Core Viewpoint - On October 9, southbound funds recorded a total transaction amount of 213.566 billion HKD, with a net buy of 3.044 billion HKD, marking a new high for daily transactions in nearly three months [1] Summary by Category Southbound Fund Transaction Overview - The Hang Seng Index fell by 0.29% on October 9 [1] - Total buying transactions amounted to 108.305 billion HKD, while selling transactions were 105.261 billion HKD, resulting in a total transaction amount of 213.566 billion HKD [1] - The transaction amount for Hong Kong Stock Connect (Shanghai) was 133.471 billion HKD, with a net buy of 4.853 billion HKD [1] - The transaction amount for Hong Kong Stock Connect (Shenzhen) was 80.095 billion HKD, with a net sell of 1.809 billion HKD [1] Detailed Transaction Data | | Buy Transaction Amount | Sell Transaction Amount | Net Buy Transaction | | --- | --- | --- | --- | | | (billion HKD) | (billion HKD) | (billion HKD) | | Hong Kong Stock Connect (Shenzhen) | 39.143 | 40.952 | -1.809 | | Hong Kong Stock Connect (Shanghai) | 69.162 | 64.309 | 4.853 | | Total | 108.305 | 105.261 | 3.044 | [1]

Group 1: Southbound Capital - Southbound capital has significantly flowed into the Hong Kong stock market in 2025, with a cumulative net purchase of 979 billion HKD from January to August, surpassing the total of 807.9 billion HKD for the entire year of 2024 [2][24]. - Despite the increasing transaction share of southbound capital, its net purchases have shown little predictive power for the future movements of the Hang Seng Index, with a negative correlation observed between daily net purchases and index fluctuations [2][24]. - The top 10% of stocks by net purchase amount from southbound capital yielded an annualized return of 12.08%, significantly higher than the average of 2.61% and the bottom 10% group which saw a return of -2.94% [3][29]. Group 2: Industry Rotation - The analysis of industry rotation indicates that the southbound net purchase amount has a poor monotonicity across industries, but after adjusting for transaction amounts, the excess returns for bullish positions significantly improve, with the top three industries showing an annualized return of 11.64% [4][32]. - The retail sector, particularly represented by Alibaba, has been the most favored by southbound capital, with a net purchase scale significantly outperforming other sectors [4][32]. - The report highlights the effectiveness of style factors in guiding industry allocation, with growth and long-term momentum factors showing particularly strong performance in the Hong Kong market [6][65]. Group 3: IPO Trends - The Hong Kong stock market has experienced a surge in IPO activity in 2025, with 43 companies listed by June 30, raising a total of 106.71 billion HKD, which is significantly higher than the 88.15 billion HKD raised in 2024 [7][38]. - Notable IPOs include Heng Rui Pharmaceutical and Ningde Times, which raised 11.3 billion HKD and 41 billion HKD respectively, indicating a strong market interest and improved liquidity [7][38]. - The new IPO regulations implemented in August 2025 aim to enhance the attractiveness of the Hong Kong market by reducing public shareholding requirements and shortening the listing review process [7][38]. Group 4: Real Estate Market - The Hong Kong real estate market is showing signs of stabilization following the government's removal of property control measures, which has significantly reduced transaction costs for residential properties [11][12]. - High-frequency data indicates a rebound in private residential price indices since March 2025, suggesting a recovery in market sentiment and price stabilization [12][11]. - The low-interest environment and financial wealth effects are contributing to the improved outlook for the real estate sector, with transaction volumes increasing significantly [11][12].

Group 1 - The core point of the article highlights that the southbound funds' ETF trading volume today is 2.707 billion HKD, which is a decrease of 4.608 billion HKD compared to the previous day, accounting for 1.82% of the total southbound funds trading volume today [1] Group 2 - The trading volume for the Hong Kong Stock Connect (Shanghai) ETF is 2.523 billion HKD [1] - The trading volume for the Hong Kong Stock Connect (Shenzhen) ETF is 0.184 billion HKD [1] - The total trading volume for the Hong Kong Stock Connect is 2.707 billion HKD [1]

Core Insights - On September 30, the total trading volume of southbound funds reached HKD 149.1 billion, with a net buy of HKD 15.48 billion [1] Trading Overview - The Hang Seng Index increased by 0.87% on September 30, with total southbound fund purchases amounting to HKD 82.29 billion and sales totaling HKD 66.81 billion, resulting in a total trading volume of HKD 149.1 billion [1] - Southbound trading through the Shanghai-Hong Kong Stock Connect recorded a buy volume of HKD 52.95 billion and a sell volume of HKD 43.88 billion, leading to a net buy of HKD 9.08 billion [1] - Southbound trading through the Shenzhen-Hong Kong Stock Connect saw a buy volume of HKD 29.34 billion and a sell volume of HKD 22.94 billion, resulting in a net buy of HKD 6.40 billion [1]

Core Viewpoint - As of September 30, southbound capital net purchases exceeded 10 billion Hong Kong dollars [1] Group 1 - Southbound capital has shown strong investment interest, with net purchases surpassing 10 billion Hong Kong dollars [1]

（原标题：9月29日南向资金ETF成交额73.14亿港元） 今日（9月29日）南向资金ETF买入及卖出成交额为73.14亿港元，较前一日增加42.64亿港元，占南向资 金今日成交额的4.91%。 具体来看，港股通（沪）ETF买入及卖出成交额47.59亿港元，港股通（深）ETF买入及卖出成交额 25.56亿港元。（数据宝） 南向资金ETF买入及卖出成交额 | 港股通（沪）（亿港元） | 47.59 | | --- | --- | | 港股通（深）（亿港元） | 25.56 | | 港股通合计（亿港元） | 73.14 | 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。 ...

南向资金今日净卖出16.54亿港元。其中阿里巴巴-W、腾讯控股、小米集团-W净买入额位列前三，分别 获净买入35.57亿港元、14.94亿港元、9.96亿港元。净卖出方面，盈富基金、中国移动、美团-W分别遭 净卖出57.83亿港元、8.15亿港元、1.98亿港元。 ...

Core Insights - On September 29, southbound funds recorded a total trading volume of 148.58 billion HKD, with a net sell of 1.65 billion HKD [1] Trading Overview - The Hang Seng Index increased by 1.89% on the same day [1] - Total buy transactions for southbound funds amounted to 73.60 billion HKD, while total sell transactions reached 75.26 billion HKD, resulting in a net sell of 1.65 billion HKD [1] - Breakdown of trading through Stock Connect: - Northbound Stock Connect (Shanghai): Buy transactions were 45.61 billion HKD, sell transactions were 47.97 billion HKD, leading to a net sell of 2.36 billion HKD [1] - Northbound Stock Connect (Shenzhen): Buy transactions were 27.99 billion HKD, sell transactions were 27.29 billion HKD, resulting in a net buy of 0.70 billion HKD [1]

Core Viewpoint - Southbound funds recorded a net sell of 1.654 billion HKD today, indicating a shift in investor sentiment towards certain stocks [1] Group 1: Fund Flows - Southbound funds had a net sell of 1.654 billion HKD today [1] - The largest net sell was from the Tracker Fund of Hong Kong, amounting to 5.783 billion HKD [1] - China Mobile experienced a net sell of 815 million HKD [1] - Alibaba-W saw a net buy of approximately 3.557 billion HKD [1]

Group 1 - Hong Kong stocks opened higher on September 29, with significant gains in the semiconductor and internet sectors, including companies like Hua Hong Semiconductor, Kuaishou-W, Alibaba-W, JD Group-SW, and Meituan-W, all rising over 2% [1] - The Hong Kong Technology 50 ETF (159750) saw a net subscription of over 14 million units in the morning session, with a total net inflow of over 330 million yuan in the last 10 trading days [1] - As of September 26, southbound funds net purchased Hong Kong stocks worth 10.541 billion HKD, with Alibaba receiving a net purchase of 2.412 billion HKD; the cumulative net purchase for the year reached 1,153.689 billion HKD, significantly exceeding last year's total [2] Group 2 - Morgan Stanley increased its stake in Alibaba from 6.81% to 12.29% as of September 22, acquiring 2.345 billion shares at an average price of 159.2641 HKD [3] - The market is awaiting the U.S. non-farm payroll data to be released on October 3, which will be a key indicator for assessing the health of the U.S. job market and may influence expectations regarding Federal Reserve interest rate cuts [3] - Huatai Securities noted that the impact of major overseas events during the National Day holiday on Hong Kong stocks may be limited, with historical data showing a high probability of stock gains during the holiday period [4]