高盛-香港市场总结

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在资金流动方面，市场再次活跃，接近过去四周平均成交量的3.1倍。买卖盘大致均衡，LO (long only) 的买盘显著（占我们市场活动的80%以上），而对冲基金则小幅净卖出。Flow wise the pad was active again, nearly 3.1x of 4w average. Skew was about even, with LO buying notable (80%+ of our pad) while HF side was small net seller. 更明显的是，机构在消费类板块中偏好大规模买入，涵盖电子商务、运动服饰、快递和纺织，而在澳门和汽车等板块则有小规模卖出。Cleary preference in Consumer Disc by LOs in meaningful size, across e-comm / sportswear / delivery / textile vs small selling Macau / autos. 信息技术，包括太阳能，继续受到 LO 需求的推动，而硬件技术则存在双向资金流动。Info Tech including solar continue to see LO demand vs two-way flow in hardware tech. 医疗和地产板块的买入力度相对较小，但金融板块有较大的卖出资金流， ………………………………