Core Viewpoint - Recent global risk appetite has increased, with significant net inflows into large-cap equity funds in the US and globally, while small-cap equity funds continue to experience net outflows [1] Group 1: Fund Flows - Large-cap growth equity funds in the US have seen substantial net inflows [1] - Global large-cap equity funds have also attracted considerable net inflows [1] - US fixed income funds recorded the highest net inflows, although the monthly inflow scale has decreased [1] Group 2: Market Trends - There is a notable trend of increased allocation to global risk assets [1] - Investment interest in emerging markets continues to rise [1] - Preference for large-cap stocks remains dominant in the current market environment [1] Group 3: Specific Fund Performance - QDII ETFs related to the Hang Seng Technology sector have received significant capital inflows [1] - The Hang Seng Index has experienced slight capital outflows [1]

Group 1: Core Insights - Global risk appetite has been declining, with significant capital inflows into US fixed income funds and outflows from US small-cap and large-cap growth stocks [1] - The overall trend indicates a global capital rebalancing, with increased investment interest in emerging markets while US equities face outflow pressure [1] Group 2: Market Performance Review - In September 2025, the Hong Kong stock market outperformed globally, with the Hang Seng Tech Index rising by 13.95% and the Hang Seng Index increasing by 7.49%, while markets in Vietnam and Germany saw slight declines [2] - Overall, most global stock markets rose in September, with technology growth stocks leading the performance [2] Group 3: Cross-Border Capital Flows - In September, the southbound trading of the Hong Kong Stock Connect maintained a net buying trend, reaching a year-to-date high in net inflow, primarily into non-essential consumer sectors [3] - Global funds saw significant inflows into fixed income funds and outflows from equity funds, reflecting a decrease in investor risk appetite [3] - QDII-ETF funds experienced substantial net inflows into the Hang Seng Tech sector, while other indices like the Hang Seng Index and Hang Seng China Enterprises Index saw minor outflows [3]