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<Research>Haitong Int'l: Incremental Fund Inflows Buoy Up A-shrs; Global Risk Appetite May Face Pressure Ahead of Jackson Hole Symposium
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Haitong International released a report on the Hong Kong stock strategy last Saturday (16th), in which it said that the market is likely to enter a period of consolidation and pullback to build momentum for future gains. Since July 25, Hong Kong stocks have remained range-bound, while A-shares have continued to climb on accelerated inflows from retail and leveraged funds, which have outpaced the broker's expectations, especially with sustained capital flowing into the ChiNext Index heavyweights. According to financial data, funds have already shifted from bank wealth management products and deposits into A-shares, with leveraged capital continuing to pour in. In the first four trading days of this week, margin financing balances in the mainland surged by RMB45.7 billion, with a cumulative monthly inflow reaching RMB170 billion. Margin financing purchases over total A-share turnover have reached the highest level of 10.5% since 2016,making it a key booster behind A-shares' recent momentum. Increases in demand deposits from households and corporates have also been laying the groundwork for further incremental funds to enter the market. On the stock level, mega tech stocks have seen three consecutive weeks of capital inflows. BABA-W (09988.HK) and XIAOMI-W (01810.HK) recorded net purchases of HKD2.1 billion and HKD1.4 billion, respectively, while TENCENT (00700.HK)'s net inflows narrowed to HKD500 million. In addition, with the Jackson Hole Symposium approaching this week, sentiment in the previously leading US stock market may turn cautious, and escalating tariffs on steel and chips are adding to external uncertainties. In China, July's macro and credit data continued to weaken. In the early stages of the "anti-involution" policy, demand remained sluggish, urgently requiring stronger stimulus measures alongside production cuts and confidence restoration among enterprises to stabilize fundamentals, boost profitability, and inject sustained momentum into the market. AAStocks Financial News |
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