海外策略｜港股外资偏好有何变化

Summary of Key Points from Conference Call Industry Overview - The conference call discusses the Hong Kong stock market and the changes in foreign capital preferences since May 2025, driven by improved Sino-US relations and a weaker dollar [1][2]. Core Insights and Arguments - Foreign Capital Inflow: From May to July 2025, long-term foreign capital returned to the Hong Kong stock market, totaling nearly 70 billion HKD [1][5]. - Sector Performance: - Despite an overall outflow of foreign capital from early 2024 to April 2025, there was an increase in investment in hardware and consumer goods sectors [3]. - From May 2025 onwards, both long-term and short-term foreign capital consistently flowed into the technology sector, while real estate and pharmaceuticals showed mixed results [3][10]. - Dividend and retail sectors faced significant reductions in foreign investment [4][9]. - Macroeconomic Factors: Expectations of interest rate cuts by the Federal Reserve and a stable Sino-US trade relationship are anticipated to continue driving foreign capital back into the Hong Kong market [6]. Investment Trends - Technology Sector: The technology and internet sectors, along with large financial institutions, remain long-term favorites for foreign investors, with foreign ownership in these sectors reaching approximately 70% [7]. - Valuation Metrics: The technology sector in Hong Kong is noted for its low valuation and strong fundamentals, making it attractive for foreign investment [10][11]. - AI Industry Impact: The ongoing transformation in the AI industry is expected to benefit leading technology companies in Hong Kong, providing significant upside potential [12]. Additional Important Insights - Market Sentiment: The overall sentiment in the Hong Kong market is improving due to geopolitical factors and a historical low in asset allocation towards Chinese markets [5]. - Sector-Specific Trends: - The banking sector experienced a net outflow exceeding 200 billion HKD, while the retail sector saw a net outflow of approximately 180 billion HKD from 2024 to April 2025 [8]. - The biopharmaceutical sector saw long-term investments increase by 6.8 billion HKD but faced short-term reductions of 18 billion HKD, resulting in a net decrease of 11.2 billion HKD [8]. This summary encapsulates the key points discussed in the conference call regarding the Hong Kong stock market, foreign capital trends, and sector-specific insights.