STECH

<p>CICC analyzed the capital flow situation in the Hong Kong stock market, pointing out that the activity level of Hong Kong stocks has significantly increased this year, with the average annual trading volume nearly doubling. Southbound capital inflows have reached a historical high, and individual investors may replace insurance funds as the main force. At the same time, some overseas funds have partially returned, and allocations from the Asia-Pacific region have increased, but European and American funds remain under-allocated</p>

- Hong Kong stocks have shown significant activity this year, leading global markets due to asset revaluation narratives and structural opportunities in new consumption and innovative pharmaceuticals.  
- Southbound capital inflows reached a record high of 1.26 trillion HKD, with individual investors increasingly replacing insurance funds as the main contributors.  
- Despite improvements in foreign capital flows, significant disparities remain, particularly with Asia-Pacific funds returning to standard allocations while European and American funds continue to underweight Chinese markets.

CICC: Who are the main players and incremental funds in the Hong Kong stock market?