2025.08.15 今年以来，南向资金持续加码港股，2025年累计净流入已突破9389亿元，仅用8个月便超越2024年全年 总量，呈现爆发式增长。从配置策略看，内地资金采取"哑铃型"布局，一手抢筹高股息金融股，一手增 持科技成长与医疗板块。数据显示，8月以来，金融、信息技术及医疗保健成为南向资金重点扫货方 向，净买入额领跑各行业。 南向资金净买入额创纪录 南向资金买入港股的节奏突然加快。wind数据显示，8月1日至8月14日，南向资金合计净流入额仅为 330.55亿港元。但8月15日，仅1天时间内，南向资金全天净买入金额就达到358.76亿港元，创历史最高 单日净买入纪录。其中盈富基金、恒生中国企业、南方恒生科技净买入额位列前三，分别获净买入 127.88亿港元、53.56亿港元、21.77亿港元。 从更长的时间维度来观察，2020年至2024年，资本市场南向资金成交净买入额分别为6721.25亿港元、 4543.96亿港元、3862.81亿港元、3188.42亿港元和8078.69亿港元。2025年春节后南向资金流入开始加 速，呈现出规模大、速度快的现象。wind数据显示，截至8月15日收盘，今年南向资金 ...

2025.08. 15 本文字数：2266，阅读时长大约4分钟 作者 | 第一财经 王方然 港股回调之际，南向资金却在加速涌入。 8月15日，港股三大股指集体收跌，恒指跌0.98%，恒生科技指数跌0.59%，恒生中国企业指数跌 0.98%。然而，市场调整并未阻挡南向资金的汹涌流入。截至收盘，南向资金全天净买入358.76亿 港元， 创历史最高单日净买入纪录，单日规模甚至超过8月前两周总和 。 华南一位基金行业人士对记者表示，最主要的原因是港股此前经历了较长的回调期，即便近一年来有 所上涨，但仍处于估值洼地。此外，港股市场有许多国内稀缺的资产，如腾讯、美团、阿里这样大的 平台公司。因此受到很多内地资金的关注。 今年以来，南向资金持续加码港股， 2025年累计净流入已突破9389亿元 ，仅用8个月便超越2024 年全年总量，呈现爆发式增长。从配置策略看，内地资金采取 "哑铃型"布局 ，一手抢筹高股息金融 股，一手增持科技成长与医疗板块。数据显示，8月以来，金融、信息技术及医疗保健成为南向资金 重点扫货方向，净买入额领跑各行业。 南向资金净买入额创纪录 南向资金买入港股的节奏突然加快。wind数据显示，8月1日至8 ...

Group 1 - The core viewpoint of the article highlights the accelerating trend of southbound capital inflow into the Hong Kong stock market, even amidst market corrections [2][3] - On August 15, southbound capital recorded a net purchase of 35.876 billion HKD, setting a historical single-day net buying record, surpassing the total of the previous two weeks [2][3] - Year-to-date, southbound capital has cumulatively net inflowed over 938.9 billion HKD, exceeding the total for the entire year of 2024 within just eight months [3][5] Group 2 - The investment strategy of mainland funds is characterized by a "barbell" approach, focusing on high-dividend financial stocks while also increasing holdings in technology and healthcare sectors [2][3] - Notably, from August 1 to August 14, southbound capital net purchases in financial, information technology, and healthcare sectors amounted to 48.22 billion HKD, 31.748 billion HKD, and 23.854 billion HKD respectively, while there was a net sell of 22.005 billion HKD in consumer discretionary [4][5] - The preference for high-dividend assets and growth sectors reflects a shift in investment focus, contributing to the performance of specific stocks such as pharmaceutical and brokerage firms [4][5] Group 3 - The influx of southbound capital is attributed to factors such as valuation disparities and an "asset shortage" in the market, with many domestic investors seeking opportunities in undervalued Hong Kong stocks [5][6] - As of 2024, southbound capital accounted for approximately 34.64% of the total trading volume in the Hong Kong stock market, a significant increase from previous years [6][7] - Despite the growing influence of southbound capital, external investors still dominate the market, holding a substantial portion of shares, which limits the absolute pricing power of southbound funds [7][8] Group 4 - Southbound capital's holdings in stocks with over 30% ownership are primarily in small-cap and high-dividend stocks, indicating a preference for stable returns [8] - The rapid inflow of southbound capital has historically correlated with a decline in the AH premium, as evidenced by the drop in the Hang Seng Shanghai-Shenzhen-Hong Kong Stock Connect AH premium index [8]

Core Viewpoint - The Hong Kong stock market has experienced significant volatility, with southbound capital showing dramatic fluctuations, but the long-term investment trend remains strong, particularly in the technology sector [3][5][6]. Group 1: Market Performance and Capital Flow - The Hong Kong stock market has shown a pattern of rising and then falling, with the Hang Seng Index and Hang Seng Tech Index experiencing maximum drawdowns of 5.3% and 7.79% respectively in the last 10 trading days as of August 5 [5]. - On August 4, southbound capital saw a net outflow exceeding 18 billion HKD, while on August 5, it reversed direction with a net inflow of 234.25 billion HKD, indicating a strong recovery in buying interest [5][6]. - Year-to-date, southbound capital inflows have reached 884.38 billion HKD, surpassing the total inflow for the entire previous year of 807.87 billion HKD, marking a historical high [6][7]. Group 2: ETF and Fund Investment Trends - The trend of investing in Hong Kong stocks through ETFs has surged, with the total scale of 79 Hong Kong Stock Connect-themed ETFs reaching 238.16 billion HKD, nearly doubling from 81.99 billion HKD at the end of last year, an increase of 190.45% [6][7]. - Public funds have increased their allocation to Hong Kong stocks, with over 1,700 products raising their Hong Kong stock positions in the second quarter, and the proportion of public fund holdings in Hong Kong stocks rising from 36.9% to 39.8%, a record high since the launch of the Shanghai-Hong Kong Stock Connect [7][8]. Group 3: Sector Focus and Investment Logic - The public funds have focused on increasing their holdings in the pharmaceutical, banking, and non-bank financial sectors, with significant increases in shares for companies like CSPC Pharmaceutical and China Construction Bank [10]. - The current valuation uplift in the Hong Kong stock market is attributed to policy benefits, global liquidity easing, and market sentiment, shifting the core logic from mere valuation recovery to a value reassessment based on new productive forces and high-quality development [10][11]. - As southbound capital's share continues to rise, the investment characteristics of the Hong Kong market are changing, with a decreasing correlation with global markets and a higher correlation with A-shares [10][11].

Market Overview - On August 5, the Hang Seng Index rose by 0.68%, with total southbound trading amounting to HKD 129.701 billion, including buy transactions of HKD 76.563 billion and sell transactions of HKD 53.138 billion, resulting in a net buy of HKD 23.426 billion [1] Southbound Trading Details - The southbound trading through Stock Connect (Shenzhen) had a total trading amount of HKD 47.198 billion, with buy transactions of HKD 28.343 billion and sell transactions of HKD 18.854 billion, leading to a net buy of HKD 9.489 billion [1] - The southbound trading through Stock Connect (Shanghai) had a total trading amount of HKD 82.504 billion, with buy transactions of HKD 48.220 billion and sell transactions of HKD 34.284 billion, resulting in a net buy of HKD 13.936 billion [1] Active Stocks - The most actively traded stock by southbound funds was the Tracker Fund of Hong Kong, with a total trading amount of HKD 6.3006 billion and a net buy of HKD 6.2929 billion, closing with a price increase of 0.63% [1] - Tencent Holdings and SMIC followed, with trading amounts of HKD 4.898 billion and HKD 3.569 billion, respectively [1] - A total of 12 stocks experienced net buying, with Tencent Holdings seeing a net buy of HKD 0.832 billion and Southern Hang Seng Technology a net buy of HKD 0.798 billion [1] Continuous Net Buying - Among the stocks, Tencent Holdings, Xiaomi Group-W, and Kuaishou-W were continuously net bought for more than three days, with Tencent Holdings leading with a total net buy of HKD 4.426 billion over nine days [2] - Xiaomi Group-W followed closely with a net buy of HKD 4.411 billion over eight days, and Kuaishou-W with HKD 2.452 billion over four days [2] Summary of Active Stocks on August 5 - The following table summarizes the active stocks and their respective trading amounts, net buying, and daily price changes: | Code | Name | Trading Amount (HKD million) | Net Buy (HKD million) | Daily Change (%) | |--------|--------------------|------------------------------|-----------------------|-------------------| | 02800 | Tracker Fund | 6300.64 | 6292.99 | 0.63 | | 00700 | Tencent Holdings | 4897.79 | 831.72 | 1.64 | | 03033 | Southern Hang Seng Tech | 868.05 | 798.36 | 0.93 | | 01024 | Kuaishou-W | 2408.49 | 646.71 | 2.79 | | 02015 | Li Auto-W | 2927.53 | 586.03 | 1.58 | | 09988 | Alibaba-W | 3391.32 | 511.50 | -0.17 | | 01357 | Meituan | 2976.58 | 386.43 | -6.92 | | 09926 | CanSino Biologics | 877.47 | 290.20 | 7.17 | | 03690 | Meituan-W | 901.74 | 270.26 | -0.08 | | 01810 | Xiaomi Group-W | 2887.14 | 248.22 | -0.46 | | 02577 | InnoCare Pharma | 2303.82 | 232.89 | -6.65 | | 00981 | SMIC | 3568.78 | 121.27 | -0.97 | | 01788 | Guotai Junan International | 2225.67 | -5.07 | -0.94 | [2]

中芯国际 老铺黄金 石药集团 中芯国际 腾讯控股-R 腾讯控股 分时图 日K线 周K线 月K线 89.50 -0.86 -0.95% 2.59% 1.73% 0.86% 0.00% 0.86% 1.73% 2.59% 88.02 88.80 89.58 90.36 91.14 91.92 92.70 09:30 10:30 11:30/13:00 14:00 15:00 15:30 0 65万 130万 195万 | 排名 | | 名稱 | 買入金額 (HKD) | 賣出金額 (HKD) | | --- | --- | --- | --- | --- | | 1 | 01810 | 小米集團 - W | 1,255,890,280 | 1,182,289, | | 2 | 03690 | 美團 - W | 1,251,331,050 | 1,048,903, | | 3 | 00700 | 騰訊控股 | 1,211,470,850 | 875,019, | | 4 | 00981 | 中芯國際 | 1,163,758,600 | 840,857, | | 5 | 01024 | 快手 - W | 1,491, ...