<p>根据法国巴黎银行的报告，随着更多人工智能投资机会在内地市场出现，今年内地投资者已放缓对香港上市股票的购买，继去年创纪录的资金流入之后。通过股票互联互通跨境系统的南向资金流入至今已达到约 300 亿美元，增速较 2025 年放缓，当年全年流入达到 1800 亿美元。巴黎银行的策略师在周三的媒体简报会上表示，这一减速反映了市场动态的变化，而非对中国资产的撤退。亚太股权和衍生品策略负责人 Jason Lui 表示：“投资者对中国的人工智能故事仍持积极态度。” 他补充说，今年的不同之处在于投资者有 “更多选择来表达这些观点”。他指出，去年的反弹是由人工智能初创公司 DeepSeek 的突然出现推动的，这一事件令市场感到意外，并导致对香港上市科技巨头的集中购买。今年没有类似规模的事件，而过去六到九个月的新上市公司则在内地和香港市场提供了更多纯粹的人工智能投资选择。因此，投资者越来越多地从广泛的指数敞口转向对个别公司的更具选择性的押注，减少了依赖香港上市互联网股票作为人工智能主题代理的必要性。香港金融分析师及专业评论员协会主席 Kenny Tang Sing-hing 表示，南向资金流入的放缓也反映了去年激增后的高基数。这一转变与人工智能投资主题密切相关，因为许多最受追捧的人工智能和芯片公司在上市前的阶段已获得来自内地基石和战略投资者的资金。“很多资本在这些公司上市前就已经投入了，” Tang 表示，并指出新股无法通过股票互联互通计划获得。尽管南向资金流入减弱，香港的交易活动仍然保持韧性。根据证券交易所的数据，3 月份的日均成交额较去年同期增长 8%，达到 3040 亿港元（约合 390 亿美元），而香港证券市场的总市值在 3 月底达到了 45.9 万亿港元，比去年同期增长了 15%。巴黎银行表示，人工智能投资周期继续支撑全球股市。该行补充说，科技股，特别是与硬件和供应链相关的股票，在最近几个月重新获得了动能，得益于强大的定价能力和对通胀压力的韧性。</p>

恒生指数

南方两倍看空恒指

盈富基金

南方一倍看空恒指

安硕恒生指数

华夏恒生ETF

南方两倍看多恒指

南方恒生指数ETF

南方恒指ETF

<p>大陆投资者今年减少了对香港上市股票的购买，通过股票互联互通系统的南向资金流入约为 300 亿美元，较去年的 1800 亿美元大幅下降。这一下滑被归因于大陆市场出现了更多的人工智能投资机会。投资者正转向对个别公司的选择性投资，而不是依赖于香港上市的互联网股票。尽管资金流入减少，香港的交易活动依然强劲，日均成交量和市场市值均有所上升</p>

<p>Mainland Chinese investors have slowed their purchases of Hong Kong-listed shares this year after last year’s record inflows, as more artificial intelligence investment opportunities have emerged in mainland markets, according to BNP Paribas. Southbound inflows via the Stock Connect cross-border system have reached about US$30 billion so far this year, a slower pace than 2025, when they hit US$180 billion for the full year, according to the French bank. The deceleration reflected changing market dynamics rather than a retreat from Chinese assets, BNP Paribas strategists said at a media briefing on Wednesday. “Investors are still positive on China’s AI story,” said Jason Lui, head of Asia-Pacific equity and derivative strategy, adding that the difference this year was that they had “more options to express those views”. Last year’s rally was driven by the sudden emergence of AI start-up DeepSeek, which caught markets by surprise and led to concentrated buying of Hong Kong-listed technology giants, he said. This year had no event of similar magnitude, while a wave of new listings over the past six to nine months had provided more pure-play AI investment options across both mainland and Hong Kong markets. As a result, investors were increasingly shifting from broad index exposure to more selective bets on individual companies, reducing the need to rely on Hong Kong-listed internet stocks as proxies for the AI theme, according to the bank. The slowdown in southbound inflows also reflected a higher base after last year’s surge, said Kenny Tang Sing-hing, chairman of the Hong Kong Institute of Financial Analysts and Professional Commentators. The shift was closely tied to the AI investment theme, as many of the most sought-after AI and chip companies had already secured funding from mainland cornerstone and strategic investors during their pre-IPO stages. “A lot of the capital has already gone into these companies before they list,” Tang said, noting that new shares were not accessible through the Stock Connect programme. Despite weaker southbound inflows, trading activity in Hong Kong has remained resilient. The average daily turnover in March rose 8 per cent from a year earlier to HK$304 billion (US$39 billion), while the total market capitalisation of Hong Kong’s securities market reached HK$45.9 trillion at the end of March, a 15 per cent increase from a year earlier, stock exchange data showed. The AI investment cycle continued to underpin the global equity market, according to BNP Paribas. Technology stocks, particularly those linked to hardware and supply chains, regained momentum in recent months, supported by strong pricing power and resilience to inflationary pressures, the bank added.</p>
<div class="lb-trans"><p>根据法国巴黎银行的报告，随着更多人工智能投资机会在内地市场出现，今年内地投资者已放缓对香港上市股票的购买，继去年创纪录的资金流入之后。通过股票互联互通跨境系统的南向资金流入至今已达到约 300 亿美元，增速较 2025 年放缓，当年全年流入达到 1800 亿美元。巴黎银行的策略师在周三的媒体简报会上表示，这一减速反映了市场动态的变化，而非对中国资产的撤退。亚太股权和衍生品策略负责人 Jason Lui 表示：“投资者对中国的人工智能故事仍持积极态度。” 他补充说，今年的不同之处在于投资者有 “更多选择来表达这些观点”。他指出，去年的反弹是由人工智能初创公司 DeepSeek 的突然出现推动的，这一事件令市场感到意外，并导致对香港上市科技巨头的集中购买。今年没有类似规模的事件，而过去六到九个月的新上市公司则在内地和香港市场提供了更多纯粹的人工智能投资选择。因此，投资者越来越多地从广泛的指数敞口转向对个别公司的更具选择性的押注，减少了依赖香港上市互联网股票作为人工智能主题代理的必要性。香港金融分析师及专业评论员协会主席 Kenny Tang Sing-hing 表示，南向资金流入的放缓也反映了去年激增后的高基数。这一转变与人工智能投资主题密切相关，因为许多最受追捧的人工智能和芯片公司在上市前的阶段已获得来自内地基石和战略投资者的资金。“很多资本在这些公司上市前就已经投入了，” Tang 表示，并指出新股无法通过股票互联互通计划获得。尽管南向资金流入减弱，香港的交易活动仍然保持韧性。根据证券交易所的数据，3 月份的日均成交额较去年同期增长 8%，达到 3040 亿港元（约合 390 亿美元），而香港证券市场的总市值在 3 月底达到了 45.9 万亿港元，比去年同期增长了 15%。巴黎银行表示，人工智能投资周期继续支撑全球股市。该行补充说，科技股，特别是与硬件和供应链相关的股票，在最近几个月重新获得了动能，得益于强大的定价能力和对通胀压力的韧性。</p>
</div>

AI-driven Hong Kong stock inflows from mainland China slow as options multiply

南华早报

法国巴黎银行(ADR)

深度求索

随着投资选项的增加，由 AI 驱动的中国大陆资金流入香港股市的速度放缓