专题：北京公募基金高质量发展系列活动 新时代、新基金、新价值 近年来，港股已成捕捉中国增长红利的重要窗口之一。而港股通基金凭借无需换汇、无需港股开户的特 点，成为投资者布局港股市场的主要工具之一。 什么是港股通基金？ 所谓港股通基金，是指通过沪港通和深港通机制投资港股市场的公募基金产品，无需QDII资格及外汇 额度，便可便捷配置港股通标的股票。 为何此时布局正当时？ 前沿资产"打包买" 抢占优质赛道 相较上证指数，恒生指数中可选消费零售及软件服务两大行业占比明显较高。可选消费囊括潮玩IP、传 媒娱乐、消费电子等新消费核心领域，随着"情绪价值消费"崛起，具备广阔成长空间。软件服务聚 集"软创新"领域，如腾讯、百度网易等科技巨头，商汤、金山等技术服务商，随着AI技术的快速发展， 相关企业的盈利和估值有望得到提升。港股通基金可精选其中优质企业，一键"打包"前沿赛道核心资 产，避免选股难题。 数据来源：Wind，截至2025.8.29。行业分类为Wind二级行业。指数数据仅供参考，不作为任何投 资建议或收益暗示。指数过往涨幅不预示其未来表现，也不代表跟踪该指数的指数基金未来业绩。 注：文中所列个股仅作为举例说明，不作 ...

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 W4 港股资金：南向流入互联网，外资加码 消费者服务——"重估牛"系列之港股资金面 报告要点 [Table_Summary] 2025 年 9 月 22 日至 25 日，南向资金净流入 144.93 亿港元，主要流入可选消费零售、有色金 属、半导体、硬件设备、软件服务等行业，排名前五的行业合计净流入 122.34 亿港元。南向资 金净流入最多的五个行业是：可选消费零售（69.64 亿港元）、有色金属（19.92 亿港元）、半 导体（11.98 亿港元）、硬件设备（10.92 亿港元）、软件服务（9.89 亿港元）。主要流出医药 生物（-14.92 亿港元）、耐用消费品（-2.55 亿港元）、消费者服务（-2.25 亿港元）、汽车与 零配件（-2.16 亿港元）、化工（-1.37 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 %% %% %% %% research.95579.com 1 [Table_Title 9 月 W ...

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 ...

Core Viewpoint - A significant influx of capital has been observed in the Hong Kong stock market, with southbound funds achieving a net inflow exceeding 1 trillion HKD this year, marking a more than 100% increase compared to the same period in 2024 [1][5]. Group 1: Capital Inflow Data - As of September 11, southbound funds have recorded a cumulative net inflow of 10,655.49 billion HKD this year, significantly surpassing the total for the previous year [2][5]. - In September alone, southbound funds have seen net inflows for nine consecutive trading days, with the first week of September contributing over 30 billion HKD, an increase of over 10 billion HKD compared to the previous week [2][5]. Group 2: Investment Preferences - The top three stocks attracting the most net inflow from southbound funds this year are Alibaba, Meituan, and China Construction Bank, with Alibaba alone receiving over 110 billion HKD [1][10]. - The sectors receiving the most attention from southbound funds include consumer discretionary retail, banking, non-bank financials, and pharmaceutical biotechnology, with consumer discretionary retail leading at 1,782.85 billion HKD [6][8]. Group 3: Market Outlook - Analysts suggest that the revaluation of Chinese assets is ongoing, particularly with the expectation of interest rate cuts by the Federal Reserve, which may lead to a bullish trend in the Hong Kong stock market [1][13]. - Investment opportunities are expected to focus on sectors such as technology, pharmaceuticals, consumer goods, and manufacturing, with a particular emphasis on high-dividend stocks benefiting from declining risk-free rates [13].

Group 1 - Significant capital inflow into Hong Kong stocks has been observed, with net inflows exceeding 1 trillion HKD this year, more than doubling compared to the same period in 2024 [1][5] - The top three stocks attracting southbound capital this year are Alibaba, Meituan, and China Construction Bank, with Alibaba alone seeing net purchases exceeding 100 billion HKD [1][11] - The sectors receiving the most attention from southbound funds include consumer discretionary retail, banking, non-bank financials, and pharmaceutical biotechnology, with consumer discretionary retail netting 178.29 billion HKD [7][8] Group 2 - Southbound funds have consistently recorded net inflows for nine consecutive trading days in September, with over 30 billion HKD net inflow in the first week of September alone [3][1] - The cumulative net purchase amount of southbound funds since the launch of the mutual market access mechanism has surpassed 4.7 trillion HKD, with the current year's net purchases accounting for 22% of this total [5][1] - Analysts suggest that the revaluation of Chinese assets is ongoing, particularly with the expectation of interest rate cuts by the Federal Reserve, which may lead to a bullish trend in Hong Kong stocks [1][13] Group 3 - The investment focus is expected to remain on sectors such as technology, pharmaceuticals, consumption, and manufacturing, which are considered core assets in China [14][13] - The valuation of Hong Kong stocks is perceived to be attractive, especially as global funds reassess Chinese assets, indicating a high long-term allocation value [14][13] - Companies benefiting from policy support and trends in AI development, as well as undervalued consumer firms expected to improve performance, are highlighted as key investment opportunities [14][13]

Group 1 - The report indicates that from September 1 to 5, 2025, southbound funds recorded a net inflow of 29.687 billion HKD, primarily flowing into the consumer discretionary retail, pharmaceutical biotechnology, software services, non-ferrous metals, and automotive sectors, with the top five industries accounting for a total net inflow of 28.523 billion HKD [2][6][30] - The sectors with the highest net inflow were consumer discretionary retail (12.308 billion HKD), pharmaceutical biotechnology (5.131 billion HKD), software services (4.894 billion HKD), non-ferrous metals (3.887 billion HKD), and automotive and parts (2.303 billion HKD) [2][6][30] - The report highlights that the semiconductor, telecommunications services, durable consumer goods, hardware equipment, and media sectors experienced significant outflows [2][6][30] Group 2 - The report notes that during the same period, the Hong Kong stock market saw an increase, with the Hang Seng Index rising by 1.36% and the Hang Seng Tech Index increasing by 0.23% [5][11] - The healthcare sector in Hong Kong led the market performance, while the telecommunications services sector lagged [5][11] - Key factors contributing to market sentiment included policy support from the Ministry of Industry and Information Technology and the State Administration for Market Regulation, as well as weaker-than-expected economic data from the US, which raised expectations for a potential interest rate cut by the Federal Reserve [5][11] Group 3 - From January 20 to September 5, 2025, southbound funds accumulated a total net inflow of 851.872 billion HKD, with significant inflows into consumer discretionary retail, banking, pharmaceutical biotechnology, non-bank financials, and automotive sectors, totaling 574.213 billion HKD for the top five industries [7][45] - The report indicates that the sectors with the highest net inflow during this period were consumer discretionary retail (162.312 billion HKD), banking (141.212 billion HKD), pharmaceutical biotechnology (99.016 billion HKD), non-bank financials (98.612 billion HKD), and automotive and parts (73.061 billion HKD) [7][45] - The report also highlights that the telecommunications services and building materials sectors experienced notable outflows [7][45]

Core Insights - The report highlights the increased volatility in the Hong Kong stock market and suggests seizing opportunities during the Federal Reserve's interest rate decision window [1] - Analysts expect a general upward trend in the Hong Kong market, driven by improving corporate earnings and favorable policy signals [40] Market Review - During the week from September 1 to September 5, the Hong Kong stock indices showed collective strength, with the Hang Seng Index rising by 1.36% to 25,417.98 points, the Hang Seng Tech Index increasing by 0.23% to 5,687.45 points, and the Hang Seng China Enterprises Index up by 1.22% to 9,057.22 points [4][5] - Among the ten sectors, all but the telecommunications services sector saw gains, with healthcare, materials, and utilities leading the way with increases of 7.06%, 5.42%, and 2.79% respectively [5][12] Liquidity and Fund Flow - The average daily trading volume on the Hong Kong Stock Exchange was HKD 315.79 billion, a decrease of HKD 41.59 billion from the previous week [12] - Southbound funds recorded a net inflow of HKD 33.06 billion, an increase of HKD 10.88 billion compared to the previous week [12] Valuation and Risk Premium - As of September 5, the Hang Seng Index's PE and PB ratios were 11.5 times and 1.18 times, respectively, reflecting increases of 1.23% and 1.24% from the previous week, positioning them at the 85% and 82% percentiles since 2019 [18][20] - The risk premium for the Hang Seng Index was calculated at 4.6%, indicating a favorable valuation environment [20][25] Investment Outlook - The report suggests focusing on sectors with high earnings growth but relatively low valuations, such as consumer discretionary, daily consumer goods, and utilities [40] - It also highlights sectors benefiting from favorable policies, including the AI industry chain and consumer sectors, as well as high-dividend financial sectors that may provide stable returns amid uncertainties [40]

Group 1 - The core focus of the news is on the increasing participation of long-term funds, such as insurance and foreign capital, in the A-share market, driven by policy support and market conditions [1][2][3] - As of the end of Q2 this year, insurance companies held stocks worth 3.07 trillion yuan, an increase of 640.61 billion yuan or 26.38% from the end of last year [2] - The growth of index funds has been significant, with 719 new equity funds established this year, a year-on-year increase of 50.1%, and a total issuance scale of 353.64 billion yuan, up 173.12% [4][5] Group 2 - The increase in insurance capital investment in the stock market is driven by three main factors: improved macroeconomic recovery expectations, declining risk-free interest rates, and supportive policies encouraging long-term investments [3] - The number of stock ETFs reached 1,020, with a total scale of 3.53 trillion yuan, reflecting a growth of 644.89 billion yuan or 22.33% from the end of last year [4][6] - Foreign capital has also increased its holdings in A-shares, with a notable increase of 873.58 million yuan through the Stock Connect program in the first half of the year [6][7]

Group 1: Market Dynamics - The focus of the market is on promoting the entry of medium to long-term funds into the A-share market, with insurance funds and foreign capital providing significant support [1][2] - The number of newly established equity public funds has increased significantly this year, with over 70% being index funds, highlighting the "stabilizing" effect of medium to long-term funds [1][4] Group 2: Policy Support - A joint implementation plan was issued by six government departments in January to encourage medium to long-term funds to increase their equity investment ratio, establishing a long-term assessment mechanism [2][3] - By the end of Q2, insurance companies held stocks worth 3.07 trillion yuan, an increase of 640.61 billion yuan or 26.38% from the end of last year [2] Group 3: Investment Trends - Insurance funds have increased their equity investments due to three main factors: strengthened macroeconomic recovery expectations, declining risk-free interest rates, and supportive policies for long-term investments [3] - As of the end of Q2, insurance funds held 734 stocks with a total market value of 1.57 trillion yuan, with significant increases in sectors like construction, consumer retail, and transportation [3] Group 4: Growth of Index Funds - The scale and proportion of equity funds have steadily increased, with 719 new equity funds established this year, a year-on-year increase of 50.1%, totaling 353.64 billion yuan [4][5] - The number of stock ETFs reached 1,020, with a total scale of 3.53 trillion yuan, reflecting a growth of 22.33% from the end of last year [4] Group 5: Foreign Investment - Foreign investors have increased their holdings in A-shares, with a total value of 3.07 trillion yuan by the end of June, driven by technology innovation and valuation recovery [7] - Northbound capital has shown significant sectoral inflows, particularly in information technology and industrial sectors, indicating a shift in foreign investment focus [7]