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<Research>CICC: Mainland Public Funds Increase Positions in HK Stocks in 4Q24 to Record High in 2019; Xiaomi, SMIC Most Favorable
Recommend 64 Positive 116 Negative 42 |
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CICC published a research report on the positions of mainland public funds in Hong Kong stocks in 4Q24. After a robust rebound from late September to early October last year, the market retreated radically after the China’s National Day and remained rattled as investor sentiment and policy expectations subsided. The pattern so far has been consistent with the broker's judgments since early October. However, southbound capital flowed into Hong Kong stocks in a big way in 4Q24 of HKD304.29 billion, contributing close to 40% of the record annual inflow size of HKD807.87 billion in 2024. Judging from the position holdings, mainland public funds actively increased their holdings of Hong Kong stocks in 4Q24, with the proportion of holdings hitting a new high since 2019, while the proportion of the overall southbound holdings subtracted. The above 3,781 public funds held Hong Kong stocks with a market value of RMB492.8 billion, up 8.1% from RMB455.8 billion in 3Q24. As to individual stocks, technology hardware pioneers such as XIAOMI-W (01810.HK) and SMIC (00981.HK) were mostly favored, but KUAISHOU-W (01024.HK) and MEITUAN-W (03690.HK) cascaded, with the concentration of leaders diminishing. In 4Q, mainland public funds continued to hold large positions in new economy leaders such as TENCENT (00700.HK), MEITUAN-W, XIAOMI-W, BABA-W (09988.HK), among which technology hardware and semiconductor leaders such as XIAOMI-W and SMIC (00981.HK) were market darlings. In terms of heavyweight positions, XIAOMI-W replaced BABA-W and entered the ranks of the top three heavily held stocks. Compared with 3Q, the number of funds holding XIAOMI-W, SMIC, GEELY AUTO (00175.HK) and BYD ELECTRONIC (00285.HK) elevated the most, while the number of funds holding KUAISHOU-W, MEITUAN-W, HKEX (00388.HK) and CPIC (02601.HK), plummeted. AAStocks Financial News |
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