晋景新能(01783)盘中涨超8%，截至发稿，涨6.3%，报8.1港元，成交额1067.65万港元。 消息面上，8月22日盘后，恒生指数公司公布了其定期的半年度指数调整结果，其中晋景新能获纳入恒 生综合指数成分股，变动将于9月5日收市后实施并于9月8起生效。此前，瑞银、中金及申万宏源预计晋 景新能有望纳入港股通名单标的。分析人士指出，一旦入港股通，晋景新能将直接解锁内地资金的流入 通道，有望获得更多南向资金的关注、青睐，以及被动资金如指数基金的增配，短期流动性便将显著提 升。 ...

策 略 研 究 投资要点： 风险提示：增长政策落地进度不及预期，国内经济修复不及预期。 年内继续看好港股的三大理由 [Table_Authors] 本报告导读： ①近期 AH 溢价创近六年新低反映港股市场流动性无虞，近期股指走弱主要受互联 网权重板块结构性拖累。②展望未来，我们认为年内需重视港股三大因素：AI 领域 技术突破催化科技成长、美联储降息背景下外资可能超预期，南下增配力量仍有较 大空间。③受益于资产稀缺性优势，港股市场望持续吸引增量资金入市助推行情向 上，结构上重视本轮产业周期中弹性更大的恒生科技。 [Table_Report] 策略研究 /[Table_Date] 2025.08.23 2025-08-24 请务必阅读正文之后的免责条款部分 策 略 研 究 海 外 证 券 研 究 报 告 [Table_Summary] 6 月以来港股指数表现弱于 A 股，但 AH 溢价指数创近六年新低。6 月中旬以来在 A 股指数不断向上创新高之际，港股行情表现却偏震 荡。尽管港股指数表现弱于 A 股，但我们观察到恒生 AH 股溢价指 数较 6/19 的 131.54 进一步下行至 8/15 的低点 122.6， ...

今日（8月22日）南向资金ETF买入及卖出成交额为12.13亿港元，较前一日减少32.17亿港元，占南向资 金今日成交额的0.76%。 具体来看，港股通（沪）ETF买入及卖出成交额7.31亿港元，港股通（深）ETF买入及卖出成交额4.82 亿港元。（数据宝） 南向资金ETF买入及卖出成交额 （原标题：今日南向资金ETF买入及卖出成交额为12.13亿港元） | 港股通（沪）（亿港元） | 7.31 | | --- | --- | | 港股通（深）（亿港元） | 4.82 | | 港股通合计（亿港元） | 12.13 | 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。 ...

Core Viewpoint - Southbound funds recorded a net purchase of HKD 51.66 billion, indicating strong investor interest in specific stocks [1] Group 1: Net Purchases - Kuaishou-W received a net purchase of HKD 11.73 billion, leading the gains among southbound funds [1] - Semiconductor Manufacturing International Corporation (SMIC) saw a net purchase of HKD 10.93 billion, reflecting positive sentiment in the semiconductor sector [1] - Meituan-W had a net purchase of HKD 10.09 billion, highlighting its attractiveness to investors [1] Group 2: Net Sales - Xpeng Motors-W experienced a net sale of HKD 13.09 billion, indicating a decline in investor confidence [1] - Xiaomi Group-W faced a net sale of HKD 9.03 billion, suggesting potential concerns regarding its market performance [1] - Hua Hong Semiconductor recorded a net sale of HKD 7.5 billion, reflecting a negative outlook from investors [1]

截至2025年8月，南向资金在港股市场累计净买入额超过4.6万亿港元，南向资金对港股定价权的掌控持 续增强，并成为主导力量。其背后原因包括投资者多元化的配置需求，以及港股相对低的估值所产生的 吸引力。 与此同时，不妨看看北向通的资金规模。上半年，流向内地市场的北向资金也有大幅增长：债券交易方 面，北向通平均每日成交金额为459亿元人民币，去年同期为445亿元人民币，同比增长3%，创下新 高；股票交易方面，北向资金日均成交额为1731.4亿元人民币，去年同期为1302亿元人民币，同比增长 32%。由此可见，北向通和南向通已然形成了良性互动。 港交所8月20日公布2025年上半年财报，营收及净利润均创历史新高。报告期内，港交所实现营收 140.76亿港元，同比增长32.53%；主营业务收入129.54亿港元，同比增长33.68%，存管费用及保证金规 模增加令投资收益净额上升;EBITDA（指扣除利息支出及其他融资成本、税项、折旧及摊销前的盈利， 不包括合并报表之外的业绩）利润率为79%，同比增长6%；股东应占盈利（净利润减去少数股东权益 后的部分）85.19亿港元，同比增长39.09%，基本每股盈利6.74港元， ...

大胡子财研社 . 独到的财经观点，深度的金融分析，助你抓住最新财富机会，实现资产稳步增长！ 这两天，港元汇率突然出现了大幅度的反弹！ 以下文章来源于大胡子财研社 ，作者湾区区长 美元兑港元汇率，从5月份拉到7.85的强方保证之后，一直维持在7.84-7.85这个区间差不多3个月。 最近这个指标终于有了松动。 从8月15号开始， 美元港币下调到了7.81，港元币值在短期内快速升值。 那在没有任何预兆的情况下，为什么港元会突然地快速升值？ 首先第一个原因是 香港金管局的持续干预。 金管局最近几天开始大量回收港元，削弱了港元的流动性。 这一点最好的证明就是 港币的利率hibor 。 上周三，香港hibor的隔夜拆息利率还是0.177%，但一周之后的今天，隔夜拆息利率就涨到了2.787%。 | 香港時間2025-8-20 | 上午11時15分的結算率。 | 過往利率 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 2025 | | ∨ 八月 | V | | | | | 到期日 | 港元利息结算率 | | | | | ...

南向资金今日成交概况 | | 买入成交额 | 卖出成交额 | 成交净买入 | | --- | --- | --- | --- | | | （亿港元） | （亿港元） | （亿港元） | | 港股通（深） | 303.32 | 250.72 | 52.60 | | 港股通（沪） | 421.82 | 399.81 | 22.01 | | 合计 | 725.14 | 650.53 | 74.61 | （原标题：南向资金今日净买入74.61亿港元） 8月21日南向资金全天成交额1375.67亿港元，成交净买入74.61亿港元。 证券时报•数据宝统计显示，8月21日恒生指数下跌0.24%，南向资金合计买入成交725.14亿港元，卖出 成交650.53亿港元，合计成交额1375.67亿港元。 具体看，港股通（沪）买入成交421.82亿港元，卖出成交399.81亿港元，合计成交额821.63亿港元，成 交净买入22.01亿港元；港股通（深）买入成交303.32亿港元，卖出成交250.72亿港元，合计成交554.04 亿港元，成交净买入52.60亿港元。（数据宝） 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 ...

政策层面，近期财政部、央行、金融监管总局联合发布《个人消费贷款财政贴息政策实施方案》，首次 在全国范围内明确财政贴息支持消费，涵盖家用汽车、养老生育、教育培训、文化旅游、家居家装、电 子产品、健康医疗等重点消费领域。 中泰证券指出，港股市场有望继续受益于AI商业化进程加速和南向资金的持续流入，当前港股估值修 复迹象明显。AI科技和新消费板块具备较大的成长空间，南向资金对港股的边际定价能力增强，尤其 是在低利率环境下，将吸引更多资金配置港股。中长期来看，港股的估值优势和产业转型升级趋势仍值 得期待，科技与消费板块有望在政策和资金双重加持下持续上涨。 截至2025年8月21日 13:37，恒生消费指数上涨0.16%，成分股特步国际上涨5.12%，卫龙美味上涨 4.92%，思摩尔国际上涨3.71%，九兴控股上涨2.43%，恒安国际上涨2.31%。港股通消费ETF(520620)上 涨0.39%， 冲击3连涨。 流动性方面，港股通消费ETF盘中换手18.69%，成交3493.69万元，市场交投活跃。拉长时间看，截至8 月20日，港股通消费ETF近1月日均成交1.02亿元。 港股通消费ETF紧密跟踪恒生消费指数，恒生消 ...

Group 1: Southbound Capital Inflow - Southbound capital has recorded a cumulative net inflow of 9588.81 billion HKD as of August 19, marking a historical high and more than double the amount from the same period in 2024 [1][2] - The daily net inflow reached a record of 358.76 billion HKD on August 15, with over 80% of trading days in 2023 showing net inflows [1][2] - The total number of shares held by southbound capital increased to 5325.98 billion shares, with a market value of 5.80 trillion HKD, reflecting a significant rise from the beginning of 2025 [2] Group 2: Sector and Stock Performance - Southbound capital has significant holdings in the financial, information technology, and consumer discretionary sectors, with market values of 14564.75 billion HKD, 11787.38 billion HKD, and 7536.52 billion HKD respectively [2][3] - Major stocks benefiting from southbound capital include Tencent Holdings with over 5800 billion HKD, and other significant holdings in China Mobile, Xiaomi Group, and Alibaba [2][3] Group 3: Stock Buybacks - A total of 216 Hong Kong-listed companies have conducted buybacks this year, with a cumulative amount of 1074.81 billion HKD, a decrease of approximately 30% compared to the same period last year [5][6] - The technology and financial sectors are leading in buyback activities, with Tencent Holdings and HSBC Holdings being the top contributors [5][6] - Some companies, such as Meituan and Xiaomi, have seen a significant drop in buyback amounts compared to the previous year, while others like COSCO Shipping have increased their buyback activities [6] Group 4: Market Outlook - The Hong Kong stock market has shown strong performance with the Hang Seng Index rising over 25% year-to-date as of August 19 [1][7] - Analysts suggest that the market is currently in a phase of adjustment, with expectations of continued inflows and potential for upward movement in stock prices [4][7] - There is optimism regarding sectors such as innovative pharmaceuticals and large financial institutions, which are expected to benefit from improved earnings forecasts [7][8]

Group 1 - The core viewpoint of the articles highlights the significant inflow of southbound funds into the Hong Kong stock market, reaching a record high of over 950 billion HKD this year, driven by aggressive buybacks from listed companies [1][4] - As of August 18, the total buyback amount by Hong Kong listed companies exceeded 1 billion HKD, indicating a strong market performance with the Hang Seng Index rising over 25% year-to-date [1][4] - Southbound funds have shown a consistent monthly net inflow, with January to April and July each exceeding 120 billion HKD [1][3] Group 2 - Southbound funds held 5.80 trillion HKD in market value as of August 18, an increase of 2.22 trillion HKD since the beginning of the year, with a floating profit of 1.28 trillion HKD [2][3] - The financial, information technology, and consumer discretionary sectors are the top holdings for southbound funds, with respective market values of 14.56 trillion HKD, 11.79 trillion HKD, and 7.54 trillion HKD [2][3] - Major stocks held by southbound funds include Tencent Holdings with over 580 billion HKD, and several others like China Mobile and Alibaba with holdings exceeding 200 billion HKD [2][3] Group 3 - The buyback activity among Hong Kong companies has slowed down in the second half of the year, with a total of 216 companies participating and a cumulative buyback amount of 1.07 billion HKD, down approximately 30% from the previous year [4][5] - The technology and financial sectors are leading in buyback activities, with Tencent Holdings and HSBC being the top two companies by buyback amount [5][6] - Some companies, such as Meituan and Xiaomi, have seen a significant drop in buyback amounts compared to the previous year, while others like COSCO Shipping have increased their buyback significantly [6] Group 4 - The Hong Kong stock market is expected to continue its upward trend, with the Hang Seng Index's price-to-earnings ratio increasing from 8.96 to 11.46 since the beginning of the year [7][8] - Analysts suggest focusing on sectors with high growth potential and favorable valuations, particularly in gaming, internet e-commerce, and innovative pharmaceuticals [7][8] - UBS remains optimistic about the technology sector, anticipating continued strong performance driven by advancements in AI and other technologies [8]