chainreactiongameshow| Driven by both domestic and foreign investment, the Hang Seng Technology Index exceeded 4000 points, and the Hong Kong Technology 50ETF (159750) and the China Internet ETF (513220) both strengthened

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Hong Kong stocks opened low and left high today.ChainreactiongameshowThe Hang Seng Index rose back above 19000 points after an intraday interval of 9 months.ChainreactiongameshowThe Hang Seng Technology Index rose by more than 1 in the afternoon.Chainreactiongameshow.4% exceeded 4000 points.

Technology stocks rose collectively, with bilibili-W, Great Wall Automobile and BYD Electronics up more than 6%, followed by Zaiding Pharmaceutical, Alibaba-SW, ZTE, Meituan-W and Yao Ming Kant.

In terms of related ETF, China Internet ETF (513220) rose 1.86% in the afternoon and continued to set a new high for the year, with a turnover rate of more than 27.6 million yuan and a turnover rate of more than 32%, with more active trading.

Hong Kong Science and Technology 50ETF (159750) rose 1.43% in the afternoon, with intraday turnover exceeding 28.8 million yuan and a turnover rate of nearly 24%.

Zhang Yidong, chief global strategist at Societe Generale Securities, pointed out in the latest research report that China's asset risk premium is too high, which is mispriced. Looking back, there is hope that there will be a more obvious decline this year. For the Chinese stock market, this year's fundamentals and valuations are expected to achieve Davis double-click, whether A-share CSI 300 or Shanghai Composite Index, or Hang Seng Index, are likely to return to last year's high, or even surpass last year's high, which is just the beginning.

From a financial point of view, according to statistics, the net purchases of southward funds in March and April were 79.248 billion yuan and 74.444 billion yuan respectively, compared with 20.744 billion yuan and 22.584 billion yuan in January and February.

According to the Open Source Securities Research report, the average daily turnover of Hong Kong stocks in April was HK $77.97 billion, up 2.3% from the average daily turnover of HK $76.2 billion in March. The average daily turnover of Hong Kong stocks in April was HK $87.94 billion, up 1.3% from HK $86.78 billion in March. As of April 30, the market value of positions in southbound funds, banking departments and brokerage departments accounted for 19.82%, 51.67% and 28.51% respectively, indicating that the proportion of southbound funds was close to 20%.

Galaxy Securities said liquidity was a key factor affecting the performance of the Hong Kong stock market. On the one hand, Hong Kong stocks account for a relatively high proportion of international institutional investors, so Hong Kong stocks are relatively greatly affected by foreign investment. On the other hand, mainland investors participate in the Hong Kong stock market through Hong Kong Stock Connect, which has become an important source of liquidity in the Hong Kong stock market. Since March 2024, southbound funds have accelerated their inflow into the Hong Kong stock market. In March and April, the net inflow of southward funds exceeded 70 billion yuan.

On April 1, 2024, the Securities Regulatory Commission issued five capital market cooperation measures to further expand and optimize the Shanghai-Shenzhen-Hong Kong Stock Connect mechanism, help Hong Kong consolidate its position as an international financial center, and promote the coordinated development of the capital markets of the two places. Under the active promotion of the policy, the liquidity of Hong Kong stocks continues to improve.