伴随日美关税措施的不确定性逐渐消退，日本股市迎来大涨。 当地时间8月12日，东京股市两大股指空高开，早盘期间大盘波动向上，盘中两大股指均涨至历史新 高，下午交易时段一度遭遇高位抛售，两大股指涨幅有所收窄。截至收盘，日经225指数涨2.15%或 897.69点，收报42718.17点。东证指数继本月7日突破3000点大关后，继续上扬，涨1.39%，收报3066.37 点。 盘面上，科技股和银行股领涨，截至收盘，软银集团上涨6.92%，瑞穗金融集团上涨3.32%。 近期日元走弱和对美国关税对收益影响的担忧缓解，是刺激日股上扬的主要因素。渣打中国财富管理部 首席投资策略师王昕杰向21世纪经济报道记者表示，日美在关税问题上短期边际改善，近期日本市场出 现了资金流入加速的迹象，从中期来看，和全球投资者再平衡有一定关系，市场预计美股可能出现调 整，将有一部分资金分散至其他市场。 日股升至历史高位 8月12日，东京两大股指双双刷新纪录，日经225指数刷新历史收盘高位，东证指数也同步突破去年7月 的峰值。 中国银行研究院主管王有鑫也向21世纪经济报道记者表示，近期日经指数上涨受多重因素影响：一是， 经贸摩擦相关的避险情绪有所 ...

伴随日美关税措施的不确定性逐渐消退，日本股市迎来大涨。 当地时间8月12日，东京股市两大股指空高开，早盘期间大盘波动向上，盘中两大股指均涨至历史新 高，下午交易时段一度遭遇高位抛售，两大股指涨幅有所收窄。截至收盘，日经225指数涨2.15%或 897.69点，收报42718.17点。东证指数继本月7日突破3000点大关后，继续上扬，涨1.39%，收报3066.37 点。 盘面上，科技股和银行股领涨，截至收盘，软银集团上涨6.92%，瑞穗金融集团上涨3.32%。 近期日元走弱和对美国关税对收益影响的担忧缓解，是刺激日股上扬的主要因素。渣打中国财富管理部 首席投资策略师王昕杰向21世纪经济报道记者表示，日美在关税问题上短期边际改善，近期日本市场出 现了资金流入加速的迹象，从中期来看，和全球投资者再平衡有一定关系，市场预计美股可能出现调 整，将有一部分资金分散至其他市场。日股升至历史高位 8月12日，东京两大股指双双刷新纪录，日经225指数刷新历史收盘高位，东证指数也同步突破去年7月 的峰值。 中国银行研究院主管王有鑫也向21世纪经济报道记者表示，近期日经指数上涨受多重因素影响：一是， 经贸摩擦相关的避险情绪有所缓 ...

Core Insights - The Hong Kong stock market is experiencing a significant influx of capital, particularly into thematic ETFs, with over 500 billion yuan entering in July alone and a total net subscription exceeding 100 billion yuan for the year [1][2]. Group 1: Thematic ETF Performance - In July, the net subscription for Hong Kong thematic ETFs reached 568.18 billion yuan, with financial, technology, and innovative pharmaceuticals being the most popular sectors [2]. - Specific ETFs such as the E Fund Hong Kong Securities ETF and the GF Hong Kong Stock Connect Non-Bank ETF saw net subscriptions of 111.43 billion yuan and 74.68 billion yuan respectively [2]. - The total net subscription for thematic ETFs in the first seven months of the year reached 1,025 billion yuan, with the total scale of these ETFs surpassing 500 billion yuan by the end of July [3]. Group 2: Capital Inflow Dynamics - Southbound capital has become the main driver for the Hong Kong stock market, with a cumulative net inflow exceeding 800 billion yuan this year, surpassing the total for the previous year [4]. - The influx of capital is attributed to three main factors: the attractive valuation of Hong Kong stocks post-adjustment, a global asset rebalancing favoring non-US assets, and the resilience of new economy sectors like AI and innovative pharmaceuticals [4]. - Public funds have significantly contributed to this inflow, with an estimated net inflow of 3,000 to 4,500 billion yuan through Hong Kong Stock Connect expected for the year [4]. Group 3: Market Valuation and Outlook - The valuation of Hong Kong stocks remains relatively low compared to major global markets, indicating that the market's prosperity may just be beginning [5]. - The overall earnings forecast for Hong Kong stocks has been revised upward since October last year, reflecting market confidence in economic recovery and corporate profitability [6].

Group 1 - The Hong Kong Monetary Authority reported an increase of HKD 20.13 billion in foreign assets of the exchange fund in May, reaching HKD 358.66 billion [1] - The monetary base stands at HKD 21.25 billion, which includes various components such as certificates of indebtedness, government-issued currency, and bank reserves [1] - The total claims of the exchange fund on the private sector in Hong Kong amount to HKD 325.6 billion, while total external liabilities are HKD 31 billion [1] Group 2 - The Financial Secretary of Hong Kong, Paul Chan, indicated that international confidence in US dollar bonds is wavering, leading to an influx of international funds into Hong Kong, which is becoming a safe haven for capital [1] - The overnight interbank lending rates have decreased, and the Hong Kong dollar is expected to maintain its peg to the US dollar, providing a trustworthy environment for capital flow [1] - According to Shenwan Hongyuan Securities, the Hong Kong stock market has shown strong performance as a pioneer in the revaluation of Chinese assets, with increased trading volume in small and mid-cap stocks since April 2025 [1][3] Group 3 - Shenwan Hongyuan Securities emphasized that amidst the US-China trade conflict and declining confidence in the US dollar, global funds are undergoing a rebalancing, with capital moving from US stocks to European markets [3] - The firm anticipates that as high-quality assets in Hong Kong increase, foreign capital will return to Chinese assets, with Hong Kong stocks being the first destination [3]