Group 1 - The Hang Seng Index successfully maintained above the 25,000-point mark, with a strong inflow of southbound funds amounting to HKD 5.508 billion on September 3, 2023 [1] - Year-to-date net inflow of southbound funds has surpassed HKD 1 trillion, reaching approximately HKD 1,005.729 billion [1] - Southbound funds have become a key driver for enhancing liquidity in the Hong Kong stock market, with average daily trading volume in the first half of 2025 reaching HKD 111 billion, nearly three times that of the first half of 2024 [2] Group 2 - Southbound funds show a clear investment preference for high dividend, low valuation, and high growth sectors, with 81 stocks having over 20% ownership by southbound funds, primarily in healthcare, finance, industrial, and information technology [2] - The shift in southbound fund holdings from technology in Q1 to new consumption in Q2, and recently to healthcare and finance, indicates an increase in strategic allocation by mainland investors in the Hong Kong stock market [3] - The Hong Kong market features scarce high-quality assets, attracting more long-term investments from southbound funds, with 13 out of 59 newly listed stocks this year already included in the southbound trading scheme, focusing on popular sectors like consumption, technology, and pharmaceuticals [3]

Core Insights - The A-share market has seen a significant increase in institutional research activity since May, with over 2,000 listed companies being investigated, particularly in high-end manufacturing, semiconductors, and healthcare sectors [1][2] - Public funds have accelerated their research pace, with top firms like Bosera Fund leading with 51 investigations, followed closely by Fortune Fund and Penghua Fund [1] - There is a clear preference for specific sectors, with over 60% of research focused on industrial machinery, semiconductor equipment, and innovative pharmaceutical companies [1][2] Industry Focus - High-end manufacturing, semiconductors, and healthcare are identified as core investment areas for institutional funds, with significant attention on technological breakthroughs and policy benefits [1][2] - The computer, communication, and other electronic equipment manufacturing sectors have also attracted interest, with over 34 companies being researched, focusing on semiconductor materials and consumer electronics [2] - The pharmaceutical manufacturing sector follows closely, with 23 companies under investigation, highlighting themes of innovative drug development and recovery in medical consumption [2] Company Highlights - Leading companies such as BeiGene, Anji Technology, and Hengda have received substantial attention, with 256, 241, and 234 institutions researching them, respectively [2] - Other notable companies include Xiangxin Technology, Xingye Silver Tin, and Deep South Circuit, each receiving research from over 100 institutions [2] - Companies like Deep South Circuit and Honghua Technology are focusing on overseas market strategies, with Deep South Circuit investing 1.274 billion yuan in a factory in Thailand to enhance its global supply chain [3]

随着中美关税冲突缓和，公募基金调研节奏显著加快。高端制造、半导体、医疗健康三大领域成为资金聚焦的 核心赛道，百济神州- U（688235.SH）、安集科技（688019.SH）、恒而达（300946.SZ）等龙头企业获超 200 家机构扎堆调研，凸显机构对技术突破与政策红利的强烈关注。 鹏华基金闫思倩、景顺长城基金农冰立等明星基金经理现身恒而达调研现场，闫思倩、申万菱信基金付娟、华 泰柏瑞基金赵楠共同调研祥鑫科技（002965.SZ），显示出基金经理对先进制造企业的密集关注。 硬科技公司获基金经理调研 数据显示，5月以来公募基金调研呈现"量质齐升"特征。 5月以来，A股市场机构调研热度持续攀升，已有超2000家上市公司获调研。其中，公募基金调研节奏显著 加快。 券商中国记者注意到，2025年5月以来，公募基金对上市公司的调研活动呈现显著的结构性分化，高端制造、 半导体及医疗健康领域成为机构资金布局的核心方向。数据显示，工业机械、半导体设备及创新药企的调研频 次占比超六成，头部企业的技术突破与政策红利成为基金经理关注的重点方向。 从行业分布看，机构调研呈现鲜明的赛道偏好，计算机、通信和其他电子设备制造业以超过3 ...