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Original title: Southbound funds have a pool to buy 26.6 billion The Hang Seng index yesterday pulls violently nearly a thousand points
Every time reporter Yuan Dong Every time editor He Jianling
As soon as 2021 walked into the gate, mainland funds have been “buying, buying” the Hong Kong stock market one after another. According to statistics, on January 18, Southbound Trading’s total daily turnover reached HK $ 76.07 billion, setting a new all-time high. In the trading days prior to January, this record has been updated three times (respectively on January 8, 11 and 15). Wind data shows that on January 19, southbound funds bought HK $ 26.592 billion that day. With the help of the funds, the Hang Seng Index once rose nearly 1,000 points that day, and the day’s turnover also surpassed HK $ 300 billion, eventually closing up 2.70% (779). , 51 points).
Starting in 2021, the inflow of funds from the south will be significantly expanded. Driven by funds, share prices of a large number of well-known Hong Kong stocks, such as Tencent Holdings, have reached record levels, and the market is full of lucrative effects.
Source: Wind, Guosheng Securities Visual China Map, drawing by Yang JingNet purchases of over HK $ 185.2 billion during the year
January 8 of this year is a special day, that day the net purchase of China Mobile from Southbound Trading reached 11,131 million Hong Kong dollars. It is extremely rare for a single share to be net purchases of more than HK $ 10 billion by Southbound Trading in a single day. And this is just a typical case of national capital going south.
In fact, since the opening of Southbound Stock Connect in late 2014, except for 2018, southbound funding has increased year over year. Starting in 2021, the speed of capital flow to the south will accelerate significantly. As of January 18, cumulative net purchases of funds southbound exceeded 158.7 billion Hong Kong dollars. In addition to net purchases of HK $ 26.592 billion on January 19, southbound funds have net purchases of HK $ 185.293 million this month.
At the same time, the share of southbound funds in the Hong Kong stock market has also continued to rise. On January 18, Southbound Stock Connect’s total one-day turnover reached HK $ 76.07 billion, setting a new record, which also accounted for about a third of the total turnover of the Hong Kong Stock Exchange that day, in addition to mainland residents opening accounts directly on the Hong Kong stock exchange. The actual amount of the domestic capital transaction may represent a larger proportion of the transaction funds.
Obviously, the Hong Kong stock market has become a major “battleground” for mainland funds.
However, although Southbound funds have a high share of shares in some publicly traded companies, their impact on share prices varies widely. Based on the Hong Kong stock market situation in the past year, the stocks with the most shares held by Southbound funds are still on the market with significant gains, such as the new economic sector and the concept of new energy.
Hu Bo, manager of Future Star Fund of Private Equity Pai.cn, told the “Daily Economic News” reporter: “Now the market has unanimous expectations for scarce asset allocation in Hong Kong equities, so this guy The phenomenon of “pooling” is very obvious in Hong Kong stocks, and Hong Kong stocks themselves have these Characteristics. New economy stocks represented by technology have attracted a lot of capital attention, and their overall valuations have enjoyed fully of a premium. Relatively speaking, the overall valuation of finance and real estate is at a relatively low level and there is little interest in capital intervention. “
“I am optimistic about the meager assets of Hong Kong equities”
Regarding the current market conditions in Hong Kong stocks, a reporter for “Daily Business News” interviewed Ye Shangzhi, chief strategist at Hong Kong First Shanghai Securities. He said that in the past two weeks, Hong Kong stocks have seen a market driven by capital inflows. Average daily trade volume has reached more than HK $ 200 billion, and the enthusiasm of funds southbound has also increased significantly. Capital inflows are the main driving force in the stock market. Leading companies, industry leaders, and rare A-share varieties are believed to be the main targets of the current funding allocation. They have a taste for “clustering”, but only these leading companies can absorb it. A lot of money.
Hu Bo also told reporters that there are three main reasons for the accelerated flow of capital south to Hong Kong stocks: First, the overall valuation of Hong Kong stocks is in the capital market value depression. global, which facilitates the attraction of capital allocation; second, there are a lot of A shares in Hong Kong stocks. There are no scarce assets, such as Tencent, Xiaomi and other tech stocks and some unprofitable pharmaceutical stocks; Third, among the stocks listed in both places, there are more H shares that are significantly less valued than A shares, which are more profitable.
The fund manager also noted: “We are very optimistic about the meager assets in Hong Kong stocks, especially tech stocks. The long-term investment value of tech stocks like Tencent, Alibaba, Xiaomi and Meituan is prominent. Moving forward, we remain optimistic about the role of technology in the broader macroeconomy. The share of Hong Kong equities has continued to rise, and Hong Kong equities technology equities ushered in a very good time for The assignment “.
Regarding the current attractiveness of the Hong Kong stock market, Xu Qiongna, CEO of Pangmai Investment, and Hu Bo have similar views. He told the “Daily Business News” reporter that the Hong Kong stock market has met missing targets in the A-share market, such as well-known Internet giants, the gaming industry, education industry, online healthcare. , property management, funeral industry, etc. These high-quality, scarce assets with reasonable valuations are more attractive to large equity institutions in the A-share market.
Faced with the problem of the “pooling” of funds circulating in the market, Xu Qiongna said that because some industries and individual stocks in Hong Kong stocks are indeed undervalued and have good quality, some industries and tracks will have a “pooling” effect such as A-shares. There is almost no chance of a general rise in the Hong Kong stock market, because the Hong Kong stock market is an institution-led market with a smaller proportion of retail investors, and the institutional style is to buy good things. In the past, there was some chaos in Hong Kong stocks, such as “old stocks”. Therefore, participating in Hong Kong shares should choose one of the few outstanding companies, and the first option is H shares that are also listed on the mainland.
