[Hong Kong stocks surge again, institutions: Many indicators point to Hong Kong stocks have bottomed out] Jinshi Data reported on September 20 that this morning, Hong Kong stocks surged again, with the Hang Seng Index ushering in 8 consecutive positive lines. Analysts said that first of all, Hong Kong stocks are more flexible than A-shares because they are sensitive to external liquidity and Hong Kong follows the interest rate cut under the linked exchange rate system. Secondly, the bottom of Hong Kong stocks has been consolidated. According to statistics, the repurchase amount in the Hong Kong stock market has exceeded HK$200 billion since the beginning of this year, exceeding the full year of 2022 and 2023. Among them, Internet platform stocks, which are the "core assets" of Hong Kong stocks, have carried out large-scale dividends and repurchase activities, which have played a role in lifting stock prices. Tencent Holdings' repurchase scale continues to grow, while Alibaba has performed outstandingly in dividends. In addition, Huatai Securities data shows that, with the top 20 overseas active management institutions as observation samples, the proportion of overseas head funds' holdings in Chinese stocks has begun to decline from the first quarter of 2023, and fell to 1.27% in the second quarter of 2024, the lowest level since 2018. There is limited room for further reduction of foreign investment, and liquidity is supported. Third, from a technical perspective, multiple Hong Kong stock indexes have formed a triple or quadruple bottom structure. Chen Li's team at Soochow Securities said that if we observe the growth rate of transaction volume and earnings (corporate revenue and profit), combined with the US dollar entering a rate cut cycle, many indicators point to the fact that Hong Kong stocks have bottomed out, which may have guiding significance for A-shares. (China Securities Journal) (Reprinted from: Jinshi Data)