Core Insights - The Hang Seng Index closed flat on September 19, with southbound trading totaling HKD 153.72 billion, comprising HKD 81.78 billion in buying and HKD 71.94 billion in selling, resulting in a net inflow of HKD 9.84 billion [1] Trading Activity - Southbound trading through the Stock Connect (Shenzhen) recorded a total of HKD 55.47 billion, with buying at HKD 30.01 billion and selling at HKD 25.46 billion, leading to a net inflow of HKD 4.55 billion [1] - Southbound trading through the Stock Connect (Shanghai) saw a total of HKD 98.25 billion, with buying at HKD 51.76 billion and selling at HKD 46.48 billion, resulting in a net inflow of HKD 5.28 billion [1] Active Stocks - Alibaba-W was the most actively traded stock with a total transaction amount of HKD 115.81 billion and a net inflow of HKD 17.27 billion [1] - Other notable stocks included SMIC with a transaction amount of HKD 96.75 billion and a net inflow of HKD 9.30 million, and Sany Heavy Industry with a transaction amount of HKD 52.90 billion and a net inflow of HKD 22.40 billion [1][2] Continuous Net Buying - Alibaba-W and Meituan-W were among the stocks with the longest streak of net buying, with Alibaba-W seeing a total net inflow of HKD 57.83 billion over 21 consecutive days, while Meituan-W had a net inflow of HKD 5.75 billion over 5 days [2]

Summary of Key Points Core Viewpoint - On September 19, the southbound capital recorded a total trading volume of 153.72 billion HKD, with a net buying amount of 9.84 billion HKD, indicating strong investor interest in Hong Kong stocks [1]. Trading Overview - The Hang Seng Index closed flat on September 19, with total southbound capital buying transactions amounting to 81.78 billion HKD and selling transactions amounting to 71.94 billion HKD, leading to a total trading volume of 153.72 billion HKD [1]. - Specifically, under the Stock Connect (Shanghai), the buying transactions were 51.76 billion HKD and selling transactions were 46.48 billion HKD, resulting in a net buying of 5.28 billion HKD [1]. - Under the Stock Connect (Shenzhen), the buying transactions were 30.01 billion HKD and selling transactions were 25.46 billion HKD, leading to a net buying of 4.55 billion HKD [1].

Core Viewpoint - Goldman Sachs believes that the Hong Kong Stock Exchange (HKEX) stock price is significantly undervalued due to the structural boost from southbound capital, despite underperforming major indices in the past month [1][2]. Group 1: Southbound Capital Impact - Southbound capital is driving unprecedented growth in the average daily trading volume of cash stocks, which is a key profit driver for HKEX [2][3]. - The average daily trading volume has reached 318 billion HKD in September, surpassing 279 billion HKD in August and 254 billion HKD year-to-date [3]. - Southbound capital contributes approximately 30% to 40% of the year-on-year growth in total trading volume, accounting for about 25% of the total trading volume in the Hong Kong market [3]. Group 2: Earnings Forecast Adjustments - Goldman Sachs has raised its earnings per share (EPS) forecasts for HKEX for the years 2025-2027 by 3% to 4% [4][5]. - The updated EPS forecasts are as follows: 2025 from 12.63 HKD to 12.97 HKD, 2026 from 13.05 HKD to 13.61 HKD, and 2027 from 13.96 HKD to 14.45 HKD [5]. Group 3: Valuation and Price Target - The target price for HKEX has been increased from 524 HKD to 544 HKD, reflecting a 4% upward adjustment based on the revised earnings forecasts [2][4]. - Historical valuation comparisons indicate that the current stock price is slightly below the median level of historical cycles, while the earnings growth outlook remains strong [6][7]. - A 20-year regression model suggests that the theoretical stock price should be around 590 HKD based on current trading activity levels, indicating significant potential for price correction [7].

Core Viewpoint - On September 18, southbound funds recorded a total trading volume of 210.55 billion HKD, with a net buying amount of 6.29 billion HKD, marking a new high for daily trading volume in nearly three months [1] Summary by Category Southbound Fund Trading Overview - The Hang Seng Index fell by 1.35% on September 18 [1] - Total buying transactions amounted to 108.42 billion HKD, while selling transactions reached 102.13 billion HKD, resulting in a total trading volume of 210.55 billion HKD [1] - The trading volume for Stock Connect (Shanghai) was 67.84 billion HKD for buying and 65.93 billion HKD for selling, leading to a net buying of 1.91 billion HKD [1] - The trading volume for Stock Connect (Shenzhen) was 40.58 billion HKD for buying and 36.20 billion HKD for selling, resulting in a net buying of 4.38 billion HKD [1] Detailed Trading Data | Category | Buying Volume (billion HKD) | Selling Volume (billion HKD) | Net Buying (billion HKD) | |------------------|-----------------------------|------------------------------|--------------------------| | Stock Connect (Shenzhen) | 40.58 | 36.20 | 4.38 | | Stock Connect (Shanghai) | 67.84 | 65.93 | 1.91 | | Total | 108.42 | 102.13 | 6.29 | [1]

每经AI快讯，9月18日，截至发稿时，南向资金净买入额超15亿港元。 ...

南向资金ETF买入及卖出成交额 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。 今日（9月17日）南向资金ETF买入及卖出成交额为11.67亿港元，较前一日减少64.46亿港元，占南向资 金今日成交额的0.65%。 具体来看，港股通（沪）ETF买入及卖出成交额2.92亿港元，港股通（深）ETF买入及卖出成交额8.75 亿港元。（数据宝） （文章来源：证券时报网） 港股通（沪）（亿港元） 2.92 港股通（深）（亿港元） 8.75 港股通合计（亿港元） 11.67 ...

（原标题：南向资金今日净买入94.40亿港元） 南向资金今日成交概况 | | 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） | 373.90 | 301.05 | 72.85 | | 港股通（沪） | 567.33 | 545.78 | 21.55 | | 合计 | 941.23 | 846.83 | 94.40 | 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。 证券时报•数据宝统计显示，9月17日恒生指数上涨1.78%，南向资金合计买入成交941.23亿港元，卖出 成交846.83亿港元，合计成交额1788.06亿港元。 具体看，港股通（沪）买入成交567.33亿港元，卖出成交545.78亿港元，合计成交额1113.11亿港元，成 交净买入21.55亿港元；港股通（深）买入成交373.90亿港元，卖出成交301.05亿港元，合计成交674.95 亿港元，成交净买入72.85亿港元。（数据宝） 9月17日南向资金全天成交额1788.06亿港元，成交净买入94.40亿港 ...

（记者 王瀚黎） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每经AI快讯：北京时间9月17日16:00，恒生指数收盘上涨469.88点，涨幅为1.78%，报收26908.39点；国 企指数收盘上涨210.38点，涨幅为2.24%，报收9596.77点；红筹指数收盘上涨37.11点，涨幅为0.87%， 报收4319.54点。南向资金当日净流入94.41亿港元。 | 指数 | 最新 | 涨跌幅 | | --- | --- | --- | | 恒生 凯数 | 26908.39 | 1.78% | | 国企指数 | 9596.77 | 2.24% | | 红筹指数 | 4319.54 | 0.87% | ...

（原标题：南向资金今日净卖出31.88亿港元） 9月16日南向资金全天成交额1657.66亿港元，成交净卖出31.88亿港元。 证券时报•数据宝统计显示，9月16日恒生指数下跌0.03%，南向资金合计买入成交812.89亿港元，卖出 成交844.77亿港元，合计成交额1657.66亿港元。 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。 具体看，港股通（沪）买入成交526.45亿港元，卖出成交556.20亿港元，合计成交额1082.65亿港元，成 交净卖出29.75亿港元；港股通（深）买入成交286.44亿港元，卖出成交288.57亿港元，合计成交575.01 亿港元，成交净卖出2.13亿港元。（数据宝） 南向资金今日成交概况 | | 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） | 286.44 | 288.57 | -2.13 | | 港股通（沪） | 526.45 | 556.20 | -29.75 | | 合计 | 812.89 | 844.77 | -31.88 | ...

（原标题：今日南向资金ETF买入及卖出成交额为76.12亿港元） | 港股通（沪）（亿港元） | 57.24 | | --- | --- | | 港股通（深）（亿港元） | 18.88 | | 港股通合计（亿港元） | 76.12 | 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ETF买入及卖出成交额 今日（9月16日）南向资金ETF买入及卖出成交额为76.12亿港元，较前一日增加19.96亿港元，占南向资 金今日成交额的4.59%。 具体来看，港股通（沪）ETF买入及卖出成交额57.24亿港元，港股通（深）ETF买入及卖出成交额 18.88亿港元。（数据宝） ...