Since the beginning of 2026, southbound capital has continued to “sweep away goods” and has become an important force supporting the Hong Kong stock market. Among major global markets, Hong Kong stocks are currently still in a valuation depression. The price-earnings ratio of the Hang Seng Technology Index is lower than most mainstream market indices in the world, and the allocation value is prominent. Many institutions believe that against the backdrop of stabilizing corporate profit expectations and continuing inflows of various types of capital, the Hong Kong stock market has the potential for “valuation+profit” recovery. In terms of capital flows, efforts to increase southbound capital positions continue to increase. As of the close of trading on February 13, 2026, the cumulative net purchase amount of Southbound Capital has reached 152.84 billion yuan since the beginning of the year. Since February alone, the cumulative net purchase amount of Southbound Capital has reached 83.869 billion yuan. Judging from the industry layout, the direction of allocating capital to the south is relatively clear, and the concentration of industry distribution is high. As of February 13, the top three industries for net purchases of Southbound Capital in the past month were real estate, finance, and optional consumption, followed by the information technology industry.

Since the beginning of 2026, southbound capital has continued to “sweep away goods” and has become an important force supporting the Hong Kong stock market. Among major global markets, Hong Kong stocks are currently still in a valuation depression. The price-earnings ratio of the Hang Seng Technology Index is lower than most mainstream market indices in the world, and the allocation value is prominent. Many institutions believe that against the backdrop of stabilizing corporate profit expectations and continuing inflows of various types of capital, the Hong Kong stock market has the potential for “valuation+profit” recovery. In terms of capital flows, efforts to increase southbound capital positions continue to increase. As of the close of trading on February 13, 2026, the cumulative net purchase amount of Southbound Capital has reached 152.84 billion yuan since the beginning of the year. Since February alone, the cumulative net purchase amount of Southbound Capital has reached 83.869 billion yuan. Judging from the industry layout, the direction of allocating capital to the south is relatively clear, and the concentration of industry distribution is high. As of February 13, the top three industries for net purchases of Southbound Capital in the past month were real estate, finance, and optional consumption, followed by the information technology industry.