1) 市场整体活跃度明显抬升：年初至今日均成交额达2579亿港元，较2024年1318亿港元接近翻倍； 智通财经APP获悉，中金公司发布研报称，今年以来，港股持续活跃并领跑全球，高度结构化的轮动行情背后与流动性的活跃有直接关系。从资金角度 看，既有全球"去美元化"叙事下一部分分散化投资需求下的资金流入，也有国内缺乏投资机会下寻求更高回报南向资金的持续流入。南向资金上，主动公 募并非主力，尤其三季度后居民入市"接力"机构。机构"子弹"没有想的那么多，但个人的潜力与变数较大。 中金公司主要观点如下： 今年以来，港股持续活跃并领跑全球市场，同时也呈现高度结构化的轮动行情。这一表现得益于年初DeepSeek引领的资产重估叙事，以及后续新消费、 创新药等结构性机会的持续涌现，同时也与流动性的活跃有直接关系。从资金角度看，既有全球"去美元化"叙事下一部分分散化投资需求下的资金流入， 也有国内缺乏投资机会下寻求更高回报下南向资金的持续流入，例如上半年的保险资金和下半年的存款活化和理财入市叙事。具体体现在， 2) 南向资金大幅加码，三季度后个人或取代保险：日均流入规模达64.2亿港元，是2024年全年日均34.7亿港元的近两 ...

Core Viewpoint - The Northbound capital's holdings in A-shares decreased by over 15 billion shares in Q3, but due to a favorable market, the total market value of these holdings increased by nearly 300 billion yuan [2][4]. Group 1: Market Trends - The changes in Northbound capital holdings reflect two major trends: valuation recovery driven by policy and structural adjustments against the backdrop of industrial upgrades [2]. - The technology and new energy sectors are expected to become key areas for long-term foreign investment as China's economy continues to develop [2]. Group 2: Sector Performance - The top five sectors by Northbound capital holdings as of the end of Q3 are: Banking (17.40 billion shares), Electronics (9.58 billion shares), Non-bank Financials (7.48 billion shares), Power Equipment (7.24 billion shares), and Non-ferrous Metals (6.32 billion shares) [4]. - Nine sectors saw an increase in holdings, with Agriculture, Electronics, Environmental Protection, Basic Chemicals, Comprehensive, Building Materials, Automotive, Media, and Machinery Equipment all experiencing over 10% growth in holdings [5][6]. Group 3: Notable Increases and Decreases - The Agriculture sector saw a 28.87% increase in holdings, with significant investments in companies like Zhengbang Technology and Muyuan Foods [5][6]. - The Electronics sector also experienced a 23.45% increase, with major stocks like BOE Technology and TCL Technology receiving substantial investments [9]. - Conversely, sectors such as Banking (-28.61%), Oil and Petrochemicals (-25.33%), and Transportation (-23.09%) faced significant reductions in holdings [10][9]. Group 4: Key Stock Holdings - Northbound capital continues to deepen its investment in core assets, with leading stocks like CATL, Kweichow Moutai, and Midea Group being significant holdings [12][17]. - As of the end of Q3, CATL's holdings increased by 539.23 million shares, with a market value rise of 112.58 billion yuan, reflecting a 60.02% increase in stock price [15][12]. - Kweichow Moutai saw a reduction of 11.82 million shares, leading to a decrease in market value by 14.56 billion yuan [16][17]. Group 5: Foreign Investment Sentiment - Global capital is reassessing the intrinsic value of Chinese assets, driven by a combination of factors including liquidity restructuring and the resilience of the Chinese economy [19][20]. - Recent reports indicate a rebound in foreign capital inflows into the Chinese stock market, with passive funds contributing significantly to this trend [20].

Core Viewpoint - The A-share market has shown signs of valuation advantages, leading many foreign institutions to adopt a more positive outlook on future investments in Chinese assets [2][4]. Market Performance - As of February 21, the Shanghai Composite Index closed at 3490.61 points, down 0.001%, while the Shenzhen Component Index rose 0.09% to 13471.16 points, and the ChiNext Index fell 0.79% to 2804.60 points [1]. - Since the beginning of 2022, the three major indices have been in a downward trend, with declines of 4.10%, 9.33%, and 15.59% respectively [2]. Foreign Investment Sentiment - Foreign institutions are increasingly optimistic about the A-share market, citing its valuation advantages and potential for recovery in the economy from the second quarter of 2022 [2]. - Analysts from Goldman Sachs noted that factors such as capital market reforms and the expansion of investment channels are enhancing the investability of A-shares for overseas investors [2]. Valuation and Investment Opportunities - The dynamic price-to-earnings ratio of the CSI 300 Index was reported at 12.59 times, indicating a relatively low valuation compared to the S&P 500 Index's approximately 25 times [4]. - As of February 21, northbound capital continued to show a net buying trend, with a cumulative net purchase of 48.24 billion yuan, marking 16 consecutive months of net inflows [4]. Economic Fundamentals - The manufacturing PMI for January was reported at 50.1%, indicating stability in the economy, with several indices showing month-on-month recovery [5]. - The National Development and Reform Commission emphasized the resilience and potential of China's economic growth, supporting the case for foreign investment [5]. Policy Support - Recent policies aimed at stabilizing industrial growth are expected to enhance investment in the manufacturing sector and consumer spending [6]. - Analysts believe that the ongoing implementation of supportive policies will positively impact market expectations and growth prospects [6]. Risk Aversion and Market Dynamics - The A-share market is perceived as a safe haven amid global monetary tightening, attracting global funds due to its low valuations and unique monetary expansion capabilities [6].