According to a research report released by Guosen Securities Co.,Ltd. (SZ: 002736), northbound capital may have seen a slight net outflow over the most recent week, with flexible foreign capital possibly recording a modest net outflow as well. On the Hong Kong stock side, stable foreign capital inflows reached HK$3.8 billion, flexible foreign capital outflows totaled HK$11.5 billion, and southbound flows via Stock Connect saw an outflow of HK$800 million. In the Asia-Pacific market, foreign capital flowed out of Japan and South Korea over the most recent week, and out of India during September. In the US and European markets, capital flowed into Europe and the US in August. The main points from Guosen Securities Co.,Ltd. are as follows:

A-shares: Northbound capital may have seen a slight net outflow over the most recent week

Northbound capital may have recorded a slight net outflow over the most recent week. During the most recent week of trading sessions (2026/9/27-2026/9/30, same below), northbound capital was estimated to have seen a net outflow of RMB 9.3 billion, compared with an estimated net outflow of RMB 7.0 billion in the prior week (2026/9/21-2026/9/24, same below). During the most recent week of trading sessions, flexible foreign capital was estimated to have seen a net outflow of RMB 3.9 billion, compared with an estimated net outflow of RMB 3.9 billion in the prior week. In addition, Guosen Securities Co.,Ltd. compiled the top ten most active stocks on the Stock Connect daily list over the most recent week, among which Zhongji Innolight (total two-way Stock Connect turnover of RMB 12.2 billion for the week, accounting for 12% of the stock's weekly trading volume, same below), CATL (RMB 10.9 billion, 20%), and Eoptolink (RMB 7.1 billion, 10%) were relatively active in trading.

Hong Kong stocks: Foreign capital outflows from Hong Kong internet sector among the largest since September

Total capital inflows into Hong Kong stocks reached HK$4.2 billion over the most recent week. Based on shareholding detail data from the Hong Kong Exchanges and Clearing Central Clearing and Settlement System, various types of capital collectively flowed HK$4.2 billion into the Hong Kong stock market over the most recent week (2026/9/23-2026/9/28), of which stable foreign capital contributed HK$3.8 billion in inflows, flexible foreign capital saw HK$11.5 billion in outflows, southbound flows via Stock Connect saw HK$800 million in outflows, and local capital from Hong Kong or mainland China contributed HK$13.9 billion in inflows. At the sector level, foreign capital flowed most heavily into pharmaceuticals and biologics, non-ferrous metals, and ETFs over the most recent week, while southbound flows via Stock Connect flowed most heavily into software services, non-bank financials, and banks. Stable foreign capital primarily flowed into pharmaceuticals and biologics (HK$3.1 billion), hardware equipment (HK$1.4 billion), and consumer discretionary retail (HK$1.2 billion) over the most recent week, while flowing out of electrical equipment (-HK$2.5 billion), non-bank financials (-HK$1.8 billion), and real estate II (-HK$1.0 billion). Flexible foreign capital primarily flowed into electrical equipment (HK$2.5 billion), non-ferrous metals (HK$1.2 billion), and utilities II (HK$700 million) over the most recent week, while flowing out of software services (-HK$6.3 billion), consumer discretionary retail (-HK$2.4 billion), and textiles and apparel II (-HK$2.2 billion). Southbound flows via Stock Connect primarily flowed into software services (HK$1.8 billion), non-bank financials (HK$1.5 billion), and banks (HK$1.3 billion) over the most recent week, while flowing out of non-ferrous metals (-HK$2.6 billion), pharmaceuticals and biologics (-HK$2.0 billion), and ETFs (-HK$1.3 billion).

Other markets: Foreign capital flowed out of Japan and South Korea over the most recent week

Asia-Pacific market: Foreign capital flowed out of Japan and South Korea over the most recent week, and out of India during September. In the Japanese stock market, as of the latest week ending 9/21, overseas investors recorded a net outflow of JPY 73.1 billion from Japanese equities for the week, compared with an outflow of JPY 672.0 billion in the prior week, bringing the cumulative net inflow since 2023 to JPY 18.7 trillion. In the South Korean stock market, as of 10/1, overseas investors recorded a net outflow of KRW 8,126.0 billion from Korean equities for the week, compared with an outflow of KRW 246.0 billion in the prior week, bringing the cumulative net outflow since 2023 to KRW 178.9 trillion. In the Indian stock market, overseas institutional investors flowed USD 3.75 billion out of Indian equities in September, compared with an inflow of USD 3.10 billion in the prior month, bringing the cumulative net outflow since 2023 to USD 25.9 billion. US and European markets: Capital flowed into Europe and the US in August. In the US stock market, global mutual funds recorded a net inflow of USD 26.4 billion into US equity markets in August, compared with an inflow of USD 73.1 billion in the prior month, bringing the cumulative net inflow since 2020 to USD 1,143.9 billion. In European stock markets, global mutual funds recorded net inflows into UK, German, and French equity markets of USD 30 million, USD 1.74 billion, and USD 2.46 billion respectively in August, compared with -USD 690 million, -USD 310 million, and USD 20 million respectively in the prior month. Risk warning: Some capital data are estimates and may differ from actual conditions; models are subject to misspecification and failure risks.