（原标题：11月18日南向资金ETF成交额24.52亿港元） 南向资金ETF买入及卖出成交额 具体来看，港股通（沪）ETF买入及卖出成交额15.59亿港元，港股通（深）ETF买入及卖出成交额8.94 亿港元。（数据宝） 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 | 港股通（沪）（亿港元） | 15.59 | | --- | --- | | 港股通（深）（亿港元） | 8.94 | | 港股通合计（亿港元） | 24.52 | 今日（11月18日）南向资金ETF买入及卖出成交额为24.52亿港元，较前一日减少29.18亿港元，占南向 资金今日成交额的2.49%。 ...

| | 买入成交额（亿港元） | 卖出成交额（亿港元） | 成交净买入（亿港元） | | --- | --- | --- | --- | | 港股通（深） | 206.63 | 159.41 | 47.22 | | 港股通（沪） | 322.47 | 295.03 | 27.44 | | 合计 | 529.10 | 454.44 | 74.66 | （文章来源：证券时报网） 具体看，港股通（沪）买入成交322.47亿港元，卖出成交295.03亿港元，合计成交额617.50亿港元，成 交净买入27.44亿港元；港股通（深）买入成交206.63亿港元，卖出成交159.41亿港元，合计成交366.04 亿港元，成交净买入47.22亿港元。（数据宝） 南向资金今日成交概况 11月18日南向资金全天成交额983.54亿港元，成交净买入74.66亿港元。 证券时报·数据宝统计显示，11月18日恒生指数下跌1.72%，南向资金合计买入成交529.10亿港元，卖出 成交454.44亿港元，合计成交额983.54亿港元。 ...

| 港股通（沪）（亿港元） | 40.27 | | --- | --- | | 港股通（深）（亿港元） | 13.43 | | 港股通合计（亿港元） | 53.70 | 具体来看，港股通（沪）ETF买入及卖出成交额40.27亿港元，港股通（深）ETF买入及卖出成交额 13.43亿港元。（数据宝） 南向资金ETF买入及卖出成交额 （原标题：今日南向资金ETF买入及卖出成交额为53.70亿港元） 今日（11月17日）南向资金ETF买入及卖出成交额为53.70亿港元，较前一日增加44.62亿港元，占南向 资金今日成交额的5.88%。 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 ...

南向资金今日成交概况 11月17日南向资金全天成交额913.76亿港元，成交净买入84.48亿港元。 证券时报·数据宝统计显示，11月17日恒生指数下跌0.71%，南向资金合计买入成交499.12亿港元，卖出 成交414.64亿港元，合计成交额913.76亿港元。 具体看，港股通（沪）买入成交302.61亿港元，卖出成交259.26亿港元，合计成交额561.87亿港元，成 交净买入43.35亿港元；港股通（深）买入成交196.51亿港元，卖出成交155.38亿港元，合计成交351.89 亿港元，成交净买入41.13亿港元。（数据宝） | | 买入成交额（亿港元） | 卖出成交额（亿港元） | 成交净买入（亿港元） | | --- | --- | --- | --- | | 港股通（深） | 196.51 | 155.38 | 41.13 | | 港股通（沪） | 302.61 | 259.26 | 43.35 | | 合计 | 499.12 | 414.64 | 84.48 | （文章来源：证券时报网） ...

Core Viewpoint - The Hang Seng Index has experienced a significant valuation recovery this year, driven by a global rebalancing of funds towards non-US markets and asset revaluation led by industry narratives [1] Group 1: Market Trends - The Hang Seng Index's decline was influenced by multiple factors, including a strong US dollar cycle that suppressed emerging market asset valuations [1] - With the weakening of the US dollar and emerging uncertainties, there has been a trend of global fund reallocation towards non-US assets, boosting emerging markets [1] - As of October 2023, the proportion of overseas active funds allocated to the Chinese market has risen to 7.2% [1] Group 2: Valuation Insights - The current valuation of the Hong Kong stock market is above historical averages, positioned at 1.5 to 1.7 standard deviations above the mean, indicating potential short-term pullback pressure [2] - The Hang Seng Index's price-to-earnings ratio is projected to be around 10.6 times by the end of 2024, with a risk premium above the 90th percentile historically, suggesting a high safety margin [1] Group 3: Capital Flows - There has been a strong inflow of southbound funds, with a cumulative net inflow exceeding 1.2 trillion yuan as of November 12, 2023 [2] - The daily trading volume of southbound funds in the Hong Kong main board has significantly increased, reaching nearly 40% at its peak, and currently stabilizing around 30% [2] Group 4: Investment Opportunities - Key investment opportunities in the Hong Kong market include the AI industry chain, the optimization of competition in the internet sector, and the recovery of demand in certain consumer segments [3] - The manufacturing sector is expected to maintain its advantages, with breakthroughs in key technologies and long-term value in high-end manufacturing and hard technology sectors [3] - The healthcare industry is seeing improved policy environments, enhancing competitiveness and growth potential in the biopharmaceutical sector [3] - The chemical and raw materials industries are experiencing a recovery in profit expectations, making related companies' performance worth monitoring [3] - There may be a rotation of capital from high-dividend sectors like telecommunications and utilities towards cyclical and growth assets [3]

Core Viewpoint - The Hong Kong stock market is experiencing a significant valuation recovery, driven by a global rebalancing of funds towards non-US markets and asset revaluation led by industry narratives [1][2]. Group 1: Market Trends - The Hang Seng Index has seen a notable decline due to multiple factors, including the strong US dollar impacting emerging market valuations. However, with the weakening dollar and other uncertainties, there is a trend of global funds reallocating towards non-US assets, boosting emerging markets [1]. - As of October 2023, the proportion of overseas active funds allocated to the Chinese market has risen to 7.2%, indicating growing international interest [2]. Group 2: Valuation Insights - The Hang Seng Index's price-to-earnings ratio is projected to be around 10.6 times by the end of 2024, with risk premiums at historical highs, suggesting a high safety margin for investors [2]. - Current valuations of Hong Kong stocks are above historical averages by 1.5 to 1.7 standard deviations, indicating potential short-term pullback pressure, but long-term policy clarity and increased foreign capital inflow are expected to support the market [2]. Group 3: Southbound Capital Influence - Southbound capital's pricing power in the Hong Kong market is strengthening, with daily trading volume from this capital reaching approximately 30% of the main board's total, reflecting its growing influence [3]. - Despite recent volatility in the Hong Kong market, the overall outlook remains optimistic for the medium term [3]. Group 4: Investment Opportunities - Key investment opportunities in the Hong Kong market include: 1. Continued development of the AI industry and improved competition in the internet sector due to "anti-involution" policies, alongside a gradual recovery in certain consumer segments [4]. 2. Strengthening of China's manufacturing advantages and breakthroughs in key technologies, particularly in high-end manufacturing and hard tech sectors [4]. 3. Improved policy environment in the healthcare sector, enhancing competitiveness and growth potential in biopharmaceuticals [4]. 4. Recovery in profit expectations for the chemical and raw materials sectors, making related companies' performance worth monitoring [4]. 5. Potential rotation of capital from high-dividend sectors like telecommunications and utilities towards cyclical and growth assets [4].

| | 买入成交额（亿港元） | 卖出成交额（亿港元） | 成交净买入（亿港元） | | --- | --- | --- | --- | | 港股通（深） | 212.54 | 156.40 | 56.14 | | 港股通（沪） | 335.24 | 262.51 | 72.73 | | 合计 | 547.78 | 418.91 | 128.87 | （文章来源：证券时报网） 具体看，港股通（沪）买入成交335.24亿港元，卖出成交262.51亿港元，合计成交额597.75亿港元，成 交净买入72.73亿港元；港股通（深）买入成交212.54亿港元，卖出成交156.40亿港元，合计成交368.94 亿港元，成交净买入56.14亿港元。（数据宝） 南向资金今日成交概况 11月14日南向资金全天成交额966.69亿港元，成交净买入128.87亿港元。 证券时报·数据宝统计显示，11月14日恒生指数下跌1.85%，南向资金合计买入成交547.78亿港元，卖出 成交418.91亿港元，合计成交额966.69亿港元。 ...

南向资金今日大幅净买入128.87亿元。港股通（沪）方面，阿里巴巴-W、腾讯控股分别获净买入13.27 亿港元、10.71亿港元；中国人寿净卖出额居首，金额为2.62亿港元；港股通（深）方面，腾讯控股、阿 里巴巴-W分别获净买入10.97亿港元、9.3亿港元；泡泡玛特净卖出额居首，金额为2.37亿港元。 ...

Group 1 - The core point of the article highlights that the southbound funds' ETF trading volume reached 9.144 billion HKD today, an increase of 7.743 billion HKD compared to the previous day, accounting for 7.32% of the total southbound funds' trading volume today [1] Group 2 - The trading volume for the Hong Kong Stock Connect (Shanghai) ETF was 5.651 billion HKD [1] - The trading volume for the Hong Kong Stock Connect (Shenzhen) ETF was 3.493 billion HKD [1] - The total trading volume for the Hong Kong Stock Connect amounted to 9.144 billion HKD [1]

Core Insights - The Hong Kong stock market is experiencing a surge in investment, with significant inflows from southbound funds and public funds, indicating strong market interest despite recent volatility [2][4][6] Group 1: Market Performance - The Hang Seng Index has shown a slight increase of 0.81% as of November 13, with a maximum drawdown of -8.17% and a maximum increase of 8.89% in the fourth quarter [3] - The Hang Seng Technology Index has seen a decline of 7.49% with a maximum drawdown exceeding 15% [3] - Both indices have outperformed major global markets with annual gains exceeding 33% [3] Group 2: Fund Inflows - Southbound funds have recorded a net inflow of 1.31 trillion HKD year-to-date, marking a historical high and a 60% increase compared to last year's total inflow of 807.87 billion HKD [4] - Public funds have significantly increased their holdings in Hong Kong stocks, reaching a market value of 1.36 trillion HKD by the end of Q3, a more than 40% increase from the previous quarter and a doubling from the same period last year [4][5] - Over half of the active equity funds have increased their allocation to Hong Kong stocks, with some funds raising their positions by over 20% in a single quarter [4] Group 3: ETF Trends - The trend of investing in Hong Kong stocks through ETFs has intensified, with 79 Hong Kong Stock Connect-themed ETFs seeing a net inflow of nearly 300 million HKD in the fourth quarter, totaling 2.184 billion HKD for the year [5] - The total size of these ETFs has surged to 352.87 billion HKD, a 3.4-fold increase from the end of last year [5] Group 4: Investment Preferences - Dividend-paying assets are gaining popularity, with significant net subscriptions to various dividend-focused ETFs [5] - There is a noticeable shift in capital flows, with previous high-growth sectors like technology and innovative pharmaceuticals experiencing a slowdown in inflows [5][9] Group 5: Market Dynamics - The alternating activity between A-shares and Hong Kong stocks is attributed to industry cycle rotations rather than significant capital shifts between the two markets [6] - The Hong Kong market is seen as attractive due to its valuation advantages, structural benefits, and the ongoing appeal of Chinese assets [6][7] Group 6: Growth and Value Considerations - The Hong Kong market offers a dual appeal for defensive and growth-oriented investments, with blue-chip stocks providing stable dividends and innovative sectors presenting growth opportunities [7][8] - Concerns about potential bubbles in growth assets are countered by the argument that recent price increases are corrections of previous undervaluations rather than speculative bubbles [8]