Core Viewpoint - The southbound capital has experienced explosive growth in 2023, with a record net inflow of over 940 billion HKD by August 18, indicating strong investor interest in Hong Kong stocks despite recent underperformance compared to A-shares [2][3]. Group 1: Southbound Capital Inflow - As of August 18, the cumulative net inflow of southbound capital reached over 940 billion HKD, setting a historical high [2][9]. - Some brokerages predict that the total net inflow for the year could exceed 1.2 trillion HKD, which may support an upward trend in the Hong Kong stock market [3][12]. - The recent trend shows that southbound capital is increasingly targeting undervalued, high-dividend assets and technology stocks [4][15]. Group 2: Market Performance - The Hang Seng Index and the Hang Seng Tech Index saw maximum gains of 33% and 49% respectively in the first half of the year, but have underperformed since mid-June [5]. - On August 18, the Hang Seng Index fell by 0.37%, marking a three-day decline of 1.71% [7]. - Despite the market's pullback, southbound capital has accelerated its buying pace, with a record single-day net purchase of 358.76 billion HKD on August 15 [8][9]. Group 3: Investment Strategies - Current investment strategies among southbound capital include a focus on low-valuation, high-dividend assets and high-growth technology sectors [4][15]. - Institutional investors are generally optimistic about the dividend potential of Hong Kong stocks, favoring a "barbell strategy" that balances low-valuation, high-dividend assets with high-growth technology stocks [16][17]. - The high dividend yield and growth potential of Hong Kong stocks are seen as attractive in a low-risk interest rate environment, providing a compelling case for long-term investment [10][14].

南向资金今日净买入13.86亿港元。其中中国人寿、阿里巴巴-W、华虹半导体净买入额位列前三，分别 获净买入6.73亿港元、6.17亿港元、3.89亿港元。净卖出方面，盈富基金、恒生中国企业、南方恒生科 技分别遭净卖出64.13亿港元、14.45亿港元、5.74亿港元。 (本文来自第一财经) ...

南向资金今日成交概况 （原标题：南向资金今日净买入13.86亿港元） 8月18日南向资金全天成交额1818.28亿港元，成交净买入13.86亿港元。 证券时报•数据宝统计显示，8月18日恒生指数下跌0.37%，南向资金合计买入成交916.07亿港元，卖出 成交902.21亿港元，合计成交额1818.28亿港元。 具体看，港股通（沪）买入成交572.79亿港元，卖出成交553.38亿港元，合计成交额1126.17亿港元，成 交净买入19.41亿港元；港股通（深）买入成交343.28亿港元，卖出成交348.83亿港元，合计成交692.11 亿港元，成交净卖出5.55亿港元。（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） | 343.28 | 348.83 | -5.55 | | 港股通（沪） | 572.79 | 553.38 | 19.41 | | 合计 | 916.07 | 902.21 | 13.86 | 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 ...

Core Viewpoint - The Hong Kong stock market showed positive momentum with the Hang Seng Index rising by 0.62% and the Hang Seng Tech Index increasing by 1.96% as of the midday close on August 18 [1] Group 1: Market Performance - The automotive, industrial transportation, and healthcare equipment and services sectors led the gains in the market [1] - Year-to-date, southbound capital has become the main force driving the Hong Kong stock market, with a cumulative net inflow exceeding 900 billion HKD, surpassing the total for the entire previous year and setting a historical high [1]

Group 1 - The Hong Kong stock market is expected to benefit from the accelerated commercialization of AI and the continuous inflow of southbound funds, with clear signs of valuation recovery [1] - The AI technology and new consumption sectors have significant growth potential, and the marginal pricing power of southbound funds in the Hong Kong market is increasing, particularly in a low-interest-rate environment [1] - The overall performance of the Hong Kong stock market has been strong recently, with the IT sector showing substantial gains, driven by improved market sentiment and rising expectations of interest rate cuts by the Federal Reserve [1] Group 2 - The Hong Kong Stock Connect Technology ETF (513020) tracks the Hong Kong Stock Connect Technology Index (931573), which selects leading companies in the TMT (Technology, Media, and Telecommunications) and automotive sectors [1] - The index focuses on companies with high market capitalization, significant R&D investment, and rapid revenue growth, covering sectors such as electronics and the internet to reflect the overall performance of technology companies listed in the Hong Kong Stock Connect [1] - Investors without stock accounts can consider the Cathay CSI Hong Kong Stock Connect Technology ETF Initiated Link A (015739) and Link C (015740) [1]

Group 1 - The core viewpoint is that the Hong Kong stock market is expected to benefit from the accelerated commercialization of AI and the continuous inflow of southbound funds, with clear signs of valuation recovery [1] - The AI technology and new consumption sectors have significant growth potential, and the marginal pricing power of southbound funds in the Hong Kong stock market is increasing, especially in a low-interest-rate environment [1] - The medium to long-term outlook for the Hong Kong stock market remains positive due to its valuation advantages and the trend of industrial transformation and upgrading, with the technology and consumption sectors likely to continue rising under dual support from policies and funds [1] Group 2 - The Hong Kong Technology ETF (513020) tracks the Hong Kong Stock Connect Technology Index (931573), focusing on TMT (including media, computers, internet, electronics) and the automotive industry, selecting large-cap technology leaders listed on the Hong Kong stock market [1] - Investors without stock accounts can consider the Cathay CSI Hong Kong Stock Connect Technology ETF Initiated Link A (015739) and Cathay CSI Hong Kong Stock Connect Technology ETF Initiated Link C (015740) [1]

Market Performance - The Hong Kong stock market indices experienced fluctuations during the week from August 11 to August 17, with the Hang Seng Index rising by 1.65%, the Hang Seng Tech Index increasing by 1.52%, and the Hang Seng China Enterprises Index up by 1.62% [1] Capital Flow - Southbound capital recorded a net inflow of 38.121 billion HKD for the week, representing a week-on-week increase of 75.26%. On August 15, a single-day net inflow of 35.876 billion HKD was achieved, marking a historical high, despite the Hang Seng Index declining by 0.98% on that day [1] Active Stocks - A total of 21 stocks made it to the list of the top ten most active stocks during the week. Tencent Holdings had the highest total trading volume through the Hong Kong Stock Connect, reaching 32.149 billion HKD, while Alibaba-W and SMIC both exceeded 20 billion HKD in trading volume [1] Shareholding Changes - Nineteen stocks saw their southbound capital holdings increase by over 10% week-on-week, with China National Hydrogen Energy, Lens Technology, and Peak Technology experiencing over 100% growth in holdings. Additionally, Delin Holdings and Ruipu Lanjun saw their holdings increase by over 40% [1]

Group 1 - The core viewpoint of the article highlights the accelerating trend of southbound capital inflow into the Hong Kong stock market, even amidst market corrections [2][3] - On August 15, southbound capital recorded a net purchase of 35.876 billion HKD, setting a historical single-day net buying record, surpassing the total of the previous two weeks [2][3] - Year-to-date, southbound capital has cumulatively net inflowed over 938.9 billion HKD, exceeding the total for the entire year of 2024 within just eight months [3][5] Group 2 - The investment strategy of mainland funds is characterized by a "barbell" approach, focusing on high-dividend financial stocks while also increasing holdings in technology and healthcare sectors [2][3] - Notably, from August 1 to August 14, southbound capital net purchases in financial, information technology, and healthcare sectors amounted to 48.22 billion HKD, 31.748 billion HKD, and 23.854 billion HKD respectively, while there was a net sell of 22.005 billion HKD in consumer discretionary [4][5] - The preference for high-dividend assets and growth sectors reflects a shift in investment focus, contributing to the performance of specific stocks such as pharmaceutical and brokerage firms [4][5] Group 3 - The influx of southbound capital is attributed to factors such as valuation disparities and an "asset shortage" in the market, with many domestic investors seeking opportunities in undervalued Hong Kong stocks [5][6] - As of 2024, southbound capital accounted for approximately 34.64% of the total trading volume in the Hong Kong stock market, a significant increase from previous years [6][7] - Despite the growing influence of southbound capital, external investors still dominate the market, holding a substantial portion of shares, which limits the absolute pricing power of southbound funds [7][8] Group 4 - Southbound capital's holdings in stocks with over 30% ownership are primarily in small-cap and high-dividend stocks, indicating a preference for stable returns [8] - The rapid inflow of southbound capital has historically correlated with a decline in the AH premium, as evidenced by the drop in the Hang Seng Shanghai-Shenzhen-Hong Kong Stock Connect AH premium index [8]

Core Viewpoint - Southbound funds recorded a net purchase of HKD 35.88 billion, setting a new historical record for single-day net inflows [1] Group 1: Market Performance - The CSI Hong Kong Stock Connect Healthcare Index increased by 7.3% this week [1] - The CSI Hong Kong Stock Connect Internet Index rose by 3.5% [1] - The Hang Seng Hong Kong Stock Connect New Economy Index gained 3.4% [1] - The CSI Hong Kong Stock Connect Consumer Theme Index saw a 1.9% increase [1] - The Hang Seng Technology Index experienced a 1.5% rise [1] Group 2: Fund Inflows - The Hang Seng Technology ETF (513010) attracted over HKD 1.5 billion in net inflows over the past month [1]

证券时报•数据宝统计显示，8月15日恒生指数下跌0.98%，南向资金合计买入成交1077.49亿港元，卖出 成交718.73亿港元，合计成交额1796.22亿港元。 （原标题：358.76亿港元，南向资金今日净买入金额创历史新高） 8月15日南向资金全天成交额1796.22亿港元，成交净买入358.76亿港元。单日净买入金额创2014年11月 17日以来新高。 | | 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） | 422.48 | 260.83 | 161.65 | | 港股通（沪） | 655.01 | 457.90 | 197.11 | | 合计 | 1077.49 | 718.73 | 358.76 | 具体看，港股通（沪）买入成交655.01亿港元，卖出成交457.90亿港元，合计成交额1112.91亿港元，成 交净买入197.11亿港元；港股通（深）买入成交422.48亿港元，卖出成交260.83亿港元，合计成交683.31 亿港元，成交净买入161.65亿港元。（数据宝） 注：本文系新闻 ...