The Net Inflow Of Hong Kong Stocks Has Exceeded 250 Billion Yuan During The Year When The Fund Was Accelerated.

As foreign capital continues to go northward, the capital of the south is quietly becoming the backbone of the Hong Kong stock market. In 2020, compared with the North going out of the capital, the southern capital continued to flow into the Hong Kong stock market. As of June 10th, the total net inflow of the southerly capital in 2020 exceeded 250 billion yuan.

According to historical data, this is a big buy at historical level. According to market expectations, the total net inflow of the southern capital in 2020 is close to 400 billion yuan.

It is worth noting that the recent influx of capital inflow in South China has been showing signs of expansion and has been showing a net inflow for many days. This can not help but let the market think of the second climax of the influx of southward capital into the Hong Kong stock market during the year. Undoubtedly, southerly capital is accelerating the fight for the "pricing power" in the Hong Kong stock market.

The crash led to big buying.

In twenty-first Century, the economic report reporters found that the key factor that triggered the large purchase of the southerly capital this year was the continued decline in the Hang Seng Index in the first quarter.

In January 20, 2020, the Hang Seng Index hit 29174 points, and once there was great hope to return to the 30000 point. But then the market dropped sharply. From January 20th to March 19th, the Hang Seng Index dropped 8000 points, and the Hang Seng Index also hit 21139 points in the year.

As a matter of fact, since January, the southern capital has already started to flow into the net, but the overall scale is not large. According to the data calculated by the institutions, the average daily net inflow of the southern capital in 1 and February this year is up to 2 billion yuan. In this process, the Hang Seng Index has only dropped slightly.

The Hang Seng index plunged sharply from March 6th. The Hang Seng Index also suffered a sharp drop from the spread of overseas epidemics and the collapse of other major overseas markets. The Hang Seng Index fell by 17% in the 10 trading days from March 6th to March 19th, that is, the decline in Hong Kong stocks in the first quarter was mainly in the 10 trading days.

The sudden plunge also opened up the bottom space for the southern capital, and the scale of capital inflow rapidly enlarged. According to the statistics of journalists, the average daily net inflow of these 10 trading days reached 8 billion 600 million yuan, approaching the highest level in history.

Up to now, southerly capital has maintained a net inflow of a certain scale. According to the statistics of journalists in the past 3 months since March 19th, there is less than 10 trading days for the single day net outflow of the southerly funds, and only 3 days in the last 30 trading days are net outflows. The total net inflow of capital has reached 250 billion yuan since 2020.

The fund manager of Hong Kong stock mutual fund of a public fund in Southern China area told reporters: "we have observed that since February, the southern capital has been showing a continuous net inflow. This is mainly from the perspective of long-term value investment. The valuation of Hong Kong stocks is attractive compared with A shares and US stocks. Although the global risk appetite has led to outflow of Hong Kong stocks overseas over a period of time, the mainland agencies of the southern financial representatives generally believe that Hong Kong stock opportunities will outweigh risks in the future, and the recent stock price movements such as the US group review also verify this judgment.

Fu Shiwei, a senior investor in Hong Kong stock, said: "Hong Kong stock is now the absolute bottom area, whether from the valuation angle or from the relative trend angle or the premium angle, so the southern capital is constantly coming to the bottom of the Hong Kong stock market."

In fact, although Hong Kong stocks have rebounded together with the global stock market since March 19th, the rebound is limited. Many investors still believe that Hong Kong stocks are in an undervalued state. The logic of Hong Kong stock allocation is not outdated.

Another fund manager of QDII fund of Shanghai public offering fund told reporters: "from our recent survey of listed companies, many companies did not suffer from the epidemic as much as the market imagined. Besides, Hong Kong stocks had more fully responded to the epidemic situation, and their valuation and profit expectations had been fully adjusted. Especially in the context of the global negative interest rate overlay epidemic situation, it is inevitable that southerly capital plus Hong Kong stocks will find high-quality assets.

Optimistic about banks and new economy

It is also a good idea to understand the logic of buying the Hong Kong stocks by the South oriented capital and analyze the specific buying targets of the southern capital. According to the twenty-first Century economic report reporter statistics, at present, southerly capital buying stocks are more concentrated. In the past 3 months, construction bank, Tencent holdings and ICBC were bought 29 billion 500 million, 13 billion 800 million and 9 billion respectively, buying the largest three stocks for the southern capital, the three buying stocks have occupied over three of the net capital inflow in the past 3 months in the past 3 months. Cheng.

Among the top ten, other companies are also concentrated on banks and new economic companies. We can see that the preferences of the southern capital are highly consistent.

Zhang Qiyao, an analyst at Guosheng securities, thinks that from the perspective of shareholding size, the southerly capital is concentrated in financial, information technology, real estate and alternative consumption. Among them, nearly 45% of the holdings are concentrated in the financial sector, and banks account for the absolute majority, with a ratio close to 35%. If we look at the situation of super distribution in the first tier industry, the funds from the south are significantly inclined to allocate financial services, especially banking stocks, while telecom services, real estate, utilities and daily consumption are significantly lower. On the whole, the southerly funds prefer financial, medical and hardware technology companies. Among them, the most exclusive industries are banking, pharmaceutical biotechnology, multi finance, automotive and technology hardware.

The logic of choosing a bank is obviously related to its undervalued value and high dividend yield. Tiger securities investment research team told reporters earlier that the overall valuation of Hong Kong stocks is in a relatively low historical position. The important banks are even close to breaking the net. More importantly, the AH premium has increased. Meanwhile, the overall dividend yield of Hong Kong stocks is relatively high. At present, the stock price has fallen below net assets and even has "bonds". Attribute. For more funds, Hongkong market financial stocks with higher dividend rate and lower volatility can substitute for bonds for risk parity.

The aforementioned Hong Kong stock mutual fund manager also said: "some stocks are favored by institutions, mainly because of their high dividends, low valuation and scarcity. In addition, many sources of southern capital are insurance funds, undervalued insurance funds and high interest rates, such as banks, etc., and also prefer some head companies with large market value growth industries.

In addition to banks, the new economic company has also been sought after by the southern capital. In the past 3 months, in the past ten months, the companies who bought the top ten of the capital from south to South included the Xiaomi and the US group commented, and Ping An Hao doctors.

Fu Shiwei told reporters: "the impact of the big Internet Co is relatively small, such as Tencent because its half or more than half of the business is mainly from the game related, under the epidemic situation, but on the game industry is relatively good."

And the US group's comment on the share price followed the continuous buying of the southern capital. The company's share price hit bottom in March 19th with the Hang Seng Index. It closed at HK $70 / share on that day. Then the US group's comment price rose all the way. As of June 10th, the company's share price was HK $159 / share, which has doubled than the lowest point.

Obviously, the price of the US group's comments has a great relationship with the South African capital's holdings. According to the reporter's understanding, this year's Fund Quarterly shows that 75 public funds have incorporated the US group's comments into its ten largest positions. Among them, huitianfu's industry integration and mixing, GFA Technology and power stock, and Bo Shi Shanghai and Hong Kong Shenzhen growth enterprises and so on, 4 funds are holding the US group's comments as the first heavy positions.

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