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《大行》中銀國際:南向資金今年以來淨流入放緩 關注互聯網、新消費及半導體板塊
中銀國際近日發表報告指,2026年以來南向交易淨流入放緩,恒生科技指數在地緣政治風險升溫下承壓。截至今年4月21日止,港股平均每日成交額達到2,725億港元,高於去年同期的2,542億港元以及2025年全年平均的2,497億港元。截至4月21日,恒生指數累升3.34%,恒生科技指數則下跌8.24%。恒生中國AH溢價指數由2025年12月31日的123.46降...
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《大行》中銀國際:南向資金今年以來淨流入放緩 關注互聯網、新消費及半導體板塊
Recommend
25
Positive
47
Negative
13
 
 

中銀國際近日發表報告指,2026年以來南向交易淨流入放緩,恒生科技指數在地緣政治風險升溫下承壓。截至今年4月21日止,港股平均每日成交額達到2,725億港元,高於去年同期的2,542億港元以及2025年全年平均的2,497億港元。截至4月21日,恒生指數累升3.34%,恒生科技指數則下跌8.24%。恒生中國AH溢價指數由2025年12月31日的123.46降至2026年4月21日的117.44,意味著A股相對H股平均溢價為17.44%。

該行指,自今年初以來南向交易錄得淨流入2,150億人民幣,按年下降62.1%,主要由於2025年前四個月的高基數所致。整體而言,2026年南向交易的流入動能仍具韌性,並在提升投資情緒及選股思路方面發揮重要作用。多年來,內地相關公司逐漸在香港股市中佔據主導地位。

據港交所數據,截至2026年3月底,內地相關公司股票佔總市值的78.63%,佔總成交額的89.73%。截至4月21日,南向交易佔香港平均每日成交額的20.79%,相比2025年的23.36%、2024年的17.3%、2023年的14.1%及2022年的11.8%。

展望未來,該行預期內地投資者透過南向交易對港股的強勁需求在2026年仍將持續,主要受惠於更多優質科技及高端製造股票的選擇、港股吸引的估值以及高股息率。南向交易將成為香港市場長期潛在重估的重要驅動力。投資行為數據顯示,南向投資者關注互聯網、新消費及半導體板塊。

中銀國際表示建議投資者關注以下南向活躍交易標的:騰訊控股(00700.HK)  -4.800 (-1.003%)    Short selling $1.11B; Ratio 9.827%   :AI浪潮下鞏固核心競爭力,持續戰略執行及靈活股東回報方案;小米-W(01810.HK)  -1.180 (-3.794%)    Short selling $2.44B; Ratio 39.829%   :積極投入AI、機器人及晶片,短期有望見效,長期打造「人×車×家」AI生態;泡泡瑪特(09992.HK)  -2.900 (-1.858%)    Short selling $515.76M; Ratio 28.162%   :持續提升效率、優化供應鏈及IP變現,奠定長期增長基礎。阿里巴巴-SW(09988.HK)  -3.700 (-2.842%)    Short selling $1.09B; Ratio 13.197%   :堅定加大投資,實現雲業務及快速零售的中長期目標。快手科技(01024.HK)  -1.360 (-3.116%)    Short selling $514.82M; Ratio 29.208%   :加碼AI投資,強化可靈的優勢,提升商業化及內容生態整合。華虹半導體(01347.HK)  -1.300 (-1.134%)    Short selling $489.36M; Ratio 12.050%   :2026年或進入產品平均售價上升周期,12吋產品具價格上行空間。(wl/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-28 16:25.)

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