及申万宏源预计晋 景新能有望纳入港股通名单标的。分析人士指出，一旦入港股通，晋景新能将直接解锁内地资金的流入 通道，有望获得更多南向资金的关注、青睐，以及被动资金如指数基金的增配，短期流动性便将显著提 升。 ...

本文来自格隆汇专栏：国泰海通证券研究，作者：吴信坤、余培仪、陆嘉瑞核心结论：①近期AH溢价创近六年新低反映港股市场流动性无虞，近期股指 走弱主要受互联网权重板块结构性拖累。②展望未来，我们认为年内需重视港股三大因素：AI领域技术突破催化科技成长、美联储降息背景下外资可能 超预期，南下增配力量仍有较大空间。③受益于资产稀缺性优势，港股市场望持续吸引增量资金入市助推行情向上，结构上重视本轮产业周期中弹性更大 的恒生科技。 我们在《港股是本轮牛市主战场-20250607》等多篇前期报告中指出下半年港股牛途继续，并且相对A股更优。但6月以来港股主要指数相较A股表现偏 弱，使得部分投资者对下半年港股的行情走势信心不足。我们在本文对港股近期弱于A股的现象进一步展开分析，并分析我们继续看好港股的立场与逻 辑。 6月以来港股指数表现弱于A股，但AH溢价指数创近六年新低。6月中旬以来在A股指数不断向上创新高之际，港股行情表现却偏震荡，25/6/11-8/22期间 恒生指数跑输沪深300指数8个百分点，恒生科技则跑输创业板指27个百分点。尽管港股指数表现弱于A股，但我们观察到恒生AH股溢价指数较6/19的 131.54进一步下行 ...

Group 1 - The report highlights that the recent AH premium has reached a six-year low, indicating sufficient liquidity in the Hong Kong stock market, while the recent weakness in stock indices is primarily due to structural drag from the internet sector [1][6][7] - Looking ahead, three key factors are expected to drive the Hong Kong stock market: breakthroughs in AI technology catalyzing tech growth, potential unexpected inflows of foreign capital amid a backdrop of Federal Reserve interest rate cuts, and significant room for increased southbound capital allocation [1][18][26] - The report suggests that the Hong Kong market, benefiting from asset scarcity, is likely to continue attracting incremental capital, which will support upward market trends, with a focus on the more resilient Hang Seng Tech index during this industrial cycle [1][30] Group 2 - The report notes that since mid-June, the Hong Kong stock index has underperformed compared to the A-share index, with the Hang Seng AH premium index declining from 131.54 on June 19 to a low of 122.6 on August 15, marking a new low since May 2019 [7][8][11] - Despite the overall index weakness, approximately 76% of AH-listed stocks in Hong Kong have outperformed their A-share counterparts since mid-June, with an average excess return of about 10 percentage points [7][21] - The report emphasizes that the recent divergence between the AH premium and the performance of the two markets is directly related to the underperformance of the Hong Kong tech sector, particularly due to the scarcity of leading internet companies compared to their A-share counterparts [8][9][30] Group 3 - The report identifies three positive catalysts for the Hong Kong market: first, tech leaders are expected to benefit from new technological breakthroughs in AI, with companies like Alibaba and Tencent leading in multimodal large models [20][23] - Second, the potential for foreign capital to return to the Hong Kong market is highlighted, with signs of marginal improvement in foreign investment flows observed from May to July, and expectations of interest rate cuts by the Federal Reserve [24][25] - Third, there remains significant potential for increased southbound capital, with expectations that net inflows could exceed 1.2 trillion yuan for the year, driven by the attractiveness of scarce assets in the Hong Kong market [26][28] Group 4 - The report suggests that the Hong Kong tech sector is likely to be the main focus of market trends, benefiting from the AI cycle, with leading companies positioned across the entire AI value chain [30][31] - It also notes that the Hong Kong market's dividend policies and low interest rates are expected to attract more capital, particularly in new consumption and innovative pharmaceutical sectors, which are also relatively scarce compared to A-shares [30][31]

Core Insights - The total trading volume of southbound funds in ETFs on August 22 was 1.213 billion HKD, a decrease of 3.217 billion HKD from the previous day, accounting for 0.76% of the total trading volume of southbound funds today [1] Summary by Category - **Southbound Funds Trading Volume** - The trading volume for southbound funds in ETFs was 1.213 billion HKD on August 22 [1] - This represents a significant decrease of 3.217 billion HKD compared to the previous day [1] - The southbound funds accounted for 0.76% of the total trading volume today [1] - **Breakdown of Trading Volume** - The trading volume for Hong Kong Stock Connect (Shanghai) ETFs was 731 million HKD [1] - The trading volume for Hong Kong Stock Connect (Shenzhen) ETFs was 482 million HKD [1] - The combined trading volume for both Hong Kong Stock Connects was 1.213 billion HKD [1]

业绩方面，6月25日，商晋景新能发布了2025财年(截至3月31日止12个月)的业绩公告。数据显示，公司 报告期内的收入约为8.7亿(港元，下同)，同比大增92.3%。若剔除若干项不反映业务持续经营表现的一 次性开支后，晋景新能2025财年已实现盈利。报告期内，晋景新能的经调整EBITDA录得盈利4476.4万 元。 分析人士指出，一旦入港股通，晋景新能将直接解锁内地资金的流入通道，有望获得更多南向资金的关 注、青睐，以及被动资金如指数基金的增配，短期流动性便将显著提升。 8月22日，恒生指数公司公布最新季检结果，其中晋景新能(01783)获纳入恒生综合指数成份股，所有变 动将于2025年9月5日(星期五)收市后实施并于2025年9月8日(星期一)起生效。此前，瑞银、中金及申万 宏源预计晋景新能有望纳入港股通名单标的。 ...

Group 1 - The core viewpoint of the article highlights the contrasting performance between the A-share market, which is experiencing a strong bull run led by the chip industry, and the relatively subdued performance of the Hong Kong stock market, raising questions about the value of holding Hong Kong stocks [1][2] - Despite the lackluster performance of the Hong Kong market, there has been a significant increase in the scale of Hong Kong ETFs, which surged from 297.4 billion yuan at the beginning of the year to 565.5 billion yuan by August 20, indicating a strong recognition of value by smart capital [1][2] - The article suggests that the current market conditions present structural opportunities in the Hong Kong stock market, particularly in sectors like innovative pharmaceuticals and non-bank financials, rather than a general overvaluation [2][4] Group 2 - The innovative pharmaceutical sector has seen substantial growth, with the Hong Kong innovative pharmaceutical ETF (513120) doubling in value this year and reaching a scale of over 20 billion yuan, indicating strong investor interest [5][14] - The logic behind the growth in innovative pharmaceuticals is driven by the impending expiration of patents for many drugs from multinational pharmaceutical companies, creating a demand for new and undervalued drug pipelines [6][11] - Southbound funds have emerged as significant buyers in the innovative pharmaceutical sector, contributing to the bullish sentiment and increasing the ETF's scale from 8 billion yuan to 20.7 billion yuan this year [12][14] Group 3 - The non-bank financial sector has also attracted attention, with the Hong Kong non-bank financial ETF (513750) rising over 50% year-to-date, supported by increased trading activity from southbound funds and retail investors [16][19] - The article outlines three main reasons for the increased attractiveness of non-bank financials: higher trading frequency from southbound funds, improved liquidity in the market, and favorable policies for insurance capital to expand equity investments [18][19] - The non-bank financial ETF has seen its scale increase to 18.7 billion yuan, reflecting strong institutional interest and a favorable market environment [19] Group 4 - The technology sector, particularly the Hang Seng Technology Index, has faced short-term challenges but is expected to recover as market concerns dissipate, with potential for upward price movement [22][23] - Investors are encouraged to consider the Hang Seng Technology ETF (513380) for exposure to this sector, which has shown resilience despite recent underperformance [23] - For those concerned about competition affecting the technology index, the Hong Kong Technology ETF (159262) offers a more focused investment option, with a scale exceeding 3.2 billion yuan [25] Group 5 - The article emphasizes the importance of selecting the right ETFs in the current bull market, highlighting various options such as the Hong Kong Dividend ETF (520900) and thematic ETFs focused on new energy vehicles and consumer sectors [28] - The diverse range of ETFs available allows investors to tailor their strategies according to their risk preferences and market outlook, with a focus on high liquidity and substantial market capitalization [28]