智通财经7月7日电，南向资金今日净买入约120.67亿港元。其中，盈富基金、美团获净买入约24.99亿港 元、7.17亿港元；泡泡玛特遭净卖出约2.35亿港元。 南向资金今日净买入超120亿港元 盈富基金获净买入居前 ...

Group 1 - Southbound funds had a significant net purchase of 12.067 billion yuan today [1] - In the Hong Kong Stock Connect (Shanghai), the top net purchases were in the Yingfu Fund and Meituan-W, with net purchases of 1.804 billion HKD and 780 million HKD respectively [1] - Xinda Biologics had the highest net sell amount at 259 million HKD [1] Group 2 - In the Hong Kong Stock Connect (Shenzhen), the Yingfu Fund and Kuaishou-W had net purchases of 696 million HKD and 530 million HKD respectively [1] - Pop Mart had the highest net sell amount at 235 million HKD [1]

智通财经7月7日电，截至发稿，南向资金净买入超30亿港元。 ...

Summary of the Conference Call on Southbound Capital Flow into Hong Kong Stocks Industry Overview - The report focuses on the Hong Kong stock market and the dynamics of southbound capital flow from mainland China to Hong Kong stocks, highlighting a significant shift in investor composition from retail to institutional investors [1][3][5]. Key Points and Arguments - **Significant Capital Inflow**: In Q1 2025, southbound capital inflow reached approximately 400 billion RMB, with total inflow for the first half of 2025 nearing 700 billion RMB, indicating a strong bullish trend in the Hong Kong stock market [1][3]. - **Change in Investor Composition**: The proportion of retail investors has decreased significantly, with institutional investors now contributing a larger share of the inflow. In Q1 2025, retail investors accounted for only 40% of the inflow, down from 85% in 2024 [3][5]. - **Historical Context**: From 2016 to 2023, southbound capital consistently flowed into Hong Kong stocks, with net inflows averaging around 300 billion RMB annually, except for 2018. The share of southbound holdings in the overall Hong Kong investor base rose from 13.5% at the beginning of 2024 to 20.7% by mid-2025 [1][4]. - **Institutional Investment Drivers**: The scarcity of high-yield assets in a quasi-deflationary environment has driven institutional investors to the Hong Kong market, particularly in sectors aligned with the AI trend. Insurance capital is primarily focused on banking and non-banking sectors, while public and ETF funds are more inclined towards technology stocks [6][7]. - **Future Projections**: The total southbound capital inflow for 2025 is expected to exceed 1 trillion RMB, with insurance capital potentially contributing over 300 billion RMB. Public funds have a theoretical capacity for an additional 300 billion RMB in investments through existing funds and contract modifications [7][8]. Other Important Insights - **Potential for Further Inflows**: The report suggests that institutional investors still have significant room for increasing their allocations to Hong Kong stocks, with a projected actual increase of 200 to 300 billion RMB from public funds [2][7]. - **Market Sentiment**: The current macroeconomic environment is seen as stable, which supports the attractiveness of scarce assets in the Hong Kong market, reinforcing the expectation of continued capital inflow [7].

Group 1 - The Hang Seng Index opened down 0.7%, with the Hang Seng Tech Index falling 0.75%. Alibaba Health dropped nearly 5%, and AIA Group fell nearly 2% [1] - According to Zhongtai International, the technical bull market pattern for Hong Kong stocks is clear in the first half of the year, with expectations for continued strength in the market under supportive policies and improved US dollar liquidity in the second half of 2025 [1] - Earnings per share for the Hang Seng Index are projected to grow by 8.5% and 8.3% in 2025 and 2026, respectively [1] Group 2 - CITIC Securities anticipates that the ongoing reform of the Hong Kong listing system will enhance the asset quality and liquidity of the market, with southbound capital likely to continue flowing into Hong Kong stocks [2] - The market is expected to show a trend of "oscillation upwards + structural differentiation" in the second half of the year, driven by macro policies focusing on high-quality development, technological innovation, and domestic demand [2] - Annual net inflow of southbound funds is expected to exceed 1 trillion yuan, continuously improving liquidity in the Hong Kong stock market [2]

Group 1 - The Hong Kong stock market has shown significant growth in the first half of the year, with the Hang Seng Index rising by 20% and the Hang Seng Tech Index increasing by 18.68%, ranking among the top global indices [1] - Southbound capital has contributed significantly to the Hong Kong stock market, with a total net inflow of 731.19 billion HKD in the first half of the year, marking a historical high for the same period [1] - The participation of southbound capital in the Hong Kong stock market has increased notably, with its trading volume proportion rising from 2.98% in 2015 to 34.63% in 2024, and reaching 43.12% in the first five months of this year [1]

结合外部环境来看，港股市场以国际机构投资者为主，容易受到国际环境影响，造成市场大幅波动。南 向资金的流入，一方面能够有效应对外资流出风险，平滑市场波动，稳定市场预期；另一方面也能推动 港股市场走出与中国经济基本面联动的独立行情，优化市场定价逻辑，强化价值发现功能，提升对全球 资本的吸引力。 其二，南向资金重点流向科技、新消费等领域，促进两地产业协同发展，推动新质生产力发展。 ■邢萌 今年上半年，南向资金净流入港股超7300亿港元，创下历史同期最高纪录，显示出内地投资者对于港股 市场的青睐。 南向资金是内地投资者通过港股通投资港股市场的资金，其波动轨迹直观反映出内地投资者对于港股市 场投资价值的动态判断，也是观察两地资本市场联动效应的重要窗口。 今年以来，两地资本市场政策不断优化，引导南向资金流入港股，促进两地产业协同发展，巩固中国香 港国际金融中心地位，释放出多重积极效应。 其一，南向资金为港股市场输入大量资金，增强内地资金定价权，缓解市场流动性压力，提升市场交易 活跃度，提高市场定价效率。 在此之前，由于流动性不足、投资者结构差异等原因，港股市场长期估值偏低、交易情绪低迷，南向资 金买入优质资产后，能够推动 ...

Market Overview - On July 2, the Hang Seng Index rose by 0.62%, with southbound funds totaling HKD 128.97 billion in trading volume, including HKD 67.00 billion in buying and HKD 61.97 billion in selling, resulting in a net buying amount of HKD 5.04 billion [1] Southbound Trading Activity - The southbound trading through Stock Connect (Shenzhen) had a total trading volume of HKD 46.98 billion, with HKD 25.37 billion in buying and HKD 21.61 billion in selling, leading to a net buying amount of HKD 3.76 billion [1] - The southbound trading through Stock Connect (Shanghai) had a total trading volume of HKD 81.98 billion, with HKD 41.63 billion in buying and HKD 40.35 billion in selling, resulting in a net buying amount of HKD 1.29 billion [1] Active Stocks - Alibaba-W had the highest trading volume among southbound funds, totaling HKD 55.77 billion, followed by Xiaomi Group-W at HKD 44.08 billion and Chongqing Steel at HKD 37.21 billion [1] - The net buying stocks included 8 companies, with the largest net buying amount for Yingfu Fund at HKD 16.74 billion, followed by Innovent Biologics at HKD 6.51 billion and Meituan-W at HKD 3.38 billion [1] Continuous Net Buying and Selling - Two stocks, namely SMIC and Innovent Biologics, experienced continuous net buying for over three days, with SMIC leading at a total net buying of HKD 59.43 billion and Innovent Biologics at HKD 17.83 billion [2] - The stocks with the highest net selling included Tencent Holdings, Xiaomi Group-W, and Alibaba-W, with total net selling amounts of HKD 22.53 billion, HKD 3.74 billion, and HKD 3.08 billion respectively [2] Summary of Active Stocks on July 2 - The following table summarizes the active stocks with their trading amounts, net buying amounts, and daily price changes: - Yingfu Fund: Trading Amount HKD 1689.30 million, Net Buying HKD 1674.46 million, Daily Change 0.49% - Innovent Biologics: Trading Amount HKD 1079.97 million, Net Buying HKD 651.12 million, Daily Change 1.15% - Meituan-W: Trading Amount HKD 2976.06 million, Net Buying HKD 338.09 million, Daily Change 0.56% - SMIC: Trading Amount HKD 3274.27 million, Net Buying HKD 317.79 million, Daily Change -2.57% - Chongqing Steel: Trading Amount HKD 3720.82 million, Net Buying HKD 144.80 million, Daily Change 91.11% - Xiaomi Group-W: Trading Amount HKD 4408.50 million, Net Selling HKD 36.95 million, Daily Change 0.33% - Tencent Holdings: Trading Amount HKD 3438.30 million, Net Selling HKD 62.96 million, Daily Change -0.30% - Alibaba-W: Trading Amount HKD 5576.67 million, Net Selling HKD 173.65 million, Daily Change -0.36% [2]

智通财经7月2日电，南向资金今日净买入50.36亿港元，其中，盈富基金、信达生物、美团-W净买入额 位列前三，分别获净买入16.74亿港元、6.51亿港元、3.38亿港元。净卖出方面，阿里巴巴-W、腾讯控 股、小米集团-W分别遭净卖出17.34亿港元、6.3亿港元、3.7亿港元。 南向资金今日净买入50.36亿港元 盈富基金净买居前 ...

截至收盘，南向资金净买入50.36亿港元。 ...