Net inflow of over 50 billion yuan of funds into Hong Kong stock ETFs within the year

From the data, the net inflow of 50.449 billion yuan within the year reflects the enthusiasm of fund layout. In the same period of 2025, due to global liquidity fluctuations, geopolitical factors, and other factors, Hong Kong stocks are under pressure, and the withdrawal of funds leads to a net outflow of ETFs; The reverse flow of funds in 2026 marks a fundamental shift in the market's perception of the valuation and growth potential of Hong Kong stocks, and the demand for rational allocation continues to be released.

The influx of funds is the result of multiple positive resonances. After preliminary adjustments, the Hong Kong stock market has formed a valuation depression, with the Hang Seng Technology Index's dynamic P/E ratio of about 20 times, which is at a historical low and has outstanding cost-effectiveness, becoming the core driving force for funds to buy at the bottom. Professor Tian Lihui from Nankai University stated that the full release of risks in the Hong Kong stock market and the net inflow of southbound funds are a reflection of rational value judgment.

In terms of fund layout, Hang Seng Technology themed ETFs are the main force for "attracting funds". Huatai Bairui Hang Seng Technology ETF had the highest net inflow of 14.194 billion yuan this year, with four similar ETFs having a net inflow of over 6 billion yuan. This is due to the AI wave reshaping the growth path of technology giants, the market giving a "technology driven" valuation premium, and leading companies such as Tencent and Alibaba's repurchases also enhancing financial confidence.

In addition to the technology sector, innovative drugs in the Hong Kong stock market are also a key focus of capital allocation, forming a combination of "offensive+defensive counterattack". Wu Wanying, a think tank for the digital economy at Tianyi, pointed out that after three years of clearing, the innovative drug sector has optimized its leading pattern and obtained approval for heavyweight drugs. Its defensive properties and reversal potential have become important choices for funds to hedge against fluctuations.

The reversal of capital flow has also been echoed by the public offering side. As of March 11th, 12 Hong Kong stock related funds are currently being issued, and over 10 technology themed funds are pending issuance; Multiple existing funds have ended their fundraising ahead of schedule, confirming the market's optimistic expectations for the future of the Hong Kong stock market.

Southbound funds are an important driver of net inflows into Hong Kong stock ETFs. On March 9th, Southbound funds made a record high net purchase of HKD 36 billion in a single day, with a cumulative net inflow of over HKD 470 billion this year, demonstrating the long-term optimism of domestic investors towards the core assets of Hong Kong stocks. At the same time, the "asset shortage" under the background of declining domestic interest rates has driven funds to be allocated overseas through Hong Kong stock ETFs, hedging exchange rate risks and locking in economic transformation dividends.