中证网讯①港股因假期原因自12月24日下午起休市，根据沪深交易所公告，12月24日下午至12月26日不 提供港股通服务。多家基金管理人发布公告提示，港股通主题ETF自12月24日起暂停申购、赎回业务， 并自12月29日起恢复申购、赎回业务。部分暂停申购的港股通主题ETF受到二级市场资金关注，溢价率 高企。 ③ 12月24日，北京市住建委网站发布通知，进一步优化调整北京市房地产相关政策。一是放宽非京籍 家庭购房条件。将非京籍家庭购买五环内商品住房的社保或个税缴纳年限，由现行的"3年"调减为"2 年"；购买五环外商品住房的，由现行的"2年"调减为"1年"。二是支持多子女家庭住房需求。此外，还 调整了二套住房公积金贷款最低首付比例，对借款申请人(含共同申请人)使用公积金个人住房贷款购买 二套住房的，最低首付款比例由不低于30%调整为不低于25%。(王宇露) ②中国人民银行12月24日消息，中国人民银行货币政策委员会2025年第四季度(总第111次)例会于12月 18日召开。会议指出，用好证券、基金、保险公司互换便利和股票回购增持再贷款，探索常态化的制度 安排，维护资本市场稳定。 ...

Core Viewpoint - The Hong Kong stock market is experiencing a significant influx of capital, with southbound funds and public funds increasing their investments, indicating a strong interest in the market despite recent volatility [2][3][4]. Group 1: Market Performance - The Hang Seng Index has shown a "first decline then rise" pattern in Q4, with a cumulative increase of 0.81% as of November 13, and a maximum drawdown of -8.17% [3]. - The Hang Seng Technology Index has seen a decline of 7.49% during the same period, with a maximum drawdown exceeding 15% [3]. - Both indices have outperformed major global markets this year, with annual increases exceeding 33% [3]. Group 2: Capital Inflow - Southbound funds have net purchased 1.31 trillion HKD this year, a historical high, representing a more than 60% increase compared to last year's total inflow of approximately 807.87 billion HKD [3][4]. - The cumulative net purchase of southbound funds has surpassed 5 trillion HKD [3]. - Public funds have significantly increased their holdings in Hong Kong stocks, reaching an investment value of 1.36 trillion HKD by the end of Q3, a more than 40% increase from the previous quarter and a doubling from the same period last year [4]. Group 3: Fund Strategies - Over half of the active equity funds have increased their allocation to Hong Kong stocks, with notable increases in positions for several funds [5]. - The trend of using ETFs to invest in Hong Kong stocks has surged, with 79 Hong Kong Stock Connect-themed ETFs seeing a net inflow of nearly 300 million HKD in Q4 alone, and a total of 218.4 billion HKD for the year [5]. - The total scale of these ETFs has increased 3.4 times from 799.57 billion HKD at the end of last year to 3.5287 trillion HKD [5]. Group 4: Investment Preferences - Dividend-paying assets are increasingly favored, with specific ETFs attracting significant net subscriptions [6]. - There is a noticeable shift in capital flows, with reduced interest in previously popular sectors like technology and innovation drugs, indicating a rebalancing of investment styles [6]. Group 5: Market Dynamics - The alternating activity between A-shares and Hong Kong stocks is attributed to industry cycle rotations rather than significant capital shifts between the two markets [8]. - The Hong Kong market is seen as attractive due to its dual appeal for defensive and growth-oriented investments, with high dividend yields and innovative sectors [9]. - Concerns about potential bubbles in growth assets are tempered by the view that recent price increases are corrections of previously low valuations rather than speculative bubbles [10].

Core Insights - The Hong Kong stock market is experiencing a significant influx of capital, with southbound funds reaching a record net purchase of 1.31 trillion HKD this year, surpassing 5 trillion HKD in total net purchases historically [1][2] - Public fund holdings in Hong Kong stocks have also surged, reaching 1.36 trillion HKD by the end of Q3, marking a more than 40% increase from the previous quarter and doubling from the same period last year [2][3] - The market is witnessing a shift in investment preferences, with dividend-paying assets gaining popularity over technology stocks, indicating a potential change in investment themes [1][7] Fund Flows and Performance - The Hong Kong stock market has shown a "first decline, then rise" pattern in Q4, with the Hang Seng Index up 0.81% as of November 13, despite a maximum drawdown of 8.17% [2] - Southbound funds experienced a net outflow of 35.21 million HKD on November 13, ending a streak of 16 consecutive days of net buying, although the year-to-date net inflow remains at a historic high [2][3] - Public equity funds have increased their exposure to Hong Kong stocks, with over half of the 1980 products analyzed raising their allocations significantly [3][4] ETF Growth and Investment Trends - The total size of Hong Kong stock ETFs has exploded, increasing 3.4 times from 799.57 billion HKD at the end of last year to 3.53 trillion HKD, making them a key channel for capital allocation [4][5] - Dividend-themed ETFs are particularly popular, with significant net subscriptions recorded for various funds, indicating a strong preference for stable income-generating assets [5][6] Market Dynamics and Sector Rotation - The alternating activity between A-shares and Hong Kong stocks is attributed to industry cycle rotations rather than significant capital shifts between the two markets [6][7] - The current market environment allows for both defensive and growth-oriented investments, with blue-chip stocks offering high dividend yields and innovative sectors attracting substantial capital [7][8] - Concerns about potential bubbles in growth assets are countered by the argument that recent price increases are corrections from previously low valuations rather than speculative bubbles [7][8]