Group 1 - The Hong Kong stock market has shown strong performance in 2025, with the Hang Seng Index rising over 25% year-to-date, outperforming major global markets such as the US, Japan, and Europe [1][2] - The recent volatility in the Hong Kong market, including a 1.36% drop on July 30, marks the largest single-day decline in over a month, raising questions about future opportunities [1][6] - Positive factors driving the Hong Kong market's strength include stable economic performance with GDP growth exceeding 5%, improved US-China relations, and positive developments in certain domestic industries [2][3] Group 2 - Structural factors contributing to the Hong Kong market's performance include valuation advantages and strong profit growth, attracting global capital [3] - The "China asset safe haven" effect has become significant, with international capital reallocating towards Hong Kong amid easing external pressures [3] - Southbound capital has played a crucial role in the Hong Kong market, with net purchases reaching 853.7 billion HKD year-to-date, surpassing the total for the entire previous year [4] Group 3 - The trading activity of Southbound capital has increased, with total transaction volume exceeding 15 trillion HKD in 2025, indicating heightened interest from international investors [4] - Korean financial institutions have shown a strong interest in the Hong Kong market, with their trading volume in the first five months of the year exceeding 1.5 trillion HKD, a significant increase compared to the previous year [5] - Despite recent fluctuations, the Hong Kong market is still considered to have room for growth, as current levels remain significantly below historical highs [6]

还有上涨空间吗？ 港股市场在年内表现领先全球后，近几个交易日波动开始加大。其中7月30日，恒生指数收盘下跌 1.36%，创出近一个多月来最大单日跌幅。 在波动加大后，港股市场后续还有机会吗？ 年内港股表现领先全球 在2024年触底回升后，2025年以来港股市场再接再厉，总体强劲上行，并领先于全球主要股市。 2025年以来，港股市场恒生指数年内累计上涨超过25%，明显超过同期美、日、欧等主要市场股市表 现。数据显示，当地时间年初至7月29日，美股市场道琼斯工业指数累计上涨4.91%，纳斯达克综合指 数累计上涨9.26%，标准普尔500指数累计上涨8.32%。此外，日本股市中，日经225指数2025年以来累 计上涨1.91%。 另外，港股市场主要指数年内表现也优于同期A股市场主要指数表现。数据显示，2025年以来，上证指 数累计涨幅为7.88%。 不过，在经历连续上涨后，港股市场近几个交易日上行遇阻，波动也明显加大。其中7月30日 ，恒生指 数下跌1.36%，创出近一个多月来最大单日跌幅。 对于推动年内港股市场持续走强，并优于其他主要股市的主要因素，保银投资总裁、首席经济学家张智 威在接受证券时报记者采访时认为， ...

Core Viewpoint - The Hong Kong stock market has shown strong performance in 2025, leading global markets, but has recently experienced increased volatility and a significant drop on July 30, 2025 [1][6]. Market Performance - The Hang Seng Index has risen over 25% in 2025, outperforming major global markets such as the US and Japan, where the Dow Jones, Nasdaq, and S&P 500 have increased by 4.91%, 9.26%, and 8.32% respectively [4]. - The Shanghai Composite Index has only seen a cumulative increase of 7.88% during the same period, indicating that Hong Kong's performance is superior to that of A-shares [5]. Factors Driving Market Strength - Three main factors have contributed to the strong performance of the Hong Kong stock market: stable economic growth with a GDP growth rate exceeding 5%, improved US-China relations, and positive developments in certain domestic industries such as innovative pharmaceuticals [8]. - The "Davis Double Play" effect, characterized by low valuations and strong profit growth, has attracted capital to the Hong Kong market, making it a preferred choice for global investors seeking to avoid risks associated with high-valued markets [9]. - The influx of southbound capital has significantly influenced the pricing power in the Hong Kong market, with southbound trading accounting for a larger share of total trading volume in 2025 compared to 2024 [9][10]. Capital Inflows - As of July 30, 2025, southbound trading has seen a net inflow of 853.7 billion HKD, surpassing the total net inflow for the entire year of 2024 [11]. - The total trading volume of southbound capital has exceeded 15 trillion HKD in 2025, indicating heightened trading activity compared to 11.23 trillion HKD in 2024 [12]. Future Outlook - Despite recent volatility, the Hong Kong market is still considered to have room for growth, as current levels remain significantly below historical highs [14]. - Analysts suggest that ongoing positive factors may continue to support the market, with expectations of favorable news emerging in the near future [15]. - The strong performance of the Hong Kong market is closely linked to foreign capital inflows and the significant role of southbound capital, with sectors like AI and innovative pharmaceuticals gaining consensus among investors [16].