2025.08. 15 本文字数：2266，阅读时长大约4分钟 作者 | 第一财经 王方然 港股回调之际，南向资金却在加速涌入。 8月15日，港股三大股指集体收跌，恒指跌0.98%，恒生科技指数跌0.59%，恒生中国企业指数跌 0.98%。然而，市场调整并未阻挡南向资金的汹涌流入。截至收盘，南向资金全天净买入358.76亿 港元， 创历史最高单日净买入纪录，单日规模甚至超过8月前两周总和 。 华南一位基金行业人士对记者表示，最主要的原因是港股此前经历了较长的回调期，即便近一年来有 所上涨，但仍处于估值洼地。此外，港股市场有许多国内稀缺的资产，如腾讯、美团、阿里这样大的 平台公司。因此受到很多内地资金的关注。 今年以来，南向资金持续加码港股， 2025年累计净流入已突破9389亿元 ，仅用8个月便超越2024 年全年总量，呈现爆发式增长。从配置策略看，内地资金采取 "哑铃型"布局 ，一手抢筹高股息金融 股，一手增持科技成长与医疗板块。数据显示，8月以来，金融、信息技术及医疗保健成为南向资金 重点扫货方向，净买入额领跑各行业。 南向资金净买入额创纪录 南向资金买入港股的节奏突然加快。wind数据显示，8月1日至8 ...

Core Viewpoint - Since June, there has been a significant acceleration in southbound capital inflows into the Hong Kong stock market, with a record net purchase of 12.067 billion HKD on July 7, marking the highest net inflow since June [1] Group 1: Southbound Capital Inflows - Cumulative net inflows of southbound capital into Hong Kong stocks have reached 751.9 billion HKD this year, exceeding 93% of the total for the entire year of 2024 and surpassing the total for any year from 2014 to 2023 [1] - The continuous improvement in liquidity has led to some funds strategically investing in related ETFs despite recent fluctuations in the Hong Kong technology sector [1] Group 2: Hang Seng Tech ETF (513130) - The Hang Seng Tech ETF (513130) has seen net inflows for four consecutive trading days from July 2 to July 7, accumulating 1.074 billion HKD, pushing its fund size to a historical high of 38.672 billion units, with a latest scale of 26.8 billion HKD [1] - The ETF has experienced year-to-date increases in both fund size and units of 17% and 34%, respectively, with an average daily trading volume of 5 billion HKD, indicating strong liquidity and scale in the Hong Kong technology ETF market [1] Group 3: Index Composition and Features - The Hang Seng Tech Index, closely tracked by the ETF, includes leading technology companies in Hong Kong, aiming to capture long-term growth trends and reflecting the rise of Chinese tech enterprises [1] - The top ten constituents of the index include major players such as Xiaomi, NetEase, Tencent, Alibaba, BYD, Meituan, JD.com, SMIC, Kuaishou, and Li Auto, all recognized for their competitiveness and innovation [1] - The index has a weight limit of 8% for each constituent, which helps mitigate the impact of individual stock volatility on the overall index [1] Group 4: ETF Characteristics - The Hang Seng Tech ETF (513130) is a popular choice for investors looking to gain exposure to the Hong Kong technology sector, having achieved growth in units for three consecutive years since its inception [1] - It supports T+0 trading, providing both scale and liquidity advantages, with management and custody fees of 0.2% and 0.05% per year, respectively [1] - The ETF also offers off-exchange linked funds (Class A 015310 / Class C 015311) for investors without stock accounts to participate [1]

Group 1 - Continuous inflow of southbound funds into the Hong Kong stock market has increased liquidity, particularly benefiting the technology sector, which is in a high growth phase and attracts significant investor interest [1] - In 2024, net inflows from southbound funds into the Hong Kong market reached HKD 807.69 billion, with monthly buy transactions consistently exceeding sell transactions [1] - The Hong Kong Stock Technology ETF (code: 513020) tracks the Hong Kong Stock Connect Technology Index (code: 931573), which selects up to 50 high-quality companies from the technology sector listed under the Stock Connect program, reflecting the overall performance of investable technology companies [1] Group 2 - Investors without stock accounts can consider the Cathay CSI Hong Kong Stock Connect Technology ETF Initiated Link C (015740) and Link A (015739) [1]

Core Viewpoint - The energy storage index experienced significant fluctuations in May, peaking above the 24-year high before retreating, ending the month at 1381.79, a 4.87% increase, while the ChiNext index rose by 2.32% [1] Group 1: Energy Storage Index Performance - The energy storage index increased by 6.94% in the first five months of 2025, contrasting with a 6.93% decline in the ChiNext index [1] - Since the inception of the index in early 2021, the energy storage index has risen by 38.18%, while the ChiNext index has decreased by 32.81% [1] Group 2: Major Players in Energy Storage - CATL completed its H-share application in just three months, listing on the Hong Kong Stock Exchange on May 20, raising 410 billion HKD (52.2 billion USD), marking the largest IPO in Hong Kong this year [4] - 90% of the funds raised by CATL will be used for the construction of a battery factory in Hungary, which represents about 2% of Hungary's annual GDP [4] - CATL's stock opened at 296.00 HKD, a 12.55% increase from the issue price, indicating a premium of 12.55% over its A-share price [4] Group 3: H-share vs A-share Pricing Dynamics - As of the end of May, CATL's closing price in Hong Kong was 303.4 HKD, equivalent to 277.79 RMB, while its A-share closed at 250 RMB, resulting in an 11.16% premium [4] - BYD's Hong Kong stock closed at 392.8 HKD, equivalent to 359.65 RMB, with an A-share closing at 352.3 RMB, leading to a 2.09% premium [4] - The average premium for A/H listed companies was 41% during the same period [4] Group 4: Trends in H-share Listings - There has been a surge in energy storage companies listing in Hong Kong, with four domestic lithium battery companies already listed before CATL, including BYD, Zhongxin Innovation, Ruipu Lanjun, and Zhengli New Energy [7] - Companies like EVE Energy, Shuangdeng Co., Nandu Power, and Haicheng Energy are also initiating their listing processes in Hong Kong [7] - EVE Energy plans to use the funds raised from its H-share listing to enhance its capital strength and global competitiveness [7] Group 5: Financial Performance of Listed Companies - Shuangdeng Co. reported revenue growth from 40.72 billion RMB in 2022 to an expected 45 billion RMB in 2024 [8] - Nandu Power has established a presence in 160 countries and regions, focusing on expanding its international business [9] - Haicheng Energy anticipates significant revenue growth from overseas operations, with overseas revenue projected to rise from 1% in 2023 to 28.6% in 2024 [9]