Core Viewpoint - The influx of capital into Hong Kong stocks has been significant this year, with approximately $129 billion flowing in, surpassing the total for the previous year, indicating a strong recovery and interest from international investors [1] Group 1: Market Activity - Southbound capital has been very active this year, with a cumulative inflow of about $129 billion into Hong Kong stocks, exceeding last year's total [1] - The average daily trading volume has maintained above $30 billion, nearly doubling year-on-year [1] - The discount of H-shares to A-shares continues to narrow, suggesting a shift in investor preference towards Hong Kong stocks [1] Group 2: Investor Sentiment - International investors are noticeably refocusing on the Hong Kong market, with increased participation from foreign capital in new stock issuances [1] - Sovereign funds and long-term capital are showing a very positive impact on the market, with recent inquiries from European and American investors [1] - Despite the rise in valuations of leading Chinese companies, there is still perceived potential for significant upside in valuations compared to U.S. stocks [1] Group 3: New Listings - The pricing, subscription multiples, and post-listing performance of new stocks in Hong Kong this year have been significantly better than in the past two years [1] - The increasing number of genuinely innovative companies listing in Hong Kong is a major attraction for foreign capital [1] - It is estimated that there will be many large new stock issuance projects exceeding $1 billion in the Hong Kong capital market in the coming months, indicating continued market activity [1]