转自：证券时报 人民财讯7月30日电，南向资金持续流入，截至目前，净买入额逾80亿港元。 ...

Core Viewpoint - As of now, the net inflow of southbound funds has reached 8 billion HKD [1] Group 1 - The total net buying amount of southbound funds indicates strong investor interest in the market [1]

Summary of Hong Kong Stock Exchange (HKEX) Conference Call Industry Overview - The conference call discusses the Hong Kong Stock Exchange (HKEX) and its valuation dynamics influenced by various factors, including historical events like the launch of Stock Connect programs and the return of Chinese concept stocks [2][4]. Key Points and Arguments 1. **Valuation History**: HKEX has experienced three significant valuation increases historically, with valuations typically above 30 times earnings [2][4]. 2. **Profitability Metrics**: HKEX operates on a light asset model, maintaining an EBITDA margin above 70% and a return on equity (ROE) above 20%, with a stable dividend payout ratio around 90% [2][6]. 3. **IPO Reforms**: Recent reforms have attracted new economy companies, with their market capitalization now exceeding 35%, indicating room for further growth [2][6]. 4. **Southbound Fund Dynamics**: The structure of southbound funds has shifted, with insurance and public funds becoming dominant, contributing over 35% to the average daily trading volume [2][7]. 5. **Cost Reduction for Retail Investors**: HKEX has optimized its settlement fee structure to lower trading costs for small retail investors, aiming to increase participation [2][8]. 6. **Market Recovery Factors**: Anticipated recovery factors for the second half of the year include potential easing of thresholds for Chinese concept stock returns, possible reductions in stamp duty, and changes in the tax treatment of Hong Kong Stock Connect dividends [2][9]. Additional Important Insights 1. **Current Valuation Context**: The current price-to-earnings (P/E) ratio of 40 is considered to be at a historical average, with a conservative estimate projecting a net profit of HKD 16.5 billion for 2025, suggesting a target valuation of 42 times earnings, equating to a market cap of approximately HKD 690 billion, indicating a 20% upside potential [3][10]. 2. **Investor Sentiment**: Despite perceptions of high pricing among investors, detailed analysis suggests that HKEX still possesses significant upside potential, warranting a buy rating [11]. This summary encapsulates the essential insights from the HKEX conference call, highlighting the company's financial health, market dynamics, and future outlook.

Market Overview - The Hong Kong stock market experienced a collective decline on July 29, with the Hang Seng Index falling by 0.15% to 25,524.45 points, the Hang Seng Tech Index down by 0.35% to 5,644.38 points, and the National Enterprises Index decreasing by 0.34% to 9,145.92 points [1] - Pharmaceutical stocks remained strong, while major tech and financial stocks showed weakness. Notable individual stock movements included Alibaba and BYD rising slightly, while Xiaomi dropped over 2.5% and Meituan and Kuaishou fell over 0.5% [1] Southbound Capital - Southbound capital has significantly increased its investment in the Hong Kong stock market this year, with a net purchase of HKD 12.72 billion on July 29. Cumulatively, southbound capital has net inflows exceeding HKD 840 billion this year, marking a historical high for annual net inflows [2] Key Messages 1. The Hong Kong Stock Exchange reported that the average daily trading volume for the first half of 2025 reached HKD 240.2 billion, a substantial increase of 118% year-on-year. The trading volume for ETFs surged to HKD 33.8 billion, reflecting a year-on-year growth of 184% due to the expansion of the ETF interconnection plan and the continuous launch of new ETF products [3] 2. The Hong Kong Monetary Authority announced the implementation of a regulatory framework for stablecoin issuers, with the first licenses expected to be issued early next year. The stablecoins backed by offshore RMB must clearly define their use cases and reserve assets [3] 3. Major banks in Hong Kong have begun integrating Alibaba's AI technology, with Alibaba Cloud winning a project with China Construction Bank and the Industrial and Commercial Bank of China applying Alibaba's Qwen model for smart risk control. This marks the first deep collaboration between national financial institutions and Alibaba in five years [3] Institutional Insights - CITIC Securities forecasts that the mid-year earnings for Hong Kong stocks will be concentrated in release around mid to late August 2025. The overall revenue growth rate for the Hang Seng Index is expected to significantly increase compared to the same period last year, although profit growth may moderate. There is an enhanced confidence trend in certain sectors such as new consumption, technology, and pharmaceuticals, with upward revisions in earnings expectations prior to financial disclosures [4]

Wind数据显示，截至7月29日，南向资金今年以来累计净流入8420.02亿港元，创年度净流入金额历史新 高，为2024年同期的2倍多。其中，4月9日单日净流入355.86亿港元，创单日净流入纪录。在今年以来 南向资金交易的135个交易日中，出现净流入的交易日有114个，占比超八成。 今年以来，南向资金在港股交易占比持续提升。7月29日，南向资金成交额为1554.92亿港元，为当日港 股市场成交额的近六成。 从南向资金持仓情况来看，Wind数据显示，截至7月28日，南向资金持股数量达5256.06亿股，较2025年 初增加598.21亿股；持仓市值超过5.6万亿港元，较2025年初增加2.03万亿港元。根据今年以来截至7月 28日南向资金的净流入金额计算，今年以来南向资金浮盈达1.2万亿港元。 行业方面，南向资金对金融、信息技术、可选消费行业持仓市值居前，分别达14517.43亿港元、 11115.84亿港元、7175.67亿港元。此外，南向资金对医疗保健行业持仓市值超5300亿港元，对通讯服务 行业持仓市值超4900亿港元。 个股方面，南向资金持仓腾讯控股超过5400亿港元，持仓建设银行、中国移动、小米集团 ...

Summary of Key Points Group 1: Trading Volume and Net Inflows - The total trading volume for July reached 28,360 million HKD, with a net inflow of 1,108.09 million HKD [1] - In June, the trading volume was 24,167 million HKD, resulting in a net inflow of 802.51 million HKD [1] - The trading volume for May was 17,951 million HKD, with a net inflow of 456.17 million HKD [1] Group 2: Monthly Trends - April recorded a trading volume of 22,866 million HKD and a net inflow of 1,666.72 million HKD [1] - March had a trading volume of 25,253 million HKD, with a net inflow of 1,602.82 million HKD [1] - February's trading volume was 26,239 million HKD, resulting in a net inflow of 1,527.78 million HKD [1] Group 3: Year-to-Date Performance - January's trading volume was 11,126 million HKD, with a net inflow of 1,255.92 million HKD [1] - The data is current as of July 29 [1]

Core Viewpoint - Southbound capital has significantly increased its investment in the Hong Kong stock market this year, leading to a historical net inflow of over 840 billion HKD, surpassing previous records and contributing to a strong performance in the market [1][2]. Group 1: Southbound Capital Inflows - As of July 29, 2023, southbound capital has recorded a cumulative net inflow of 8420.02 billion HKD, marking a historical high for the year and more than double the inflow of the same period in 2024 [1][2]. - The daily net inflow peaked on April 9, 2023, with 355.86 billion HKD, setting a record for single-day inflows [1]. - In 135 trading days this year, there were net inflow days on 114 occasions, accounting for over 80% of the trading days [1]. Group 2: Market Performance - The Hang Seng Index has risen over 27% year-to-date, while the Hang Seng Technology Index has increased by over 26% [1][3]. - Major stocks with market capitalizations exceeding 1 trillion HKD have all seen gains, with Xiaomi Group-W up over 60% and Tencent Holdings up over 34% [1][4]. - The Hong Kong stock market has outperformed major global markets, with the Hang Seng Index, Hang Seng China Enterprises Index, and Hang Seng Technology Index showing respective increases of 27.24%, 25.46%, and 26.33% [3]. Group 3: Sector and Stock Performance - Southbound capital has heavily invested in the financial, information technology, and consumer discretionary sectors, with holdings valued at 14517.43 billion HKD, 11115.84 billion HKD, and 7175.67 billion HKD respectively [2][3]. - Notable individual stock holdings include Tencent Holdings at over 5400 billion HKD, and other significant investments in China Mobile, Xiaomi Group-W, and Alibaba-W, each exceeding 2000 billion HKD [2][3]. Group 4: Valuation and Future Outlook - The rolling P/E ratio of the Hang Seng Index has increased to 10.49 times, up from 8.96 times at the beginning of the year, indicating a rise in market valuation [5][6]. - Analysts predict that southbound capital inflows could exceed 1 trillion HKD for the year, although the pace may slow in the second half [6][7]. - The overall market sentiment remains positive, with expectations of continued upward movement supported by improved fundamentals and ongoing capital inflows [6][7].

Group 1 - Hong Kong stocks rebounded in the afternoon with southbound funds net buying over 12 billion HKD throughout the day [1] - The Hang Seng Index fell by 0.2%, while the Hang Seng China Enterprises Index decreased by 0.3%, and the CSI Hong Kong Stock Connect China 100 Index rose by 0.02% [1] Group 2 - The Hang Seng ETF managed by E Fund tracks the Hang Seng Index, which consists of large-cap, actively traded stocks with strong industry representation, covering financials, consumer discretionary, and information technology, accounting for nearly 80% of the index [2] - The Hang Seng China Enterprises Index, tracked by HIGETF, includes 50 large-cap, actively traded stocks from mainland China listed in Hong Kong, with consumer discretionary, financials, information technology, and energy sectors making up over 85% of the index [2] - The CSI Hong Kong Stock Connect China 100 Index, tracked by the Hong Kong Stock Connect 100 ETF, comprises 100 large-cap, actively traded mainland Chinese companies, with consumer discretionary, information technology, and financial sectors accounting for nearly 75% of the index [2]

今日上榜个股中，小米集团-W、腾讯控股、阿里巴巴-W等8只股同时上榜港股通（深）、港股通（沪）成交活跃股， 小米集团-W合计成交额 83.68亿港元，成交净买入16.59亿港元，腾讯控股合计成交额45.43亿港元，成交净买入8.33亿港元。泡泡玛特合计成交额23.37亿港元，成交净卖 出3.51亿港元，美团-W合计成交额37.51亿港元，成交净卖出2.88亿港元。 从连续性进行统计， 有4只股获南向资金连续3天以上净买入，连续净买入天数较多的有腾讯控股、中芯国际、阿里巴巴-W，连续净买入天数分 别为4天、3天、3天。以其间净买入金额统计，净买入金额最多的是小米集团-W，合计净买入为24.46亿港元，其次是腾讯控股合计净买入为20.89 亿港元，中芯国际合计净买入为13.03亿港元。（数据宝） | 7月29日南向资金成交活跃股 | | --- | | 代码 简称 | 成交金额 成交净买入 | 今日涨跌幅（%） | | --- | --- | --- | | | （万港元） （万港元） | | | 01810 小米集团-W | 836751.42 165918.68 -2.64 | | | 00700 腾讯控股 ...

南向资金今日成交概况 （原标题：南向资金今日净买入127.20亿港元） 7月29日南向资金全天成交额1554.92亿港元，成交净买入127.20亿港元。 证券时报•数据宝统计显示，7月29日恒生指数下跌0.15%，南向资金合计买入成交841.06亿港元，卖出 成交713.86亿港元，合计成交额1554.92亿港元。 具体看，港股通（沪）买入成交521.11亿港元，卖出成交462.33亿港元，合计成交额983.44亿港元，成 交净买入58.78亿港元；港股通（深）买入成交319.95亿港元，卖出成交251.53亿港元，合计成交571.48 亿港元，成交净买入68.42亿港元。（数据宝） | | 买入成交额 | 卖出成交额 | 成交净买入 | | --- | --- | --- | --- | | | （亿港元） | （亿港元） | （亿港元） | | 港股通（深） | 319.95 | 251.53 | 68.42 | | 港股通（沪） | 521.11 | 462.33 | 58.78 | | 合计 | 841.06 | 713.86 | 127.20 | 注：本文系新闻报道，不构成投资建议，股市有风险，投资 ...