The strong rebound of Hong Kong stocks encounters obstacles. Which stocks are asset management giants buying and selling?

After experiencing a strong rebound in the first half of November, Hong Kong stocks have encountered obstacles in their climb, with the three major indexes pulling back slightly this week.

It is worth noting that for the first time this quarter, southbound funds experienced net sales during the week, with net sales reaching 1.356 billion yuan.

At the same time, calculated based on the average transaction price in the range, as of the close of November 25, the accumulated funds of Hong Kong stock ETF products this week showed a net outflow for the first time in the month, with a net outflow of 32.6 million yuan.

Although the rebound has encountered obstacles, institutions generally hold optimistic views on Hong Kong stocks.

Wang Shicong, manager of Southern Hong Kong Growth Fund, believes that the continuous introduction of positive policies has restored foreign investors’ long-term confidence in China’s economy; and according to incomplete statistics from reporters from the Financial Associated Press, international institutions such as JPMorgan Chase, Blackrock, and Capital Group have

We are also actively scanning the Hong Kong stock market.

The strong rebound of the Hong Kong stock market encounters obstacles. Is it due to weakness or a jump?

The Hang Seng Technology Index hit a high of 3,813 points on November 15, an increase of nearly 1,000 points from the closing price of 2,852 points on October 31, an increase of 33%.

However, after hitting the high point, the index failed to climb and was still hovering around 3,500 points on November 25.

The strong rebound of Hong Kong stocks has encountered obstacles. Will the rebound come to an end?

As 2022 comes to an end, what kind of trend will the Hong Kong stock market create?

"If you compare the three factors of profitability, valuation, and risk appetite to springs, in the past two years or so, all three springs have been pushed to a very low position." Bao, chief strategist of Changjiang Securities

Chengchao thinks.

As for the strong rebound that started in November, it is believed that not only the impact of the epidemic has weakened, but also the market's expectations for overseas liquidity have slowly begun to tighten from rapid tightening to some relief.

Moreover, after the 20th National Congress, manufacturing investment has gained momentum, and the margins of real estate policies have also been relaxed, which has driven Hong Kong stocks and some related industries in mainland China.

Looking forward to 2023, Hong Kong stocks may start some changes in general directions, Bao Chengchao said.

Specifically, first of all, the benefits brought by recent policies will prevent the economy, policies, and credit from getting worse in the future, thus bringing marginal improvement to the profit side; secondly, from a liquidity perspective, the recent period

At this time, overseas economies have shown a very obvious weakness, including the fact that inflationary pressure has begun to ease significantly. Therefore, the intensity of interest rate hikes next year will slowly ease at least from the second quarter; finally, at a time when the global economic pressure is great, in

On the contrary, the economic and trade level will be relatively soft, and its impact on risk stocks will be neutral and positive.

Which Hong Kong stocks are the asset management giants buying and selling this quarter?

Recently, the continuous introduction of positive policies has restored foreign investors' long-term confidence in China's economy. Foreign investors also pressed the pause button on the 15-month continuous outflow of funds from the Chinese market in November.

According to incomplete statistics from a reporter from the Financial Associated Press, international institutions such as JPMorgan Chase, BlackRock, and Capital Group have also been trading in the Hong Kong stock market since the fourth quarter.

Specifically, on October 18 and November 9, BlackRock increased its holdings of 1.71 million shares and 2.12 million shares of China Oilfield Services respectively; on October 31, BlackRock increased its holdings of 5.1877 million shares of Bank of China, with the shareholding amount also increasing.

Subsequently, it reached US$1.952 billion; on November 6, BlackRock bought another 6.18 million shares of Ping An of China, bringing the shareholding amount to US$2.18 billion.

In terms of holding reduction, BlackRock reduced its holdings of 2.337 million shares of Tencent Holdings and 763,600 shares of Alibaba on October 31. It also sold 14.6576 million shares of Meituan on October 7.

In addition, on November 4, JP Morgan Chase bought 9.82 million shares of Weimob Group, raising the number of shares held to 185 million shares.

On November 9, Goldman Sachs increased its holdings of a total of 4.84 million shares of Bilibili, and the number of shares held increased to 23.66 million shares after the increase.

Capital Group increased its holdings of 271,200 shares of Ping An of China on October 31, and reduced its holdings of 37,400 shares of Tencent and 94,833,200 shares of WuXi Biologics.

Southbound funds showed net outflows for the first time in the quarter. Since the fourth quarter, international asset management giants have been buying and selling Hong Kong stocks. Southbound funds from the Shanghai-Shenzhen-Hong Kong Stock Connect, which has been in a state of net inflows recently, saw net outflows for the first time this week.

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According to Wande data, between November 21st and 25th, the net sales volume of southbound funds reached 1.356 billion yuan, which was the first time this quarter that net purchases during the week were negative.

The highest value of net purchases of southbound funds this quarter occurred in the first week of November. From October 31 to November 4, the net purchase volume of southbound funds reached 31.4 billion yuan, much higher than the three

Monthly average.

In addition, this week, the accumulated funds of Hong Kong stock ETF products experienced net outflows for the first time in the month.

According to Wande data, calculated based on the average transaction price in the range, as of the close of trading on November 25, the cumulative net outflow of ETF products this month was 32.6 million yuan.

As of November 18, the cumulative net inflow of Hong Kong stock ETF products since November has exceeded 16 billion yuan.

Although both southbound funds and Hong Kong stock ETF products experienced net outflows this week, institutions generally remain optimistic.