On March 7, Financial Associated Press reported that in February 2025, the Hong Kong stock market led the Global Capital Markets with a strong performance.$Hang Seng Index (800000.HK)$It climbed 13.43% in a single month.$Hang Seng TECH Index (800700.HK)$It also demonstrated the vitality of the Technology Sector with an increase of 17.88%.
Notably, the average daily trading volume of the Hong Kong Stock Connect exceeded 212.29 billion HKD in February, a staggering increase of 128.6% compared to the previous month, setting a record for the highest trading activity since the establishment of the Stock Connect mechanism.
Tech Sector Valuation Reconstruction.
Driven by the dual innovations of AI technology and breakthroughs in smart driving technology, the Hong Kong stock market's technology sector is undergoing a value reassessment. Among the core index constituent stocks, about 20% of tech companies have outperformed the Large Cap, including Tencent.$Alibaba (BABA.US)$The gains of equally weighted stocks are particularly significant.
According to Statistics from Kainyu Securities, growth-oriented sectors such as commerce and retail, electric appliances, and Smart Automobile have seen the largest gains, while traditional high-dividend sectors have shown relatively average performance.
A new pattern of capital flow.
The Bank also pointed out that in February, southern funds showed historic net inflow, with a monthly scale of 152.8 billion Hong Kong dollars, setting a new record since February 2021. The capital trend exhibits significant structural characteristics:
Southern funds focus on integrating services, commerce and retail, and the Smart Automobile sector.
Foreign capital continues to increase investments in basic chemicals, Real Estate, and CSI Leading Consumption and Services Index.
Chinese Institutions prefer manufacturing of electric appliances, Energy petrochemicals, and other real industries.
Local capital has shifted towards the construction, New energy Fund, and ZAI LAB sectors.
In February, the average return of southbound capital exceeded 20%.
The following are the holdings and fluctuations of southbound capital, foreign capital, domestic capital, Hong Kong capital, and Other funds in February.
Taking southbound capital as an example, the average return of this capital was 23.20%, of which$SUNEVISION (01686.HK)$、$IMOTIONAUTOTECH (01274.HK)$In February, they rose by 134.1% and 44.20%, respectively.
Taking foreign capital as an example, the average return on this capital is 8.50%, among which$CANSINOBIO (06185.HK)$、$Zai Lab (ZLAB.US)$in February it increased by 32.30% and 27.30% respectively.
Taking domestic capital as an example, the average return on this capital is 1.10%, among which$R&F PROPERTIES (02777.HK)$、$KEEP (03650.HK)$In February, there was an increase of 17.20% and 12.30% respectively.
Taking Hong Kong capital and other funds as an example, the average return of these funds is -2.30%, among which$KINGSOFT CLOUD (03896.HK)$、$WEIMOB INC (02013.HK)$In February, there was an increase of 40.30% and 8.30% respectively.
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