投资策略丨专题报告 [Table_Title] 9 月港股资金复盘：南向流入互联网，外资加码 硬件科技——"重估牛"系列之港股资金面 报告要点 [Table_Summary] 2025 年 9 月 1 日至 30 日，南向资金净流入 1454 亿港元，主要流入可选消费零售、软件服务、 有色金属、医药生物、非银金融等行业，排名前五的行业合计净流入 1152 亿港元。南向资金 净流入最多的五个行业是：可选消费零售（773 亿港元）、软件服务（115 亿港元）、有色金 属（93 亿港元）、医药生物（86 亿港元）、非银金融（85 亿港元）。主要流出电信服务（-37 亿港元）、耐用消费品（-37 亿港元）、硬件设备（-28 亿港元）、日常消费零售（-9 亿港元）、 半导体（-9 亿港元）等行业。 分析师及联系人 [Table_Author] 戴清 SAC：S0490524010002 SFC：BTR264 请阅读最后评级说明和重要声明 %% %% 丨证券研究报告丨 %% %% research.95579.com 2025 年 9 月 1 日至 30 日，南向资金净流入 1454 亿港元，主要流入可选消费零售、软件服 ...

丨证券研究报告丨 投资策略丨专题报告 [Table_Title] 9 月 W3 港股资金：南向流入互联网，外资加码 硬件设备——"重估牛"系列之港股资金面 报告要点 [Table_Summary] 2025 年 9 月 5 日至 18 日，南向资金净流入 550.84 亿港元，主要流入可选消费零售、非银金 融、医药生物、汽车与零配件、有色金属等行业，排名前五的行业合计净流入 451.03 亿港元。 南向资金净流入最多的五个行业是：可选消费零售（259.66 亿港元）、非银金融（91.69 亿港 元）、医药生物（40.14 亿港元）、汽车与零配件（37.55 亿港元）、有色金属（21.99 亿港元）。 主要流出耐用消费品、硬件设备、电信服务（-11.89 亿港元）、日常消费零售（-6.54 亿港元）、 国防军工（-5.88 亿港元）等行业。 分析师及联系人 [Table_Author] 戴清 SAC：S0490524010002 SFC：BTR264 research.95579.com 1 [Table_Title 9 月 W3 港股资金：南向流入互联网，外资加码 2] 硬件设备——"重估牛"系列之港股资金面 ...

Group 1 - Southbound funds net bought Hong Kong stocks worth 35.78 billion HKD on May 28, with notable purchases including Meituan-W (10.74 billion HKD), China Mobile (5.97 billion HKD), and CNOOC (5.64 billion HKD) [1] - Southbound funds have continuously net sold Alibaba for 7 days, totaling 46.8408 billion HKD, while net buying Meituan for 9 consecutive days, amounting to 89.4159 billion HKD [1] Group 2 - Meituan's flash sale event for the 618 promotion saw overall sales of liquor exceed 300 million HKD within 12 hours, achieving over 200 times growth compared to last year [3] - CNOOC announced the safe production launch of its Mero4 project in Brazil, which includes 12 development wells and utilizes a traditional deepwater oil field development model [3] - Nomura's report on SMIC indicated strong local demand in Q1, but average selling prices (ASP) were negatively impacted, with a projected revenue decline of 4-6% in Q2 [3]

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the Hong Kong stock market, focusing on the changes in foreign and domestic capital participation as of May 13, 2025 [1][2]. Core Insights and Arguments - As of May 13, 2025, foreign capital holds over 60% of the market value in Hong Kong stocks, but the proportion of long-term stable foreign capital has decreased from 52% in September 2020 to 43%, while short-term flexible foreign capital has dropped from 23% to 19% [1][4]. - Long-term stable foreign capital is valued at approximately HKD 11.6 trillion, with HSBC holding 86% of this, primarily concentrated in the insurance, retail, and software services sectors [1][4]. - Short-term flexible foreign capital amounts to about HKD 5.2 trillion, with Citibank accounting for 42%, favoring sectors such as consumer services, technology hardware, and durable goods [1][4]. - Domestic capital's market position has steadily improved, with the share of mainland and Hong Kong funds rising from 16% in 2020 to 18% as of May 13, 2025, and southbound funds increasing from 8% to 20% [1][5]. - The daily trading volume of the "Shanghai-Hong Kong Stock Connect" reached HKD 2.6 trillion as of February 2025, representing over 20% of the total trading volume on the Hong Kong Stock Exchange, significantly higher than less than 10% in 2020 [1][5]. - Domestic capital has a higher holding ratio in telecommunications, energy, and medical equipment sectors, while local or mainland funds have greater influence in semiconductors, transportation, and capital goods [1][5]. Additional Important Insights - Since March, long-term stable foreign capital has primarily flowed into the technology hardware and equipment sectors, while short-term flexible foreign capital has shown a preference for upper-end applications in the technology sector, such as software services [3][6]. - Domestic capital has also significantly invested in retail banking and discretionary consumption sectors, contrasting with the outflow trend of foreign investors in these industries [3][7]. - The structural changes in capital participation indicate a divergence between domestic and foreign investment trends in the Hong Kong stock market [2][3].