机构聚焦9月外资流入动向，科技等领域受关注
Institutions focus on the trend of foreign capital inflows in September, and technology and other fields attract attention
【环球网财经综合报道】日前，摩根士丹利发布报告称，9月外资净流入中国股市46亿美元，创下自2024年11月以来的单月最高水平。其中，被动型基金净流入额达52亿美元。截至9月30日，今年以来外资被动型基金累计净流入额已达180亿美元，远超2024年全年70亿美元的水平。
[Global Times Finance Comprehensive Report] Recently, Morgan Stanley released a report stating that in September, the net inflow of foreign capital into the Chinese stock market amounted to $4.6 billion, hitting the highest single-month level since November 2024. Among them, passive funds saw a net inflow of $5.2 billion. As of September 30, the cumulative net inflow of foreign passive funds this year has reached $18 billion, far surpassing the $7 billion for the entire year of 2024.
从行业板块来看，与上月相比，主动型基金经理显著增仓了半导体板块，同时减仓了保险及耐用消费品与服装板块。
From the perspective of industry sectors, compared with last month, active fund managers significantly increased their positions in the semiconductor sector, while reducing their positions in the insurance, durable consumer goods and clothing sectors.
值得注意的是，据方正证券研报统计，9月份港股市场主要宽基指数继续收涨，其中恒生科技指数累计涨13.9%，在其统计的全球主要股指中大幅领涨。10月3日，港股市场中芯国际、华虹半导体股价创历史新高。截至收盘，中芯国际股价为90.9港元/股，上涨1.39%；华虹半导体股价为87.5港元/股，上涨2.1%，年内涨幅分别为185.85%、304.16%。
It is noteworthy that, according to statistics from the Founder Securities, the major broad-based indices in the Hong Kong stock market continued to rise in September, with the Hang Seng Tech Index rose by 13.9% cumulatively, leading the gains among the global major stock indices they tracked. On October 3, shares of SMIC and Hua Hong Semiconductor in the Hong Kong market reached record highs. At the close, SMIC's share price was HK$90.9, up 1.39%; Hua Hong Semiconductor's share price was HK$87.5, up 2.1%, and the increase during the year was 185.85% and 304.16%, respectively.
方正证券认为，政策利好不断释放，A股、港股市场信心显著回升；南下资金仍在持续加速流入港股市场，叠加美联储降息周期开启，港股流动性环境有望进一步受益。
Founder Securities believes that favorable policies are being continuously implemented, significantly restoring confidence in the A-share and Hong Kong stock markets has rebounded significantly; Southbound funds continue to accelerate their inflow into the Hong Kong stock market, and with the start of the Federal Reserve's interest rate cut cycle, the liquidity environment of Hong Kong stocks is expected to further benefit.
展望十月，银河证券研报认为，A股和港股市场可能受益于长期政策布局、密集的产业催化事件以及相对宽松的流动性环境。A股的机遇可能更多集中在科技成长领域，而港股则受益于独特的市场结构和外部流动性预期。招商证券研报则表示，无论是从政策预期还是业绩表现，以AI算力、半导体自主可控、固态电池、商业航天、可控核聚变为代表的八大赛道依然是当前的重点。交银国际也在研报中提到，美联储降息环境下科技股估值修复逻辑进一步强化，南向资金对港股科技等高景气度板块的配置需求保持强劲。AI产业链相关标的受益于全球科技巨头资本支出，特别是算力投入持续增长。（闻辉）
Looking forward to October, Galaxy Securities' research report suggests that the A-share and Hong Kong stock markets may benefit from long-term policy arrangements, a series of industry catalyst events, and a relatively loose liquidity environment. Opportunities in the A-share market are likely to be more focused on the technology growth sector, while the Hong Kong market benefits from its unique market structure and external liquidity expectations. According to the research report of China Merchants Securities, whether in terms of policy expectations or performance, the eight major sectors represented by AI computing power, self-controlled semiconductors, solid-state batteries, commercial aerospace, and controlled nuclear fusion remain the current focus.Bank of Communications International also mentioned in the research report that the logic of valuation restoration of technology stocks has been further strengthened in the environment of the Federal Reserve's interest rate cuts, and the allocation demand of southbound funds for high-prosperity sectors such as Hong Kong technology stocks has remained strong. Targets related to the AI industry chain benefit from the capital expenditures of global technology giants, especially the continued growth of computing power investment. (Wen Hui)
