金吾财讯 | 港股早盘高开低走，但恒指、国指暂守住升幅，截至午间收盘，恒指升0.19%，国企指数升0.11%，恒生科技指数跌0.91%。银河娱乐(00027)跌3.57%，中芯国际(00981)跌3.16%，理想汽车-W(02015)跌2.64%，翰森制药(03692)跌2.63%，比亚迪电子(00285)跌2.21%；涨幅方面，安踏体育(02020)涨3.04%，新东方-S(09901)涨2.93%，申洲国际(02313)涨2.90%，长和(00001)涨2.80%，康师傅控股(00322)涨2.79%。盘面上看，半导体、博彩股受压，零售、中资教育、农业、电力等板块涨幅居前。中泰国际表示，尽管3月港股市场表现相对强韧，但外资机构仍将其定位为“交易性机会”，尚未形成系统性配置。国际金融协会（IIF）数据显示，3月新兴市场资金净流出达120.4亿美元，其中中国市场单月撤资89.5亿美元，规模相当于今年前两月合计流入量的66%。值得注意的是，此轮撤资主体集中于亚太地区性资金及对冲基金，而传统欧美长线资金仍维持观望态度——其港股配置比例不仅显著低于基准指数权重，更因中美地缘政治局势升温与关税政策风险加剧，进一步压抑回流意愿。与此同时，以南向资金为代表的中国内地机构投资者，正基于估值优势、产业催化以及政策红利的三重因素进行战略配置。港股通机制持续发挥“稳定器”功能。截至4月11日，南向资金年初至今累计净流入达5,812亿港元，已完成去年全年规模的71.9%。
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