智通财经APP获悉，香港作为国际金融中心，其股票市场的参与者结构复杂多元。经纪商在盘中的实时 披露为投资者提供了一个独特的观察视角，包括了解定价权及个股异常波动的资金类型等。不同类型的 经纪商背后代表着性质迥异的资金力量，它们共同塑造了港股的独特生态和运行规律。大规模的移仓和 存仓数据也会透露出不少的交易机会，几乎每一笔移仓和存仓背后都包含了大股东或者主要股东们以及 金融机构的博弈。 Part.01外资经纪商："定海神针"与"搅动者" 外资经纪商及其代表的国际资金，在港股市场中扮演着存量主导者、定价权核心掌控者、全球流动性连 接器以及多元化交易策略提供者的关键角色。尽管近年来南向资金影响力提升，但外资经纪商凭借庞大 的持仓规模和成熟的交易机制，依然是决定港股市场走势和生态特征的最重要力量。 1. 绝对的存量主导地位 尽管南向资金(港股通)近年来持续流入，但从存量市场来看，外资依然占据统治地位。数据显示，截至 2025年3月，国际中介(代表外资)持有港股市值占比高达43.38%，远高于港股通(约11.07%)、中资中介 (8.06%)和香港本地中介(3.02%)。 另有数据指出，截至2025年8月，外资在港股持 ...

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the Hong Kong stock market (港股) and its relationship with the A-share market (A 股) and U.S. stock market (美股) - The analysis highlights the significant changes in capital flows, market dynamics, and the impact of Chinese companies listed in Hong Kong Core Insights and Arguments - **Increased Correlation with A-shares**: Since 2020, the correlation between the Hong Kong stock market and A-shares has significantly increased, maintaining a rolling 12-month correlation coefficient between 80% and 90%, compared to a historical average of around 60% [4][1] - **Foreign Capital Outflow**: Foreign capital has continuously flowed out of the Hong Kong market, with its share dropping from nearly 80% to 61%. Cumulative outflows have exceeded 740 billion HKD, influenced by geopolitical tensions and changes in global asset allocation [2][1] - **Impact of Currency Carry Trade**: The carry trade involving the Hong Kong dollar has intensified foreign capital outflows, as rising U.S. interest rates have widened the interest rate differential, prompting investors to borrow low-interest HKD to invest in higher-yielding assets [5][1] - **Return of Chinese Companies**: The return of Chinese companies to the Hong Kong market has improved market quality, with these companies accounting for approximately 70% of the total market capitalization. This has strengthened the correlation between the Hong Kong market and the mainland economy [6][1] - **Liquidity Boost from Southbound Capital**: Continuous inflows from southbound capital have significantly enhanced liquidity in the Hong Kong market, with annual net inflows exceeding 300 billion HKD, projected to reach over 700 billion HKD in 2024 and 2025 [8][1] - **Domestic Capital Influence**: Domestic capital has begun to dominate the Hong Kong market, with over two-thirds of market capitalization and around 91% of net profit attributable to parent companies coming from Chinese enterprises [3][10] Other Important Insights - **Market Behavior Trends**: The relationship between industry performance and southbound capital inflows shows a positive correlation, indicating that as capital flows in, market performance improves [9][1] - **Policy Support for Capital Markets**: Since 2024, various policies have been introduced to support the development of Hong Kong's capital markets, enhancing connectivity between mainland China and Hong Kong [11][1] - **Shift in Pricing Power**: The pricing power in the Hong Kong market is shifting towards domestic factors, with a significant reduction in reliance on external influences for market movements [13][1] - **Future Market Outlook**: The ongoing trends of southbound capital inflows and the concentration of quality assets are expected to play a crucial role in determining future market directions [7][1]