Summary of Key Points Core Viewpoint - On September 5, the southbound capital recorded a total transaction amount of 151.235 billion HKD, with a net buying of 5.623 billion HKD, marking the sixth consecutive day of net buying [1]. Transaction Overview - The Hang Seng Index rose by 1.43% on the same day [1]. - Total buying transactions amounted to 78.429 billion HKD, while selling transactions were 72.806 billion HKD, resulting in a net buying of 5.623 billion HKD [1]. - Breakdown of transactions: - Hong Kong Stock Connect (Shanghai): - Buying: 43.914 billion HKD - Selling: 43.175 billion HKD - Net Buying: 0.739 billion HKD - Hong Kong Stock Connect (Shenzhen): - Buying: 34.515 billion HKD - Selling: 29.631 billion HKD - Net Buying: 4.884 billion HKD [1].

Market Overview - The A-share market has experienced significant fluctuations this week, but a correction is considered normal after substantial gains this year [1] - The Hong Kong stock market has seen a similar trend, with pessimists viewing the situation as a potential end to the current rally, while optimists see it as a buying opportunity [1] Capital Flow - Southbound capital has net purchased over 1 trillion HKD in Hong Kong stocks this year, indicating strong buying activity [2][3] - The inflow of southbound capital has remained robust even during periods of market stagnation since April [3] Industry Performance - The financial, pharmaceutical, and technology sectors have seen the highest inflows, forming a "iron triangle" in the Hong Kong stock market [4] - The technology sector is highlighted as a leading performer, driven by policy support and AI trends, with the Hang Seng Tech Index and the Hang Seng Hong Kong Stock Connect Technology Theme Index being key investment vehicles [5][6] ETF Analysis - The Hang Seng Hong Kong Stock Connect Technology Theme Index has outperformed other indices with a nearly 90% return over the past year [5] - The largest ETF tracking this index, the GF Hang Seng Hong Kong Stock Connect Technology Theme ETF, has a scale exceeding 3.5 billion [6] Pharmaceutical Sector - The innovative pharmaceutical sector has rebounded strongly this year, with multiple ETFs related to this sector showing over 100% returns [7] - Approximately 110 Hong Kong biopharmaceutical companies reported positive mid-year earnings, with many showing significant revenue growth [7] Non-Bank Financial Sector - The non-bank financial sector has shown a steady increase, with the relevant index rising over 40% this year [8] - Major brokerage firms have reported positive growth in both revenue and net profit, supporting the sector's performance [8][10]

Group 1 - The core point of the article is that as of September 5, the net inflow of southbound funds has reached 1 billion Hong Kong dollars [1]

Group 1 - The core viewpoint of the article highlights the significant inflow of southbound capital into the Hong Kong stock market, which has reached a historical record of over 1 trillion HKD in net purchases for the year [5] - Southbound capital has become a stabilizing force in the Hong Kong market, with a notable increase in the influence of mainland investors [5] - The article emphasizes the preference of southbound capital for high-dividend assets, particularly in the financial, energy, and telecommunications sectors, which have seen significant valuation increases in recent years [5] Group 2 - As of September 3, the Hong Kong stock market opened high but closed slightly lower, with southbound capital net buying 5.5 billion HKD [5] - Year-to-date, southbound capital's cumulative net purchases have surpassed 1 trillion HKD, reaching 1,005.7 billion HKD (approximately 933.6 billion CNY) [5] - Alibaba-W is the most favored stock by southbound capital, with a cumulative net purchase of 86.1 billion HKD and a market value of 223 billion HKD, reflecting a year-to-date increase of over 65% [5] - Meituan-W follows with a net purchase of 57.9 billion HKD, but has experienced a year-to-date decline of nearly 34% [5] - China Construction Bank ranks third with a net purchase of 48.5 billion HKD and a market value of 256.8 billion HKD, showing a year-to-date increase of nearly 26% [5] - Other notable stocks with significant net purchases exceeding 20 billion HKD include Tencent Holdings, SMIC, China Merchants Bank, BYD, and Li Auto [5]

具体来看，港股通（沪）ETF买入及卖出成交额11.37亿港元，港股通（深）ETF买入及卖出成交额2.36 亿港元。（数据宝） 南向资金ETF买入及卖出成交额 | 港股通（沪）（亿港元） | 11.37 | | --- | --- | | 港股通（深）（亿港元） | 2.36 | | 港股通合计（亿港元） | 13.74 | （原标题：今日南向资金ETF买入及卖出成交额为13.74亿港元） 今日（9月4日）南向资金ETF买入及卖出成交额为13.74亿港元，较前一日增加2.72亿港元，占南向资金 今日成交额的0.93%。 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。 ...

买入成交额 （亿港元） 港股通（深） 281.30 288.11 -6.81 港股通（沪） 457.66 443.79 13.87 合计 738.96 731.90 7.06 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。 （亿港元） 卖出成交额 （亿港元） 成交净买入 9月4日南向资金全天成交额1470.86亿港元，成交净买入7.06亿港元。 证券时报•数据宝统计显示，9月4日恒生指数下跌1.12%，南向资金合计买入成交738.96亿港元，卖出成 交731.90亿港元，合计成交额1470.86亿港元，全天成交净买入7.06亿港元，连续5日净买入。 具体看，港股通（沪）买入成交457.66亿港元，卖出成交443.79亿港元，合计成交额901.45亿港元，成 交净买入13.87亿港元；港股通（深）买入成交281.30亿港元，卖出成交288.11亿港元，合计成交569.41 亿港元，成交净卖出6.81亿港元。（数据宝） 南向资金今日成交概况 ...

Group 1 - Southbound funds recorded a net purchase of 706 million HKD [1] - The top three companies with net purchases were UBTECH, Xiaomi Group-W, and Alibaba-W, with net purchases of 828 million HKD, 703 million HKD, and 550 million HKD respectively [1] - In terms of net sales, SMIC, Hua Hong Semiconductor, and Kuaishou-W experienced net sales of 1.158 billion HKD, 688 million HKD, and 541 million HKD respectively [1]

每经AI快讯：北京时间9月4日16:00，恒生指数收盘下跌284.92点，跌幅为1.12%，报收25058.51点；国 企指数收盘下跌112.93点，跌幅为1.25%，报收8937.09点；红筹指数收盘下跌29.58点，跌幅为0.7%，报 收4201.16点。南向资金当日净流入7.06亿港元。 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。 | 指数 | 最新 | 涨跌幅 | | --- | --- | --- | | 恒生 言数 | 25058.51 | -1.12% | | 国企指数 | 8937.09 | -1.25% | | 红筹指数 | 4201.16 | -0.7% | （记者 陈鹏程） ...

Group 1 - The Hang Seng Index successfully maintained above the 25,000-point mark, with a strong inflow of southbound funds amounting to HKD 5.508 billion on September 3, 2023 [1] - Year-to-date net inflow of southbound funds has surpassed HKD 1 trillion, reaching approximately HKD 1,005.729 billion [1] - Southbound funds have become a key driver for enhancing liquidity in the Hong Kong stock market, with average daily trading volume in the first half of 2025 reaching HKD 111 billion, nearly three times that of the first half of 2024 [2] Group 2 - Southbound funds show a clear investment preference for high dividend, low valuation, and high growth sectors, with 81 stocks having over 20% ownership by southbound funds, primarily in healthcare, finance, industrial, and information technology [2] - The shift in southbound fund holdings from technology in Q1 to new consumption in Q2, and recently to healthcare and finance, indicates an increase in strategic allocation by mainland investors in the Hong Kong stock market [3] - The Hong Kong market features scarce high-quality assets, attracting more long-term investments from southbound funds, with 13 out of 59 newly listed stocks this year already included in the southbound trading scheme, focusing on popular sectors like consumption, technology, and pharmaceuticals [3]

记者丨 叶麦穗 编辑丨包芳鸣 资金正在快速流入港股，今年以来，南向资金净流入额超万亿港元。 同花顺数据显示，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，创2014年港股通开通以来的新高 。 南向资金净流入突破1万亿港元 自2014年11月17日沪港通开通以来，互联互通机制持续平稳运行，南向资金净流入港股市场 合计达4.7万亿港元。从2015年至今，南向资金始终保持净流入状态，表明内地投资者对港股 市场有着持续增强的配置需求。 互联互通机制开通初期，南向资金净流入规模相对较小，呈现波动上升趋势。2015年，南向资 金净流入港股市场的规模为1271.77亿港元；2017年，南向资金净流入规模攀升到3399.42亿港 元；2020年、2021年，港股走势较强，南向资金净流入达到阶段性高峰，分别净流入6721.25 亿港元、4543.95亿港元；2022年至2023年，南向资金净流入规模稳定在3000亿港元至3800亿 港元的水平；2024年，南向资金净流入超过8079亿港元，净流入规模达到2015年的6.35倍。 如今，南向资金净流入 ...