本报记者 毛艺融 今年以来，南向资金净流入额超万亿港元。资讯数据显示，截至9月2日收盘，当日南向资金净流入92.81亿港元。至此，年内南向资金净流入规模约 10002.21亿港元，超过万亿港元。 | 南北向资金流动情况。 | | | More | | --- | --- | --- | --- | | 南向 (截止: 2025-09-02) | | | HKD CNY | | | 合计 | 沪市港股通 | 深市港股通 | | 最新 | 92.81 | 56.36 | 36.45 | | 本周合计 | 212.23 | 112.94 | 99.29 | | 本月合计 | 212.23 | 112.94 | 99.29 | | 本年合计 | 10,002.21 | 6,369.57 | 3,632.64 | | 近3月 | 3,492.79 | 1,681.05 | 1,811.74 | | 近6月 | 7,218.51 | 4,324.57 | 2,893.94 | | 开通以来 | 46,980.12 | 26,561.65 | 20,418.47 | 南向资金在港股行业轮动中展现出较强的配置价值与策略有效性 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 9月2日，南向资金净买入92.81亿港元，年度净买入额超1万亿港元，创下互联互通机制开通以来的最高 纪录。截至目前，南向资金累计净买入港股市场的金额接近4.7万亿港元，同样刷新了历史纪录。 在内地投资者加码买入的背景下，南向资金在港股市场的成交占比也在不断提升。受访人士表示，今年 以来，港股市场因南向资金持续流入，流动性已有明显提升，对于估值与交易层面均有正向推动。未来 随着海外资金的重新回流，或将进一步带来推升效应。 年度净买入额突破万亿港元 今年以来，受益于估值修复、海外货币政策转向，以及国内刺激政策预期上升等因素，港股市场出现明 显回升。截至目前，恒生指数、恒生科技指数的年度涨幅均在20%以上。 在港股市场回暖的背景下，今年以来，南向资金加码净流入港股市场。9月2日，南向资金净买入92.81 亿港元，使得年度净买入额已超万亿港元关口，创下互联互通机制开通以来的最高纪录。 拉长时间来看，2020年至2024年，南向资金成交净买入额分别为6721.25亿港元、4543.96亿港元、 3862.81亿港元、3188.42亿港元和8078 ...

互联互通机制下，港股通为希望多元化资产配置的内地投资者提供了机遇，也为香港市场注入了新的 流动性和活力。 9月2日，南向资金净买入92.81亿港元，年度净买入额超1万亿港元，创下互联互通机制开通以来的最高 纪录。截至目前，南向资金累计净买入港股市场的金额接近4.7万亿港元，同样刷新了历史纪录。 在内地投资者加码买入的背景下，南向资金在港股市场的成交占比也在不断提升。受访人士表示，今年以 来，港股市场因南向资金持续流入，流动性已有明显提升，对于估值与交易层面均有正向推动。未来随着 海外资金的重新回流，或将进一步带来推升效应。 年度净买入额突破万亿港元 今年以来，受益于估值修复、海外货币政策转向，以及国内刺激政策预期上升等因素，港股市场出现明显 回升。截至目前，恒生指数、恒生科技指数的年度涨幅均在20%以上。 在港股市场回暖的背景下，今年以来，南向资金加码净流入港股市场。9月2日，南向资金净买入92.81亿 港元，使得年度净买入额已超万亿港元关口，创下互联互通机制开通以来的最高纪录。 拉长时间来看，2020年至2024年，南向资金成交净买入额分别为6721.25亿港元、4543.96亿港元、 3862.81亿港元 ...

Group 1 - Southbound funds have continuously flowed into Hong Kong stocks, with a cumulative net purchase amount exceeding 990 billion HKD this year, indicating strong investor confidence in the Hong Kong market [1] - Key sectors attracting significant investment include pharmaceuticals, technology, internet, and consumer markets, reflecting a focused investment strategy [1] Group 2 - Institutional views on the Hong Kong and A-share markets are optimistic, citing strong resilience in the fundamentals and ongoing policy support, which has led to a notable recovery in investor confidence [1] - The acceleration of southbound fund inflows, combined with expectations of interest rate cuts by the Federal Reserve, suggests a favorable liquidity environment that may further boost the Hong Kong market [1] Group 3 - Technology, pharmaceuticals, and internet sectors are expected to benefit from the increased liquidity, as these sectors are more sensitive to changes in market conditions [1] - Specific ETFs mentioned include the Hang Seng Technology ETF, focusing on tech leaders and new energy vehicle manufacturers, the Hang Seng Internet ETF, targeting Hong Kong internet leaders, and the Hang Seng Pharmaceuticals ETF, which emphasizes innovative drugs and CXO services [1]

Group 1 - Southbound funds have continuously bought into Hong Kong stocks, with a cumulative net purchase amount exceeding 990 billion HKD as of September 1, indicating strong investor confidence in the Hong Kong market [1] - Key sectors attracting significant capital include pharmaceuticals, technology, internet, and consumer markets, reflecting a focused investment strategy [1] - Both the Hong Kong and A-share markets are experiencing a notable recovery in investor confidence, supported by resilient fundamentals and ongoing policy benefits, which may drive positive market trends [1] Group 2 - The overall liquidity environment is favorable due to expectations of interest rate cuts by the Federal Reserve, which may further enhance capital inflows into the Hong Kong stock market [1] - Technology, pharmaceuticals, and internet sectors, which are more sensitive to liquidity changes, are expected to benefit from this influx of capital [1] Group 3 - Relevant ETFs include the Hang Seng Technology Index ETF (513180), focusing on technology leaders and new energy vehicles, the Hang Seng Internet ETF (513330), which targets leading internet companies in Hong Kong, and the Hang Seng Pharmaceutical ETF (159892), concentrating on innovative drugs and contract research organizations [2]

Group 1 - The offshore RMB experienced a significant appreciation, rising from 7.15 to around 7.11, with an intraday increase of nearly 400 basis points [1] - Two main reasons for this appreciation are identified: first, the Federal Reserve's support for a 25 basis point rate cut in September and further cuts expected in the next 3 to 6 months, which tends to strengthen other currencies [1] - Second, the recent bullish trend in the A-share market has created a noticeable profit effect, increasing demand for RMB and attracting foreign capital, which further supports the exchange rate [1] Group 2 - The performance of the Hang Seng Index and the Hang Seng Tech Index has shown a divergence from the RMB's stability, indicating a potential adjustment phase for the Hong Kong market [1] - Despite the RMB's significant rise, the Hang Seng Index only saw a slight increase of 0.43%, and the Hang Seng Tech Index remained flat, suggesting that the Hong Kong market is under notable adjustment pressure [4] - Historically, A-share bull markets have been driven by the Hong Kong market, but the current situation raises questions about the sustainability of A-shares if Hong Kong does not respond positively [4]

Group 1 - The Hang Seng Index opened up by 0.39%, while the Hang Seng Tech Index rose by 0.8% [1] - Ctrip Group increased by over 5%, Li Auto by nearly 3%, Kuaishou by over 2%, and JD Group and Baidu Group by over 1% [1] Group 2 - According to Zhongtai International, despite the significant recovery in Hong Kong stock valuations, the Hang Seng Index's forecast PE has returned to nearly the 80th percentile of the past seven years [1] - External monetary policy uncertainty has decreased, and internal policies such as "anti-involution" and industrial support are being strengthened, providing upward support for the market [1] Group 3 - Guotai Junan Securities noted that a rate cut in September seems likely, and given that Hong Kong stocks have significantly retraced their excess relative to A-shares this year, the A-H market will return to a unified starting line [1] - Changes in corporate earnings will drive the performance differences between the two markets [1] Group 4 - Huatai Securities released a strategy report indicating that foreign capital still has room to increase allocation to the Chinese market [1] - Factors include the likelihood of easier overseas liquidity due to monetary policy and financial regulation, as well as an improvement in domestic fundamentals and potential appreciation of the RMB [1] - However, it is noted that the importance of foreign capital in the Hong Kong stock market has decreased, with southbound capital accounting for over 40% of trading in interconnectivity stocks, making the sustainability of future inflows a key focus [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The economy shows mixed trends with some indicators like GDP and M1 showing positive changes while others like manufacturing PMI and fixed - asset investment have declined [1]. - In the commodity market, industrial enterprises' profit recovery is evident, especially in high - tech manufacturing, and various policies are expected to boost service consumption [2][3]. - The bond market has complex movements with different trends in yields of different types of bonds, and the stock market experiences significant fluctuations [21][32]. 3. Summary by Directory Macro Data Overview - GDP in Q2 2025 had a year - on - year growth of 5.2%, slightly lower than the previous quarter but higher than the same period last year. Manufacturing PMI in July 2025 was 49.3%, showing a decline compared to the previous month [1]. - M1 in July 2025 had a year - on - year growth of 5.6%, a significant increase from the previous month and a sharp turnaround from the negative growth last year [1]. Commodity Investment Reference - From January to July, the total profit of national large - scale industrial enterprises was 4.02035 trillion yuan, and business revenue increased by 2.3% year - on - year. In July, the profit of high - tech manufacturing increased by 18.9% [2]. - From January to July, China completed 1.95 trillion yuan in transportation fixed - asset investment, with 306.1 billion yuan in July [2]. - Next month, policies to expand service consumption will be introduced, and policies to promote service exports will be publicly released soon [3]. Financial News Compilation - On August 27, the central bank conducted 379.9 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 236.1 billion yuan [14]. - In July, the profit of large - scale industrial enterprises decreased by 1.5% year - on - year, but the decline narrowed. The new kinetic energy index of China's economy in 2024 increased by 14.2% [15]. - The trade volume between China and SCO member states reached a record high in 2024, about 512.4 billion US dollars, a 2.7% increase from the previous year [16]. Bond Market Summary - Bank - to - bank major interest - rate bond yields showed mixed trends, and treasury bond futures rose across the board. Most of the Vanke bonds and Shenzhen Metro Group bonds declined [21]. - The CSI Convertible Bond Index closed down 2.82%. The yields of US bonds collectively declined, and the yields of European bonds showed mixed trends [22][24][25]. Foreign Exchange Market Express - The on - shore RMB against the US dollar closed at 7.1622 on August 27, down 1 basis point from the previous trading day. The US dollar index fell 0.04% [27]. Research Report Highlights - CITIC Construction Investment believes that the REITs market has reached an inflection point and is expected to reach a new high in the fourth quarter [28]. - CICC points out that the Hong Kong stock market underperformed the A - share market in July due to liquidity, fundamentals, and valuation factors, but may be supported by expected Fed rate cuts [28]. - Yangtze River Fixed Income suggests that the absolute value of credit bonds is gradually emerging, and a dumbbell - shaped strategy can be considered [29]. Stock Market Highlights - A - share major indices fluctuated, with the Shanghai Composite Index down 1.76%. The Hong Kong Hang Seng Index closed down 1.27% [32]. - In the first seven months of this year, Hong Kong maintained its global leadership in the new - stock market, with 51 IPOs and a sharp increase in fundraising [32].

关于港股后市 中泰国际指出，尽管港股估值已经大幅修复，恒生指数预测PE已修复至过去七年接近80%分位数，但考 虑到外部货币政策不确定性有所下降，内部"反内卷"、产业扶持等政策仍在加码，市场仍具备上行支 撑。 国金证券指出，由于9月降息或已成定局，考虑到港股今年相对A股的超额已经大幅回吐，A-H市场将重 回统一起跑线，企业盈利变化将成为两地市场表现差异的驱动。 华泰证券发布港股策略研报称，往后看，外资依然有继续增配中国市场空间：1)海外流动性易松难紧， 不仅因为货币政策，还有金融监管、发债久期调整等，美元流动性可能趋势偏松；2)国内基本面预期改 善，人民币汇率仍有升值空间。但也需要注意的是，当前外资在港股市场重要性已经有所下降，南向资 金在互联互通标的中成交占比已经超过40%，其未来流入的持续性同样甚至更加值得关注。 恒生指数低开0.68%，恒生科技指数跌0.99%。携程集团涨近6%，公司获授权回购总值不超过50亿美元 股票。 本文转载自"腾讯自选股"，智通财经编辑：徐文强。 ...

国金证券指出，由于9月降息或已成定局，考虑到港股今年相对A股的超额已经大幅回吐，A-H市场将重 回统一起跑线，企业盈利变化将成为两地市场表现差异的驱动。 华泰证券发布港股策略研报称，往后看，外资依然有继续增配中国市场空间：1)海外流动性易松难紧， 不仅因为货币政策，还有金融监管、发债久期调整等，美元流动性可能趋势偏松；2)国内基本面预期改 善，人民币汇率仍有升值空间。但也需要注意的是，当前外资在港股市场重要性已经有所下降，南向资 金在互联互通标的中成交占比已经超过40%，其未来流入的持续性同样甚至更加值得关注。 恒生指数高开0.4%，恒生科技指数涨0.55%。蔚来(09866)涨超8%，理想汽车(02015)涨超2%，比亚迪 (01211)股份涨超1%。 关于港股后市 中泰国际指出，尽管港股估值已经大幅修复，恒生指数预测PE已修复至过去七年接近80%分位数，但考 虑到外部货币政策不确定性有所下降，内部"反内卷"、产业扶持等政策仍在加码，市场仍具备上行支 撑。 本文转载自"腾讯自选股"，智通财经编辑：徐文强。 ...