[The trend of net southbound capital inflows is obvious, institutions recommend a balanced layout] September 23rd, recently, southbound capital has continued to flow in net, and the structural market characteristics of Hong Kong stocks have become increasingly obvious. Under the constant inflow of southbound funds and the active outflow of foreign capital, the allocation of market funds between the technology and dividend sectors has further increased, and the flow of funds has shown more obvious structural characteristics. Analysts believe that the current structural market situation of Hong Kong stocks continues to deepen, and it is recommended to adopt a balanced allocation strategy of "dividend bottom position + innovative drug offensive". While retaining the defensive value of high-dividend assets, innovative drugs and other directions are used as offensive positions, taking into account the stability and upward flexibility of the portfolio. (China Securities Journal)