南向资金净卖额达50亿元。 ...

智通财经4月29日电，截至发稿，南向资金净卖出超30亿港元。 ...

Group 1 - The core viewpoint of the report is that the southbound capital inflow is expected to reach approximately HKD 800 billion to HKD 1 trillion this year, with various scenarios for the Hang Seng Index (HSI) based on different market conditions [1][2] - In a baseline scenario, the HSI is projected to be around 20,500 points, while in a positive scenario, it could recover to between 23,000 and 24,000 points, and in a pessimistic scenario, it may drop to around 18,000 to 19,000 points due to a 7% decline in corporate earnings [1][2] - Since the beginning of the year, the net inflow of southbound capital has reached HKD 604.08 billion, which is approximately three-quarters of the total inflow of HKD 807.87 billion for the entire previous year, with an average daily inflow 2.5 times that of last year [1] Group 2 - The report indicates that the current sentiment in the market reflects a pessimistic outlook similar to that of late 2018, with the HSI potentially fluctuating around 20,500 points unless new risks emerge [2] - The report highlights that the market has become desensitized to tariff figures, focusing more on the actual impact on growth, which is closely tied to the progress of negotiations and the effectiveness of mainland policies [2] - It is noted that sectors with technology support and lower export exposure, such as internet technology, remain key investment themes, while cyclical sectors related to domestic demand may present better opportunities if fiscal policies can provide adequate support [2]

Core Viewpoint - The Hong Kong stock market has shown strong performance since 2025, driven by the DeepSeek concept and southbound capital, with the Hang Seng Tech Index rising over 40% year-to-date [1] Southbound Capital Flow - As of mid-April, southbound capital has seen a cumulative net inflow of 604.1 billion HKD, nearing 75% of the total inflow for 2024 [3] - The size of mainland investable Hong Kong stock ETFs surged to 179 billion HKD by the end of Q1, a 45% increase quarter-on-quarter, with March alone seeing a net inflow of 23.4 billion HKD [3] - The trend indicates a significant shift towards ETF investments by individual investors, contrasting with the relatively stable growth of active equity public funds [3] Fund Holdings Structure - Public funds are increasingly concentrating on new economy sectors, with their holdings in these areas rising from 71% in Q4 2024 to 79.3% [4] - Key sectors benefiting from increased allocations include e-commerce, semiconductors, biotechnology, and media entertainment, while traditional sectors like consumer services and energy are seeing a decline [4] - The concentration of holdings among public funds has reached a five-year high, with the top three holdings (Tencent, Alibaba, SMIC) accounting for 39.8% of the market value of the top 100 holdings [4] Future Southbound Capital Potential - Projections suggest that total southbound capital inflow for 2025 could reach between 800 billion to 1 trillion HKD, with a certain increase of 200 to 300 billion HKD expected [5] - If the proportion of active equity fund holdings rises to 35-40%, it could contribute an additional 75 to 150 billion HKD [5] - The emotional-driven nature of ETF investments may increase market volatility, making precise predictions challenging [5] Market Outlook - The Hang Seng Index target scenarios include a baseline of 20,500 points, an optimistic scenario reaching 23,000 to 24,000 points, and a pessimistic scenario dropping to 18,000 to 19,000 points [6] - Investment strategies should focus on internet technology stocks with low export exposure, cyclical sectors like consumption and infrastructure if fiscal policies are strengthened, and closely monitor export-related sectors for U.S. tariff policy changes [6]

4月28日南向资金成交活跃股 4月28日恒生指数下跌0.04%，南向资金全天合计成交金额为772.40亿港元，其中，买入成交396.35亿港 元，卖出成交376.05亿港元，合计净买入金额20.30亿港元。具体来看，港股通（深）累计成交金额 315.96亿港元，买入成交156.42亿港元，卖出成交159.54亿港元，合计净卖出金额3.13亿港元；港股通 （沪）累计成交金额456.44亿港元，买入成交239.93亿港元，卖出成交216.51亿港元，合计净买入金额 23.43亿港元。 成交活跃股方面，今日上榜个股中，南向资金成交金额最多的是康方生物，合计成交额51.75亿港元， 阿里巴巴-W、腾讯控股成交额紧随其后，分别成交37.36亿港元、32.09亿港元。以净买卖金额统计，净 买入的个股共有6只，盈富基金净买入额为20.43亿港元，净买入金额居首，该股收盘股价平盘报收，恒 生中国企业净买入额为12.51亿港元，康方生物净买入额为7.79亿港元。净卖出金额最多的是阿里巴巴- W，净卖出14.25亿港元，该股收盘股价下跌0.35%，腾讯控股、小米集团-W遭净卖出5.97亿港元、2.57 亿港元。 今日上榜个股中， ...

Group 1 - Southbound funds recorded a net purchase of 2.03 billion yuan today [1] - In the Hong Kong Stock Connect (Shanghai), Kangfang Biotech and the Tracker Fund of Hong Kong saw net purchases of 1.138 billion HKD and 1.029 billion HKD respectively [1] - Alibaba-W had the highest net sell amount, totaling 884 million HKD [1] Group 2 - In the Hong Kong Stock Connect (Shenzhen), Hang Seng China Enterprises and the Tracker Fund of Hong Kong received net purchases of 1.251 billion HKD and 1.014 billion HKD respectively [1] - Alibaba-W again had the highest net sell amount, amounting to 541 million HKD [1]

南向资金今日净买入33.87亿元。港股通（沪）方面，阿里巴巴-W、美团-W分别获净买入14.45亿港 元、8.5亿港元；中国移动净卖出额居首，金额为3.96亿港元；港股通（深）方面，美团-W、小米集团- W分别获净买入4.62亿港元、1.67亿港元；中国海洋石油净卖出额居首，金额为4.88亿港元。 ...

南向资金今日大幅净买入213.6亿元。港股通（沪）方面，盈富基金、恒生中国企业分别获净买入46.17 亿港元、39.37亿港元；小米集团-W净卖出额居首，金额为9.86亿港元；港股通（深）方面，盈富基 金、恒生中国企业分别获净买入48.07亿港元、26.93亿港元；紫金矿业净卖出额居首，金额为7.27亿港 元。 ...

智通财经4月22日电，截至目前，南向资金净买入额达20亿港元。 ...

Group 1 - Southbound funds recorded a net purchase of 2.309 billion yuan today [1] - In the Hong Kong Stock Connect (Shanghai), Pop Mart and Alibaba-W received net purchases of 353 million HKD and 311 million HKD respectively [1] - Xiaomi Group-W had the highest net sell amount at 615 million HKD [1] Group 2 - In the Hong Kong Stock Connect (Shenzhen), Tencent Holdings and Alibaba-W received net purchases of 700 million HKD and 525 million HKD respectively [1] - The Yingfu Fund had the highest net sell amount at 1.4 billion HKD [1]