原标题：港股被抢疯！ 南向资金净流入230亿美元，创历史新高。 哪些部队急于筹集资金？
资料来源：《中国商业报》
[HongKongstocksarerobbedcrazy!Thenetinflowofsouthboundcapitalis23billionandhitanewhighWhichforcesarerushingtoraise?】SouthboundfundsareunstoppableAfterhittingarecordhighofHK$19486billiononJanuary11thenetinflowofsouthboundfundsreachedHK$22971billiononthe18tharecordhighWiththeexpectationoftheglobaleconomicrecoveryinstitutionscontinuetoincreasethelowvaluationofHongKongstocks(ChinaBusinessNews)
Southbound funding is unstoppable. After hitting a record high of HK$19.486 billion on January 11, the net inflow of southbound funds reached HK$22.971 billion on the 18th, a record high. With the expectation of the global economic recovery, institutions continue to increase the low valuation of Hong Kong stocks.
On the 18th, the Hong Kong Hang Seng Index opened low and moved high, closing the day up by 1.01% to 28862.77 points. The strong trend of technology stocks drove the Hang Seng Technology Index to soar 3.88%, breaking the 9,000-point mark, and closing at 9116.24 points, setting a new record high.
Last week, the Hang Seng Index rose 2.5%, and the Hang Seng Technology Index closed up 1.7%. In terms of individual stocks, the leading companies were China Telecom (+19.4%), ASM Pacific (+13.9%),China Unicom(+13.6%). The leading decliners were Xiaomi Group (-8.3%), AAC Technologies (-5.0%), and Kingboard Laminates (-4.8%). In terms of southbound funds, last week’s Shanghai and Shenzhen Stock Connect transactions net purchases of HK$70.213 billion. Southward funds mainly increase their holdings of China Mobile, Tencent Holdings,SMICAnd other companies, mainly reducing their holdings of Xiaomi Group,BYDShares, Kingdee International and other companies.
Credit Suisse China Securities Research Director Edmond Huang (Edmond Huang) said in an interview with CBN reporters on the 18th that Nanxiang Capital has suddenly become more active since December last year. There are two potential reasons. First of all, the valuation of Hong Kong stocks is lower than that of A shares. With the prosperity and development of the domestic capital market, there are also some spillover effects, that is, mainland funds hope to find opportunities to allocate assets in other markets, and the more familiar and liquid Hong Kong stocks are the first choice. It is not that the quality of Hong Kong stock companies has suddenly become better.
CBN previously reported that in 2021, investors will pay as much attention to low-value Hong Kong stocks as A-shares. Many bank wealth management subsidiaries and insurance institutions have allocated Hong Kong stocks in advance. Nearly half of the equity exposures of some wealth management subsidiaries All are Hong Kong stocks. In 2020, the total annual net inflow of southbound funds reached 672.1 billion Hong Kong dollars, nearly three times the net inflow of northbound funds (208.9 billion yuan). At present, the Hang Seng AH stock premium index is nearly 136, which is still higher than the level of 126 at the beginning of January 2020. Take insurance institutions as an example. They have always preferred real estate and financial stocks, and the financial sector AH has a high degree of overlap, especially the banking sub-sector. There is a certain premium in valuation of A shares, which also attracts companies and their executives to increase their holdings in Hong Kong stocks. Stock or additional issuance.For example, Li Lu’s Himalayan fund recently increased its holdings in the Hong Kong marketPostal Savings BankH shares.
Another factor is related to the recent executive order of the Trump administration in the last few months of his term. In view of the fact that some Chinese companies have been affected and eliminated by international indexes, stock prices have seen a sharp correction. Huang Xiang said: “It is not ruled out that some mainland funds enter the market to buy the bottom. At the same time, we have indeed seen some foreign institutional customers outside the US are very interested in these companies, because their valuations have fallen to a low level and have appeared to be compared with the previous average. It is a big deviation, and it is also very attractive in terms of dividend income.”
The outside world expects that, driven by the above two forces, Hong Kong stocks will be promising in 2021. Prior to this, Li Junhui, investment manager of BOCOM International Longteng Core Growth Fund, said in an interview with CBN: “Although A-share returns have ranked first in the world in the past two years, the allocation value of Hong Kong stocks cannot be ignored, especially with the Chinese concept stocks. The return to Hong Kong’s “secondary listing”, coupled with the fact that many outstanding new economic head companies have or intend to list on the Hong Kong stock market, have enriched the ecology of the Hong Kong stock market. Some of the scarce sub-sectors (property, education, 18A pharmaceuticals) that are not available in A-shares Companies, etc.) provide more and better choices for active funds.”
In Li Junhui’s view, three main lines should be grasped in the industry rotation: consumption recovery, technological prosperity and reversal of difficulties. Under the logic of consumption recovery, we can focus on medicine, catering, education and other fields; under the logic of science and technology, we are optimistic about the continued opportunities of computer hardware and media, and at the same time artificial intelligence and other related thematic opportunities are also worth looking forward to; in the logic of global economic recovery Next, the midstream boom and the reversal of manufacturing difficulties are expected to become the investment focus in 2021. There are opportunities for value revaluation in the nonferrous metals and chemical industries in the first half of the year. Consumer electronics, automobiles, new energy and other sectors are all worthy of attention. In addition, there are many potential high-quality new stocks in the Hong Kong stock market in 2021, and investors are also worth betting chips.
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