On March 26th, the Hong Kong stock market has been volatile recently, with divergent flows of domestic and foreign funds. Southbound funds continue to increase their sweeping efforts, while funds traded through international intermediaries are in a net outflow state. From an industry perspective, since 2025, the allocation strategy of southbound funds has been a dumbbell shaped strategy of “technology+dividends”, which has significantly increased the market value of holdings in information technology, finance, and optional consumer sectors; Foreign investment has a net inflow into the healthcare sector and a net outflow from other industry sectors. Institutional insiders say that the Hong Kong stock market may experience short-term fluctuations due to the upcoming tariff issues in April and the verification window for economic and financial data in March. With the verification of the financial performance of technology stocks, the fundamental logic may continue to support the structural market performance of Hong Kong stocks.
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