Group 1 - The Hong Kong stock market showed strong performance today, with the consumer sector leading the gains, as evidenced by the CSI Hong Kong Stock Connect Consumer Theme Index rising by 3.0% [1] - The CSI Hong Kong Stock Connect Internet Index increased by 2.2%, while the Hang Seng New Economy Index rose by 1.6% [1] - The CSI Hong Kong Stock Connect Healthcare Comprehensive Index saw a rise of 1.4%, and the Hang Seng Technology Index increased by 1.3% [1] Group 2 - Southbound funds through the Stock Connect recorded a net purchase of HKD 6.654 billion today, bringing the year-to-date net purchase amount to over HKD 1.3 trillion [1] - Cumulative net inflow since the launch of the Stock Connect has surpassed HKD 5 trillion, setting a new record since the opening of the mutual market access mechanism [1]

Group 1 - Southbound funds recorded a net purchase of approximately 66.54 billion HKD today [1] - China National Offshore Oil Corporation (CNOOC) and Pop Mart received net purchases of about 13.13 billion HKD and 5.19 billion HKD respectively [1] - Alibaba-W experienced a net sell-off of 6.53 billion HKD [1] Group 2 - Southbound funds have maintained a net inflow for 14 consecutive trading days, with a cumulative purchase of 927.72 billion HKD during this period [1]

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） 232.04 177.02 55.02 港股通（沪） 320.93 309.42 11.51 合计 552.97 486.44 66.53 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。 11月10日南向资金全天成交额1039.41亿港元，成交净买入66.53亿港元。 证券时报•数据宝统计显示，11月10日恒生指数上涨1.55%，南向资金合计买入成交552.97亿港元，卖出 成交486.44亿港元，合计成交额1039.41亿港元，全天成交净买入66.53亿港元，连续14日净买入。 具体看，港股通（沪）买入成交320.93亿港元，卖出成交309.42亿港元，合计成交额630.35亿港元，成 交净买入11.51亿港元；港股通（深）买入成交232.04亿港元，卖出成交177.02亿港元，合计成交409.06 亿港元，成交净买入55.02亿港元。（数据宝） 南向资金今日成交概况 ...

Core Insights - Southbound funds through the Hong Kong Stock Connect recorded a net purchase of HKD 66.54 billion on November 10, marking a year-to-date net inflow exceeding HKD 1.3 trillion, and the cumulative net inflow since the launch of the Stock Connect has surpassed HKD 5 trillion, setting a new record since the interconnection mechanism was established [1] Summary by Categories Monthly and Yearly Performance - Total net purchases for the month reached HKD 453.32 billion, with HKD 160.53 billion from the Shanghai Stock Connect and HKD 292.79 billion from the Shenzhen Stock Connect [2] - Year-to-date total net purchases stand at HKD 13,053.49 billion, with HKD 7,735.22 billion from the Shanghai Stock Connect and HKD 5,318.27 billion from the Shenzhen Stock Connect [2] Recent Trends - In the last three months, net purchases amounted to HKD 4,045.50 billion, with HKD 1,754.66 billion from the Shanghai Stock Connect and HKD 2,290.83 billion from the Shenzhen Stock Connect [2] - Over the past six months, total net purchases reached HKD 6,927.56 billion, with HKD 3,549.36 billion from the Shanghai Stock Connect and HKD 3,378.20 billion from the Shenzhen Stock Connect [2] Historical Data - Since the launch of the Stock Connect, cumulative net inflows have reached HKD 50,031.41 billion, with HKD 27,927.31 billion from the Shanghai Stock Connect and HKD 22,104.10 billion from the Shenzhen Stock Connect [2]

Core Insights - The Hong Kong stock market has reached a new milestone with southbound funds net buying 66.54 billion HKD on November 10, leading to a total net purchase exceeding 1.3 trillion HKD for the year [1] - Cumulative net inflow since the launch of the Stock Connect program has surpassed 5 trillion HKD, setting a new record since the inception of the mutual market access mechanism [1]

Core Insights - The Hong Kong stock market has reached a new milestone with southbound funds net buying 66.54 billion HKD on November 10, 2023, pushing the year-to-date net buying amount over 1.3 trillion HKD [1] - Cumulative net inflow since the launch of the Stock Connect program has surpassed 5 trillion HKD, setting a new record since the inception of the mutual market access mechanism [1] Summary by Categories - **Market Performance** - Southbound funds net buying reached 66.54 billion HKD on November 10, 2023 [1] - Year-to-date net buying amount has exceeded 1.3 trillion HKD [1] - **Cumulative Inflows** - Cumulative net inflow since the launch of the Stock Connect program has surpassed 5 trillion HKD [1] - This marks the highest record since the mutual market access mechanism was established [1]

Core Insights - The net inflow of southbound capital into Hong Kong stocks has reached 12,600 billion HKD this year, marking the fastest inflow since the launch of the Stock Connect, significantly surpassing the total inflow for the entire previous year [1] - Since the end of May, there has been a sustained high rate of inflow, with an average daily net inflow of 6.1 billion HKD by the end of September [1] - September recorded a net purchase of 188.5 billion HKD, making it the month with the highest net inflow this year, second only to January 2021 in historical terms [1] - In October, the net inflow exceeded 92 billion HKD [1] Industry Impact - The reduction in tariffs has alleviated significant uncertainties, aiding in stabilizing trade relations and improving external circulation, which in turn enhances market risk appetite [1] - The direct tax rate reduction benefits cross-border e-commerce, while trade improvements lead to macroeconomic recovery and increased consumer demand, positively impacting internet advertising and domestic e-commerce [1] Related ETFs - The Hong Kong Stock Connect Technology ETF (159101) covers the entire technology industry chain [1] - The Hang Seng Internet ETF (513330) focuses on leading internet companies [1]

Core Insights - The Hong Kong stock market is undergoing a fundamental value reassessment driven by changes in capital structure, asset quality, foreign capital trends, and market expectations [1][2] - Domestic capital has significantly increased its presence in the Hong Kong market, capturing a substantial share of quality assets and gradually gaining pricing power [1][2] Investment Landscape Changes - The investor structure in the Hong Kong market is shifting, with domestic funds increasingly participating and now accounting for a significant portion of trading volume [2][3] - Historically, the Hong Kong market was heavily influenced by offshore capital, which primarily focused on core assets, leaving many other assets under-researched and illiquid [2] - Domestic institutional investors, particularly public funds, have expanded their investment scope to include Hong Kong stocks, with nearly half of the public funds now able to invest in this market [2] Market Valuation and Opportunities - Despite recent fluctuations, the Hong Kong market has not shown signs of a bubble, with valuations merely returning to normal levels [4][5] - The core assets in the Hong Kong market, particularly internet companies, are expected to see a recovery in their traditional revenue streams, while AI-related business segments are still developing [5] - The banking sector in Hong Kong is viewed as undervalued, with price-to-book ratios significantly lower than global averages, indicating potential for long-term investment [5] Asset Allocation Perspective - The current asset allocation structure in China shows a low proportion of overseas investments, with public fund QDII products accounting for less than 4% [6] - A more balanced approach to asset allocation, including a reasonable increase in overseas investments, is suggested to enhance risk diversification and returns [6][7] - The Hong Kong market remains a crucial component for residents seeking to diversify risks and enhance their sources of returns [7] Investment Strategy and Product Development - The company emphasizes a bottom-up investment approach, focusing on fundamental research to uncover value in the Hong Kong market [8] - The investment team has developed capabilities in covering various sectors within the Hong Kong market, aiming for long-term returns while managing risk [8][9] - The company is expanding its product offerings to include passive index funds and thematic funds, targeting sectors such as dividends, consumption, innovative pharmaceuticals, and the internet [9]

Core Viewpoint - The southbound funds' ETF trading volume today is 775 million HKD, a decrease of 3.058 billion HKD from the previous day, accounting for 0.79% of the total southbound funds' trading volume today [1] Summary by Category Southbound Funds Trading - The total trading volume for southbound funds' ETFs is 775 million HKD [1] - The trading volume for Hong Kong Stock Connect (Shanghai) ETFs is 646 million HKD [1] - The trading volume for Hong Kong Stock Connect (Shenzhen) ETFs is 129 million HKD [1]

Core Insights - On November 6, southbound funds recorded a total trading volume of 105.78 billion HKD, with a net buying amount of 5.48 billion HKD, marking the 12th consecutive day of net inflows [1] Trading Overview - The Hang Seng Index increased by 2.12% on the same day [1] - Total buying transactions amounted to 55.63 billion HKD, while selling transactions were 50.15 billion HKD, resulting in a net buying of 5.48 billion HKD [1] - Breakdown of trading through Stock Connect: - Northbound Stock Connect (Shanghai): - Buying: 32.29 billion HKD - Selling: 30.94 billion HKD - Net Buying: 1.35 billion HKD [1] - Northbound Stock Connect (Shenzhen): - Buying: 23.34 billion HKD - Selling: 19.21 billion HKD - Net Buying: 4.13 billion HKD [1]