Core Insights - The Hong Kong stock market is becoming a crucial platform for global investors to share in the growth dividends of China's core assets, with significant inflows of southbound capital [1][12] - As of November 10, southbound capital's cumulative net purchases of Hong Kong stocks exceeded 5 trillion HKD, continuing to grow [1] - The influx of long-term mainland funds, primarily from insurance and public offerings, is expected to support a "slow bull" market in Hong Kong [1][8] Southbound Capital Inflows - As of November 19, southbound capital net inflows through the Stock Connect reached 65.91 million HKD, bringing the total for the year to over 1.34 trillion HKD, a 66% increase compared to the total inflow of 807.8 billion HKD in 2024 [2] - Cumulative net inflows since the launch of the Stock Connect have surpassed 5 trillion HKD [2][3] Market Dynamics - Southbound capital has become a core driver of liquidity in the Hong Kong stock market, with its share of total market turnover rising from 15.6% at the beginning of 2024 to 23.6% by the third quarter of 2025 [3] - The total market value of southbound capital holdings exceeded 6.3 trillion HKD by the end of the third quarter, representing a year-on-year increase of over 90% [3] Sector and Stock Preferences - The allocation of southbound capital has shifted significantly, with the banking sector previously dominating but now more evenly distributed across industries, including media, pharmaceuticals, and technology [3][4] - The top ten holdings of southbound capital are now characterized by a "technology + dividend" strategy, with Tencent Holdings and Alibaba being major beneficiaries [4] Fund Composition - Insurance funds and public funds constitute the majority of southbound capital, with insurance holdings surpassing 1 trillion RMB (approximately 1.4 trillion HKD) by the end of the third quarter [7] - Public fund holdings reached 1.01 trillion RMB, accounting for about 18% of total southbound capital [7] Future Projections - Predictions indicate that southbound capital could see an additional inflow of 1.4 trillion RMB (approximately 1.54 trillion HKD) by the end of next year, with a potential total increase of 10 trillion RMB (approximately 11 trillion HKD) over the next five years [8] - The continuous inflow of long-term capital is expected to enhance market fundamentals and support a "slow bull" market [8][9] Market Valuation and Asset Supply - The Hong Kong stock market is viewed as having significant allocation value, with lower valuation levels compared to other major global markets [11] - The influx of quality companies listing in Hong Kong is creating a virtuous cycle, enhancing market liquidity and attracting more capital [12][13] Historical Context - Historical analysis indicates that periods of outperformance in the Hong Kong stock market have been driven by the scarcity of assets, with current trends reflecting similar dynamics as seen in previous advantageous periods [14]

（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） ...

在经历了数年深度调整后，今年以来恒生指数迎来了一轮显著的估值修复行情。日前，惠理集团投资组 合总监盛今在接受上证报记者采访时表示，这一转变主要得益于全球资金向非美市场再平衡的趋势，以 及产业叙事引领下的资产重估。他说，尽管近期港股有所波动，但在多重利好因素推动下，市场中长期 前景依然值得看好。 在盛今看来，估值变化可能是外资更为重视的观察视角和底层逻辑之一。经过4年调整，恒生指数在 2024年底的市盈率低至约10.6倍，风险溢价处于历史90%分位以上，具备较高的安全边际。同时，国际 投资者逐渐形成一种共识，即越来越多中国企业具备全球竞争力，可能享有更高的估值溢价。截至今年 10月底，海外主动资金配置中国市场的比例升至7.2%。 盛今表示，当前港股的估值已位于历史均值上方1.5至1.7个标准差区间，短期内或存在一定回调压力。 但从中长期看，政策方向的日益清晰有助于改善市场预期。同时，海外资金流入的加速也将为市场提供 支撑，中国权益市场的中长期投资价值值得关注。 今年以来，南向资金持续呈现强劲流入态势。Choice数据显示，截至11月12日，今年以来南向资金累计 净流入规模已超1.2万亿元。 盛今表示，南向资金在 ...

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。 ...

（文章来源：证券时报网） 南向资金ETF买入及卖出成交额 今日（11月13日）南向资金ETF买入及卖出成交额为91.44亿港元，较前一日增加77.43亿港元，占南向 资金今日成交额的7.32%。 具体来看，港股通（沪）ETF买入及卖出成交额56.51亿港元，港股通（深）ETF买入及卖出成交额 34.93亿港元。（数据宝） 港股通（沪）（亿港元） 56.51 港股通（深）（亿港元） 34.93 港股通合计（亿港元） 91.44 ...