由港股通范围内100家市值大、成交活跃的中国内地公司 股票组成,金融、可选消费、信息技术行业合计占比超 过65% 日下午下午下午前10年正十六四六中国人） 从人日秋日从10X 票组成,指数行业覆盖较为广泛,可选消费、金融、信 息技术、能源行业合计占比超过85% ς 中证港股通中国100指数 港股本周调整，南向资金积极加仓，合计净买入近600亿元。指数方面，恒生指数下跌3.5%，恒生中国 企业指数下跌3.8%，中证港股通中国100指数下跌3.3%。 | | 恒生指数 | 恒生中国企业 | 中证港股通中 | | --- | --- | --- | --- | | | | 指数 | 国100指数 | | 本周涨跌幅 | -3.5% | -3. 8% | -3. 3% | | 指数滚动 市盈率 | 11. 3倍 | 10. 2倍 | 10. 7倍 | | 滚动市盈率 分位 | 50. 4% | 62. 3% | 87. 6% | | 跟踪该指数 | 恒生ETF易方达 | HJRETF | 港股通100ETF | | 的ETF | (513210) | (510900) | (159788) | 注1:目前全市场跟踪恒 ...

Group 1 - Hong Kong stocks rebounded in the afternoon with southbound funds net buying over 12 billion HKD throughout the day [1] - The Hang Seng Index fell by 0.2%, while the Hang Seng China Enterprises Index decreased by 0.3%, and the CSI Hong Kong Stock Connect China 100 Index rose by 0.02% [1] Group 2 - The Hang Seng ETF managed by E Fund tracks the Hang Seng Index, which consists of large-cap, actively traded stocks with strong industry representation, covering financials, consumer discretionary, and information technology, accounting for nearly 80% of the index [2] - The Hang Seng China Enterprises Index, tracked by HIGETF, includes 50 large-cap, actively traded stocks from mainland China listed in Hong Kong, with consumer discretionary, financials, information technology, and energy sectors making up over 85% of the index [2] - The CSI Hong Kong Stock Connect China 100 Index, tracked by the Hong Kong Stock Connect 100 ETF, comprises 100 large-cap, actively traded mainland Chinese companies, with consumer discretionary, information technology, and financial sectors accounting for nearly 75% of the index [2]

Group 1 - The Federal Reserve has maintained the federal funds rate target range at 4.25% to 4.50%, marking the third consecutive time this year that rates have remained unchanged [1] - The performance of the Hong Kong stock market is closely linked to global liquidity, particularly U.S. dollar liquidity, influenced by the Federal Reserve's monetary policy, dollar exchange rates, and U.S. Treasury yields [1][2] Group 2 - Changes in U.S. Treasury yields significantly impact cross-border capital flows and the valuation of Hong Kong stocks, with rising yields leading to reduced investment in Hong Kong assets [3] - The monetary policy cycle of the Federal Reserve affects the Hong Kong stock market differently, with initial rate cuts improving liquidity and benefiting the market, while rate hikes can complicate market dynamics [5][4] Group 3 - The U.S. dollar index influences international capital allocation preferences, with a stronger dollar increasing the cost of holding non-dollar assets, thereby pressuring Hong Kong stocks [8][9] - Fluctuations in the exchange rate, particularly the USD/CNY rate, affect the earnings of Chinese companies listed in Hong Kong, indirectly impacting stock valuations [9][10] Group 4 - The Hong Kong-Macau interest rate differential directly affects local liquidity, with the Hong Kong Monetary Authority managing the exchange rate through an automatic interest rate adjustment mechanism [14][15] - Changes in the Libor-Hibor spread influence local liquidity conditions, with widening spreads leading to increased financing costs and pressure on high-valuation growth stocks [15][16] Group 5 - The overall impact of overseas liquidity on Hong Kong stocks can be summarized as follows: U.S. Treasury yields, U.S.-China interest rate differentials, and Hong Kong-Macau interest rate differentials drive style shifts through valuation and capital flow effects, while the dollar index and exchange rate fluctuations influence market preferences [19]