2026年06月15日，招商证券（HK6099）(香港)发表了一篇基金行业的研究报告，报告指出，香港市场多数下跌，流动性条件趋向宽松。
报告摘要如下：
Hong Kong Market Performance Recap Last week, the Hong Kong stock market experienced more losses than gains. Among the major indices, the Hang Seng Index fell by 0.98%, while the Hang Seng Tech Index fell by 3.75%. The AH premium reached 120.65. By sector, most major industries in the Hong Kong market posted losses, with the Financials and Consumer Staples sectors leading, while Consumer Discretionary dropped.
Micro Fund Flow: Net inflows from Southbound funds, and net outflows from local and foreign funds. 1) Hong Kong-listed ETFs recorded net outflow of HKD 3.8bn, and the YTD net inflows reached HKD 27.5bn; 2) Foreign investors saw a net outflow of USD 0.4bn last week; 3) Southbound funds recorded a net inflows of HKD 4.3bn, mainly into Financials and Industrial.
Liquidity Conditions: Interest rates in the Hong Kong market remained stable. The overnight HIBOR stood at 2.15%, while the 3-month HIBOR stood at 2.83%. Meanwhile, the USD/HKD exchange rate was at 7.84, approaching the weak-side convertibility undertaking. In the U.S., the 2-year Treasury yield stood at 4.09% (down 8bps), while the 10-year yield was 4.48% (down 7bps). Overall liquidity conditions are loosening.
