Trillions of yuan flowing south, reshaping the ecosystem of Hong Kong stocks.

In the current profound transformation of the global economic landscape, the Hong Kong stock market is experiencing a sweeping revaluation of value. Since the beginning of this year, both the Hang Seng Index and the Hang Seng Tech Index have achieved gains of over 30%, outperforming other major global indices, marking the beginning of a comprehensive "repricing of Chinese assets" driven by industrial reform, policy expectations, and changes in liquidity structure. Several domestic and foreign institutions have stated that the continuous influx of over a trillion yuan of southbound funds this year is reshaping the investor structure and pricing logic of the Hong Kong stock market, gradually moving it away from the volatility of offshore markets and towards a new phase of structural shift where pricing power shifts to domestic funds. Despite some temporary fluctuations in the fourth quarter, institutions generally believe that this round of market trends is far from a short-term rebound. Looking ahead, as signals of China's economic recovery solidify further and expectations for global liquidity environment improve, coupled with the rotation of the three core themes of internet technology, high dividend assets, and high-end manufacturing, the Hong Kong stock market is expected to continue steadily on the path of value reassessment.