自港股通开通以来，南向资金累计净流入规模突破5万亿港元，刷新香港-内地互联互通机制开通以来的 最高纪录。 （文章来源：中国证券报） ...

Core Viewpoint - Southbound capital has significantly increased its inflow into the Hong Kong stock market, with a cumulative net inflow exceeding 1.3 trillion HKD this year, marking a record high since the launch of the Stock Connect program [1][2]. Group 1: Southbound Capital Inflow - As of November 11, 2023, the net inflow of southbound capital through the Stock Connect reached 44.67 billion HKD, bringing the total for the year to 13,098.17 billion HKD, which is over 1.6 times the 8,078.69 billion HKD recorded in the same period of 2022 [1][2]. - The cumulative net inflow since the launch of the Stock Connect has surpassed 50 trillion HKD, setting a new record for the program [2]. Group 2: Holdings and Market Value - As of November 10, 2023, southbound capital held 5,573.90 billion shares, an increase of 908.52 billion shares from the beginning of 2023, with a total market value exceeding 6.3 trillion HKD, up from 3.6 trillion HKD at the start of the year [2]. - The financial, information technology, and consumer discretionary sectors have the highest market values held by southbound capital, amounting to 15,762.36 billion HKD, 13,100.89 billion HKD, and 9,018.37 billion HKD respectively [2]. Group 3: Individual Stock Holdings - Major individual stock holdings include Tencent Holdings at over 650 billion HKD, Alibaba Group at over 340 billion HKD, and several banks such as China Construction Bank and China Mobile, each exceeding 260 billion HKD [3]. - The most significant increases in holdings this year have been in China Construction Bank, with an increase of 71.41 billion shares, followed by other major banks [3]. Group 4: Investment Opportunities - Analysts highlight three main investment opportunities in the Hong Kong stock market: cyclical stocks benefiting from rising downstream commodity prices, defensive dividend stocks due to decreased market risk appetite, and stocks positioned for overseas expansion [4][5]. - The market is characterized by structural performance and significant sector rotation, with expectations of increased inflows from public funds and insurance capital [4].

近期，南向资金持续流入港股市场。Wind数据显示，11月11日，南向资金通过港股通净流入44.67亿港 元，今年以来累计净流入已超过1.3万亿港元；自港股通开通以来的累计净流入规模也突破5万亿港元， 刷新互联互通机制开通以来的最高纪录。 ● 本报记者 刘英杰 个股方面，截至11月10日，南向资金持仓腾讯控股超6500亿港元，持仓阿里巴巴-W超3400亿港元，持 仓建设银行、中国移动均超2600亿港元，持仓工商银行、中国海洋石油均超2100亿港元，持仓中芯国 际、小米集团-W、汇丰控股、美团-W、中国银行均超1000亿港元。 今年以来，截至11月10日，南向资金对建设银行、昊天国际建投、中国银行、工商银行、农业银行增持 数量居前，分别为71.41亿股、61.63亿股、54.41亿股、49.28亿股、31.75亿股。 关注三大方向投资机会 中金公司研究部海外策略首席分析师刘刚表示，港股市场今年的表现呈现出几个清晰的特征：一是估值 和情绪贡献主导，二是结构性表现突出，三是板块轮动显著，四是资金流入助推。在资金方面，南向资 金大幅涌入，外资分化加剧。港股高度结构化的轮动行情背后与流动性的活跃有直接关系。预计未来一 年 ...

Market Overview - On November 11, the Hang Seng Index rose by 0.18%, closing at 26,696.41 points, with a total net inflow of southbound funds through the Stock Connect amounting to HKD 4.467 billion [1][3] - The total trading volume for the Stock Connect on the same day was HKD 89.849 billion, with a net buying amount of HKD 4.467 billion [1][3] Trading Activity - In the Shanghai Stock Connect, the trading volume was HKD 54.437 billion, with a net inflow of HKD 2.681 billion; in the Shenzhen Stock Connect, the trading volume was HKD 35.412 billion, with a net inflow of HKD 1.786 billion [1][3] - The most actively traded stock in the Shanghai Stock Connect was Alibaba-W, with a trading volume of HKD 48.88 billion, followed by Xpeng Motors and SMIC, with trading volumes of HKD 35.78 billion and HKD 26.09 billion, respectively [1][3] Stock Performance - In terms of net buying, China Mobile led with a net inflow of HKD 748 million, closing up by 0.80%. Conversely, Alibaba-W had the highest net selling amount of HKD 1.45 billion, closing down by 1.84% [1][3] - In the Shenzhen Stock Connect, Alibaba-W also topped the trading volume with HKD 26.29 billion, followed by SMIC and Xpeng Motors, with trading volumes of HKD 22.41 billion and HKD 21.80 billion, respectively [2][3] - The stock with the highest net buying in the Shenzhen Stock Connect was the Tracker Fund of Hong Kong, with a net inflow of HKD 651 million, closing up by 0.15%. Xpeng Motors had the highest net selling amount of HKD 1.053 billion, closing up by 17.93% [2][3]

Core Viewpoint - On November 11, southbound funds recorded a total trading volume of HKD 898.49 billion, with a net buying amount of HKD 44.67 billion, marking the 15th consecutive day of net buying [1] Trading Overview - Total buy transactions amounted to HKD 471.58 billion, while total sell transactions were HKD 426.91 billion, resulting in a net buying of HKD 44.67 billion [1] - Under the Hong Kong Stock Connect (Shanghai), buy transactions reached HKD 285.59 billion and sell transactions were HKD 258.78 billion, leading to a net buying of HKD 26.81 billion [1] - Under the Hong Kong Stock Connect (Shenzhen), buy transactions totaled HKD 185.99 billion, with sell transactions at HKD 168.13 billion, resulting in a net buying of HKD 17.86 billion [1]

Group 1 - The Hong Kong stock market experienced fluctuations with the Hang Seng Technology Index ETF (513180) following a downward trend, influenced by major stocks like Alibaba and JD Group declining, while Xpeng Motors and Baidu saw gains, with Xpeng rising over 14% [1] - Southbound capital continues to actively increase its holdings in the Hong Kong market, with a net purchase of 66.54 billion HKD on November 10, pushing the total net purchase for the year to exceed 1.3 trillion HKD, setting a new record [1] - Major brokerages remain optimistic about the inflow of southbound capital, with estimates suggesting an additional 1.54 trillion HKD by the end of next year, potentially supporting a "slow bull" market for Hong Kong stocks over the next five years [1] Group 2 - As of November 10, the latest valuation of the Hang Seng Technology Index ETF (513180) stands at 23.09 times, which is approximately 30.75% below its historical average, indicating it is undervalued compared to nearly 70% of its historical data [2] - The Hong Kong technology sector is expected to benefit from current trends in AI and potential foreign capital inflow due to a favorable interest rate environment, alongside continuous accumulation of southbound capital [2] - Investors without a Hong Kong Stock Connect account may consider the Hang Seng Technology Index ETF (513180) as a means to access core Chinese AI assets [2]

今年以来，港股表现持续活跃，恒生指数、恒生科技指数年内涨幅均超30%，在全球主要市场涨幅居 前。南向资金持续加码净流入港股，为市场提供了充足的流动性。11月10日，南向资金通过港股通净流 入66.54亿港元，年内净买入额突破1.3万亿港元，自港股通开通以来累计净流入规模突破5万亿港元。王 军/文 视觉中国/供图 ...

Core Viewpoint - Southbound funds have significantly increased their investment in Hong Kong stocks, with net purchases reaching record highs, indicating strong market interest and potential for future growth [1][2][3]. Group 1: Southbound Fund Inflows - On November 10, southbound funds recorded a net inflow of HKD 6.653 billion, marking the 14th consecutive trading day of net buying [1]. - Year-to-date, the total net inflow from southbound funds into Hong Kong stocks has exceeded HKD 1.3 trillion, surpassing the previous year's total [1]. - Cumulatively, since the launch of the southbound trading scheme, net purchases have historically exceeded HKD 5 trillion for the first time [2]. Group 2: Market Performance and Investment Opportunities - The Hong Kong stock market has seen impressive gains this year, driven by opportunities in AI asset revaluation, innovative pharmaceuticals, and the rise of new consumption [3]. - Major indices such as the Hang Seng Index and the Hang Seng Tech Index have risen over 30% year-to-date, while the Hong Kong Stock Connect Innovative Pharmaceutical Index has surged over 80% [3]. - Despite market fluctuations, the inflow of southbound funds remains robust, supported by a growing number of quality IPOs and secondary listings from US and A-share companies [3]. Group 3: Role of ETFs in Investment - The rise of passive investment strategies has made ETFs a key tool for buying Hong Kong stocks, with significant inflows into various ETFs [4]. - The China Universal Hong Kong Stock Connect Internet ETF has attracted HKD 55 billion this year, leading the inflow rankings among ETFs [4]. - Other notable ETFs, such as the ICBC Hong Kong Stock Connect Technology ETF and the E Fund Hong Kong Securities Investment Theme ETF, have also seen inflows exceeding HKD 20 billion [4]. Group 4: Pricing Power and Market Dynamics - The influx of southbound funds is gradually enhancing their pricing power in the Hong Kong market, with foreign capital starting to dominate trading volumes [5][6]. - Southbound funds are increasingly influencing the pricing dynamics in sectors like new consumption, dividends, and finance [6]. - ETFs have played a significant role in this shift, with substantial increases in holdings of Hong Kong brokerages by various ETFs [6]. Group 5: Valuation and Future Outlook - Current valuation levels in the Hong Kong market are considered attractive, with expectations of continued foreign capital inflows and enhanced pricing power for southbound funds [7]. - Analysts predict that the market will see a clearer influx of new capital in 2026, potentially exceeding HKD 1.5 trillion due to favorable conditions such as low allocation and anticipated interest rate cuts by the Federal Reserve [8].

Core Insights - The Hong Kong stock market has reached a new milestone with a net inflow of 66.54 billion HKD from southbound funds on November 10, pushing the total net buying amount for the year to over 1.3 trillion HKD and cumulative net inflow since the launch of the Stock Connect to over 5 trillion HKD, setting a new record since the mechanism's inception [1] Group 1: Market Performance - The Hong Kong stock market has shown significant activity this year, with major indices such as the Hang Seng Index, Hang Seng Tech Index, and Hang Seng China Enterprises Index each rising approximately 30%, ranking among the top in global markets [1] - The influx of southbound funds has been particularly strong in the first half of the year, with 57 trading days recording net inflows exceeding 10 billion HKD, 30 of which occurred in the first half [2] Group 2: Factors Driving Inflows - Five key factors are driving the continuous inflow of southbound funds into the Hong Kong stock market: valuation discount compared to A-shares, ongoing demand for technology leaders and high-dividend assets in a declining domestic interest rate environment, optimized connectivity mechanisms, long-term investment needs from domestic insurance and public funds, and enhanced global liquidity expectations due to anticipated interest rate cuts [3] - The presence of unique assets in the Hong Kong market, such as Tencent, Meituan, and Alibaba, along with new consumer companies like Pop Mart and Mixue Ice City, has diversified investment options and attracted more southbound capital [3] Group 3: Asset Scarcity - The influx of southbound funds is also indicative of an "asset scarcity" phenomenon, where ample liquidity exists but quality assets are limited, prompting domestic funds to seek effective allocation opportunities in the Hong Kong market, which offers both stable dividend returns and growth potential in new economic sectors [4]

（原标题：今日南向资金ETF买入及卖出成交额为15.16亿港元） 今日（11月10日）南向资金ETF买入及卖出成交额为15.16亿港元，较前一日增加7.41亿港元，占南向资 金今日成交额的1.46%。 南向资金ETF买入及卖出成交额 | 港股通（沪）（亿港元） | 11.38 | | --- | --- | | 港股通（深）（亿港元） | 3.78 | | 港股通合计（亿港元） | 15.16 | 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。 具体来看，港股通（沪）ETF买入及卖出成交额11.38亿港元，港股通（深）ETF买入及卖出成交额3.78 亿港元。（数据宝） ...