Data show that despite the continuous correction in the Hong Kong stock market since July, foreign capital has bucked the trend, showing strong confidence in Chinese assets. Us ETF flows, which mainly invest in Hong Kong stocks and US Chinese stocks, have also recorded net inflows since the second half of 2021.

From the perspective of industry distribution, since the end of July, foreign capital has mainly actively flowed into outstanding cost-effectiveInternet plate.Pharmaceutical plateAs another characteristic sector of Hong Kong stocks, it has also attracted the continuous layout of foreign investment. With the gradual clarity of vocational education policy, foreign capital is also pouring in.Education Unit. The main outflow of overseas fundsPublic utilities and real estate sector.

Everbright Securities pointed out that the reason behind the fact that Hong Kong Internet leaders have continued to attract foreign investors to increase their positions since the end of July is that, on the one hand, the current Internet leaders have significantly lower valuations compared with other sectors, while their core competitiveness is still there, and the ratio of investment performance to price is outstanding. On the other hand, a number of technology giants will increase the layout of meta-universe, which may open up new opportunities for the Internet industry, and the broad commercial potential can be seen in the game industry deeply bound with meta-universe to attract foreign investment.

Judging from the position situation in the third quarter, there are differences between mainland funds and foreign investors in adjusting their positions in Hong Kong stocks.

In the third quarter, the proportion of mainland funds investing in Hong Kong stocks to reduce their holdings includedInformation technology, optional consumption and health carePlate, andMaterials, utilities, finance, energyBecome a more concentrated direction of increasing positions..

Guojin Securities said that this reflects the continued high prosperity of new energy vehicles and photovoltaic tracks in the third quarter, the impact of price increases in coal, electricity and natural gas, and the overall industry concentration tends to be more balanced than in the second quarter.

In the third quarter, under the background that Hong Kong stocks are dominated by structural opportunities and the track economy is dominant, mainland funds investing in Hong Kong stocks generally adjust their positions more actively.With the new energy automobile stock$Byd Company Limited (01211.HK) $, CXO dragon head stock$Wuxi Apptec (02359.HK) $, power stock$China Resources Power Holdings (00836.HK) $In the third quarter, a number of funds were favored to enter the top ten positions., and$Tencent (00700.HK) $Although it is still far ahead in the number of funds and the market value of its holdings, it has once again become the first to reduce its holdings in the third quarter after the second quarter. in addition, Anta, which is hot in the second quarter, also suffered a concentrated sell-off.

Among the new entrants to Hong Kong in the third quarter, the most eye-catching performance was China Resources Power Holdings, who was included in the top ten positions by 8 funds in the third quarter and closed up 115 points in the current quarter.$Dongyue Group (00189.HK) $、$CGN New Energy (01811.HK) $It was heavily invested by 3 and 4 funds respectively, with an increase of more than 150% in the quarter.