（原标题：南向资金今日净买入55.08亿港元，阿里巴巴-W净买入24.89亿港元） (产品代码：159892) 9月3日南向资金成交活跃股 | 代码 | 简称 | 成交金额 | 成交净买入 | 今日涨跌幅（%） | | --- | --- | --- | --- | --- | | | | （万港元） | （万港元） | | | 09988 阿里巴巴-W | | | 864379.32 248887.52 | -0.45 | | 01810 小米集团-W | | 440126.41 | 69852.59 | -2.06 | | 03690 | 美团-W | 200603.42 | 57030.64 | -0.59 | | 06869 长飞光纤光缆 | | 304526.86 | 36433.08 | 12.61 | | 01093 | 石药集团 | 73144.24 | 35803.57 | 4.47 | | 09880 | 优必选 | 105478.53 | 8925.07 | -1.99 | | 02228 | 晶泰控股 | 112841.21 | 4334.29 | 2.03 | | 02269 | 药 ...

今日（9月3日）南向资金ETF买入及卖出成交额为11.02亿港元，较前一日减少38.55亿港元，占南向资 金今日成交额的0.95%。 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。 （文章来源：证券时报网） 港股通（沪）（亿港元） 7.21 港股通（深）（亿港元） 3.80 港股通合计（亿港元） 11.02 具体来看，港股通（沪）ETF买入及卖出成交额7.21亿港元，港股通（深）ETF买入及卖出成交额3.80 亿港元。（数据宝） 南向资金ETF买入及卖出成交额 ...

Group 1 - The overall performance of the Hong Kong stock market showed a high opening followed by a decline, with the pharmaceutical sector rising against the trend, as evidenced by the CSI Hong Kong Stock Connect Pharmaceutical and Health Index increasing by 1.6% [1] - The CSI Hong Kong Stock Connect Internet Index saw a slight increase of 0.02%, while the Hang Seng New Economy Index and the Hang Seng Technology Index fell by 0.5% and 0.8% respectively [1] - The total trading volume of the E Fund Hang Seng Technology ETF reached nearly 1.5 billion yuan for the day [1] Group 2 - As of yesterday, the cumulative net inflow of southbound funds has exceeded 1 trillion Hong Kong dollars this year, setting a new annual record [1] - Goldman Sachs has raised its forecast for the total annual southbound fund inflow for 2025 from 110 billion USD to 160 billion USD, approximately 1.25 trillion Hong Kong dollars [1]

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。 随着资金南下，港股的投资格局也发生了变化。银河证券策略首席分析师杨超表示，南向资金有望持续涌入港股，改变和优化 港股的投资结构和估值逻辑。"2025年，港股市场迎来科技创新驱动与资金流入的共振窗口期，港股市场在估值中枢修复与盈利 预期改善的双轮驱动下，具备较大的收益空间。科技创新集群效应与新质生产力要素的加速融合，推动了我国产业结构向全球 价值链高端跃迁。南向资金的涌入，是对中国经济未来产业方向进行长期战略配置的体现。"他表示。 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 1 ...

Core Insights - Southbound capital inflow into Hong Kong stocks has exceeded 1 trillion HKD this year, marking a record high since the launch of the Hong Kong Stock Connect in 2014 [1][3] - The continuous net inflow of southbound funds indicates a growing demand from mainland investors for Hong Kong stocks, with a total inflow of approximately 4.7 trillion HKD since the launch of the Stock Connect [3] Inflow Trends - As of September 2, 2023, the net inflow of southbound funds reached approximately 1,000.22 billion HKD, with a single-day inflow of 9.281 billion HKD [1][3] - The annual net inflow has shown a consistent upward trend, with significant increases noted in 2015 (127.18 billion HKD), 2017 (339.94 billion HKD), and peaks in 2020 (672.13 billion HKD) and 2021 (454.39 billion HKD) [3] Market Dynamics - Goldman Sachs has raised its forecast for southbound capital inflow in 2025 from 110 billion USD to 160 billion USD, approximately 1.25 trillion HKD [4] - The daily trading volume of southbound funds has increased from around 5% at the beginning of the Stock Connect to approximately 36% currently, indicating enhanced liquidity in the Hong Kong market [4] Investment Preferences - Key factors driving the inflow include the valuation advantages of Hong Kong stocks, high dividend yields, and unique investment opportunities in sectors like technology and new consumption [5] - The top ten stocks with the highest net purchases by southbound funds include Alibaba, Tencent, and Meituan, reflecting a preference for companies with global competitiveness and stable cash flows [6] Sector Focus - Southbound funds are primarily concentrated in the financial, technology, and biopharmaceutical sectors, driven by stable dividend yields, low valuations, and strong growth potential [7] - The influx of southbound capital is reshaping the investment landscape in Hong Kong, enhancing the influence of mainland investors on market pricing and expectations [7][8] Future Outlook - Analysts predict that the Hong Kong market will experience a significant growth phase driven by technological innovation and capital inflow, with a potential recovery in valuation and profit expectations [8] - The shift from retail to institutional investors in southbound capital is expected to enhance the professional investment capabilities and value discovery in the market [9]

Core Viewpoint - The A-share and Hong Kong stock markets are experiencing a rare "alternating leadership" trend in 2024, breaking the traditional correlation model, with a significant influx of southbound capital reshaping the pricing logic of the Hong Kong market [1][2]. Group 1: Market Dynamics - The southbound capital inflow is gradually reconstructing the pricing logic of the Hong Kong stock market, moving from an "offshore market dominated by foreign capital" to a more "onshore" structure led by domestic capital [2][3]. - In the first quarter of 2024, the Hong Kong stock market began a reversal trend, with the Hang Seng Index's quarterly increase outpacing major A-share indices, continuing this lead until the "924" market [2][3]. - By mid-2025, the Hong Kong market is expected to outperform the A-share market, with sectors like the internet, new consumption, and innovative pharmaceuticals showing structural performance [2][3]. Group 2: Capital Structure and Investment Trends - The influx of southbound capital is driven by improved market conditions and the listing of quality companies in Hong Kong, enhancing market vitality [3][4]. - As of December 31, 2024, the circulation market value of the consumer, technology, and healthcare sectors in the Hong Kong market reached HKD 169,052 million, accounting for 49.0% of the total market value, which increased to 52.3% by August 25, 2025 [3]. - The investment style of southbound capital is shifting towards growth, with significant inflows into non-essential consumption and information technology sectors, which together attracted 70% of the southbound capital [4][5]. Group 3: Valuation and Market Sentiment - The current valuation of the Hong Kong stock market presents a significant cost-performance advantage, with the Hang Seng Index's valuation notably lower than that of major global indices like the S&P 500 and Nikkei 225 [7]. - The market is expected to see a recovery in valuations, especially if the Federal Reserve lowers interest rates, which would reduce short-selling pressure on Hong Kong stocks [7]. - The basic expectations for the Hong Kong market are improving, with recent regulatory changes aimed at curbing unhealthy competition in the internet sector, potentially leading to better performance for major internet companies [7][8]. Group 4: Investment Opportunities - The Hong Kong market is currently in a key window of multiple positive factors, suggesting a potential new upward trend in the fourth quarter of 2025 [8]. - Key investment themes include technology, consumption, dividends, and innovative pharmaceuticals, with a focus on companies that can sustain growth and market share [8][9]. - Specific sectors to watch include domestic computing chips, semiconductor equipment, and applications benefiting from digital transformation, as well as high-dividend sectors like finance and utilities [9][10].

Core Viewpoint - The Hong Kong stock market is experiencing increased trading activity and stability, supported by significant inflows of southbound capital, which have reached a historical high of over 1 trillion Hong Kong dollars this year [1][3]. Group 1: Southbound Capital Inflows - As of September 2, 2023, the cumulative net inflow of southbound capital has surpassed 1 trillion Hong Kong dollars, reaching 10,002.21 million Hong Kong dollars, marking a record high [1]. - Daily trading volume of southbound capital has increased from approximately 5% at the beginning of the Hong Kong-Shanghai Stock Connect to around 35% currently, enhancing market liquidity and altering investment structures [1]. - Since the launch of the Stock Connect mechanism in November 2014, total southbound capital inflows have reached 4.7 trillion Hong Kong dollars, with a consistent net inflow trend observed since 2015 [3][4]. Group 2: Investment Preferences - The top ten stocks with the largest increase in market value held by southbound capital include Tencent Holdings, Alibaba, and others, with significant increases in market value ranging from 391.4 million to 2,169.2 million Hong Kong dollars [2]. - Southbound capital is primarily focused on globally competitive internet companies, stable cash flow value stocks with generous dividends, and innovative biopharmaceutical companies [2]. - The preference for high-dividend assets has led to significant valuation improvements in sectors such as finance, energy, and telecommunications over the past two years [2]. Group 3: Market Dynamics and Future Outlook - The influx of southbound capital has transformed the Hong Kong stock market into a core market for global investors seeking to allocate "Chinese assets," influencing market styles, sector rotations, and individual stock performances [5]. - The trend of increasing southbound capital inflows is expected to continue, driven by the valuation discrepancies between A-shares and H-shares, with investors favoring lower-priced Hong Kong stocks for similar dividend returns [4][6]. - The shift from retail to institutional dominance in southbound capital has enhanced the professional investment capabilities and value discovery functions within the Hong Kong market [6].

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 ...

今日（9月2日）南向资金ETF买入及卖出成交额为49.57亿港元，较前一日增加16.15亿港元，占南向资 金今日成交额的2.97%。 具体来看，港股通（沪）ETF买入及卖出成交额27.60亿港元，港股通（深）ETF买入及卖出成交额 21.97亿港元。（数据宝） 南向资金ETF买入及卖出成交额 （文章来源：证券时报网） 港股通（沪）（亿港元） 27.60 港股通（深）（亿港元） 21.97 港股通合计（亿港元） 49.57 ...

Group 1 - The Ministry of Finance and the State Taxation Administration announced tax policies for the management of state-owned equity and cash income to enrich the social security fund, effective from April 1, 2024 [2] - In August, the number of new A-share accounts reached 2.6503 million, a month-on-month increase of 34.97% and a year-on-year increase of 165.21%, totaling 17.2117 million new accounts in the first eight months of the year [2] - Southbound funds recorded a net purchase of 9.281 billion HKD on September 2, with the annual net purchase exceeding 1 trillion HKD, marking the highest record since the launch of the Stock Connect mechanism [3] Group 2 - Yushu Technology plans to submit its listing application documents to the stock exchange between October and December 2025, with relevant operational data to be disclosed [5] - CATL has repurchased 8.69 million A-shares, with a total transaction amount of 2.131 billion CNY [6] - Tianpu Co. may apply for a trading suspension if its stock price continues to rise abnormally [7] - Kedi Co.'s robot products are still in the development stage and cannot generate revenue in the short term [8] - Hongbo Co. reported that its operating conditions are normal, with no significant changes in the business environment [17]