Group 1: Weekly Buyback Statistics - The total buyback amount for the week was HKD 982 million, an increase of HKD 708 million from the previous week[10] - A total of 39 companies conducted buybacks this week, an increase of 9 companies compared to last week[10] - Xiaomi Group (1810.HK) led the buybacks with an amount of HKD 399.99 million[10] Group 2: Industry Distribution of Buybacks - The information technology sector accounted for the highest buyback amount at HKD 517 million[13] - The number of companies conducting buybacks in the information technology sector was the highest, with 14 companies participating[13] - The consumer discretionary sector ranked second with 10 companies engaging in buybacks[13] Group 3: Individual Company Buyback Data - Geely Automobile (0175.HK) ranked second in buybacks with HKD 210.86 million[10] - NetEase Cloud Music (9899.HK) was third with a buyback amount of HKD 74.99 million[10] - The buyback amounts for the top three companies were 40.00%, 21.00%, and 7.50% of the total buyback amount respectively[10] Group 4: Significance of Buybacks - Company buybacks are defined as the repurchase of shares from the secondary market using liquid cash[21] - Large-scale buyback trends often occur during bear markets, indicating that companies believe their stock prices are undervalued[21] - Historical data shows that buyback waves in the Hong Kong market since 2008 have been followed by subsequent price increases[21]

Valuation of Hong Kong Stock Market - The Hang Seng Composite Index (HSCI) and Hang Seng Index (HSI) are key indicators of the Hong Kong stock market's valuation[9][13] - The Hang Seng Technology Index (HSTECH) reflects the valuation trends in the technology sector[17] Industry Valuation Levels - The PE (TTM) valuation shows that the consumer staples sector is undervalued, with a percentile below 20%[24] - Sectors with PE valuation below 50% include consumer discretionary, information technology, and utilities[24] - High valuation sectors (above 50%) include energy, materials, industrials, healthcare, financials, and telecommunications[24] - The PB (LF) valuation indicates no sectors are undervalued below 20%, while information technology, utilities, and real estate are below 50%[24][28] - High PB valuation sectors (above 50%) include energy, materials, industrials, consumer discretionary, consumer staples, healthcare, financials, and telecommunications[24][28] AH Share Premium/Discount Levels - The Hang Seng AH Share Premium Index tracks the premium or discount of Hong Kong-listed shares compared to their A-share counterparts[34]

Market Performance Review - The Hong Kong stock market experienced a general decline this week, with the Hang Seng Composite Index, Hang Seng Index, and Hang Seng Tech Index falling by -3.22%, -3.02%, and -6.51% respectively. The small-cap stocks outperformed, while other styles saw varying degrees of decline, with the Hang Seng Tech Index suffering the most significant drop [3][14] - Among the primary industry sectors, four sectors rose while eight sectors fell, with the Information Technology, Materials, and Consumer Discretionary sectors leading the declines at -7.8%, -6.22%, and -4.55% respectively [3][14] Valuation Levels - As of the end of the week, the five-year PE (TTM) valuation percentile for the Hang Seng Composite Index stood at 88.51%, indicating that the valuation level is close to two standard deviations above the five-year average [3] Macro Environment - The macroeconomic environment indicates that the domestic economy is still in a bottoming phase, with some recovery in economic data. The focus of future policies will be on technological innovation and expanding domestic demand, supported by significant net inflows of southbound capital [4][42] - The recent Central Government document emphasizes ensuring national food security and developing new agricultural productivity, which is expected to positively impact related sectors [4][42] Sector Allocation - The report suggests a favorable outlook for sectors that are relatively prosperous and benefit from policy support, including New Energy, Innovative Pharmaceuticals, and AI Technology. Additionally, low-valuation state-owned enterprises and local Hong Kong banks, telecommunications, and utility stocks are expected to perform well due to their stable earnings and stock prices [4][42]

Group 1: Market Overview - The total repurchase amount for the week was HKD 4.281 billion, an increase of HKD 3.166 billion compared to the previous week[10] - The number of companies engaging in repurchases this week was 57, an increase of 1 from last week[10] - The top three companies by repurchase amount were ZTO Express (2057.HK) at HKD 3.269 billion, Xiaomi (1810.HK) at HKD 0.486 billion, and Kingsoft (3888.HK) at HKD 0.090 billion[10] Group 2: Industry Analysis - The industrial sector accounted for the highest repurchase amount, totaling HKD 3.283 billion[13] - The information technology sector had the most companies participating in repurchases, with 16 firms involved[13] - The healthcare sector ranked second in company participation, with 11 firms conducting buybacks[13] Group 3: Company-Specific Data - ZTO Express (2057.HK) repurchased 1,825.44 million shares, representing 2.29% of its total share capital[14] - Xiaomi (1810.HK) repurchased 1,405.00 million shares, accounting for 0.05% of its total share capital[14] - Kingsoft (3888.HK) repurchased 327.56 million shares, which is 0.23% of its total share capital[14]

Market Performance Review - The Hong Kong stock market indices experienced an overall increase this week, with significant capital inflows into the energy, real estate, and financial sectors. The Hang Seng Composite Index, Hang Seng Index, and Hang Seng Tech Index rose by 1.78%, 2.38%, and fell by 1.38% respectively. Among the primary industry sectors, 8 sectors increased while 4 decreased, with energy, real estate, and financial sectors leading the gains at 7.44%, 5.71%, and 5.3% respectively [3][14] - The overall market situation indicates that large-cap and value stocks outperformed, while growth stocks were second best, and technology stocks performed weakly [3][14] Market Valuation Level - As of the end of this week, the 5-year PE (TTM) valuation percentile for the Hang Seng Composite Index is at 90.38%, indicating that the valuation level is close to two standard deviations above the 5-year average [3] Macro Environment - The macroeconomic environment shows that the three major PMI data for January have fallen below the boom-bust line. In December, industrial enterprise profits achieved a "V-shaped recovery," with profit margins significantly improving as the core driver [4][42] - The funding environment indicates that the Federal Reserve maintained interest rates at the January meeting, with net inflows of southbound funds amounting to HKD 2.708 billion, a decrease of HKD 20.815 billion compared to the previous week [4][42] Sector Outlook - The outlook for the Hong Kong stock market suggests that the domestic economy is still in a bottoming phase, with economic data showing some recovery. Policy focus will be on technological innovation and expanding domestic demand. Despite a significant decrease in net inflows of southbound funds, there is still a positive sentiment towards sectors benefiting from policy support, such as new energy, innovative pharmaceuticals, and AI technology [4][42] - The report highlights a favorable view on low-valuation state-owned enterprises that are expected to benefit from policy support, as well as local Hong Kong banks, telecommunications, and utility dividend stocks that are relatively independent and benefit from the interest rate cut cycle [4][42] Buyback Statistics - The buyback market has seen increased activity this week, with a total buyback amount of HKD 1.115 billion, a decrease of HKD 9.77 billion from the previous week. The number of companies engaging in buybacks this week was 56, down by 8 from last week [25][26] - The top companies by buyback amount include Xiaomi Group (1810.HK) with HKD 290.196 million, Geely Automobile (0175.HK) with HKD 273.143 million, and Sunny Optical Technology (2382.HK) with HKD 196.953 million [25][26] Southbound Fund Statistics - The top net buying companies through the southbound trading link this week include Pop Mart (9992.HK) with a net buying amount of HKD 3.005 billion, Tencent Holdings (0700.HK) with HKD 2.800 billion, and Xiaomi Group (1810.HK) with HKD 1.775 billion [33] - Conversely, the top net selling companies include the Tracker Fund of Hong Kong (2800.HK) with a net selling amount of HKD 5.491 billion, China Mobile (0941.HK) with HKD 4.584 billion, and Zijin Mining (2899.HK) with HKD 2.289 billion [34]

港股通数据统计周报 2026.01.26-2026.02.01 | 分析师： | 蒋开来 | | --- | --- | | 中央编号： | BWL381 | | 联系电话： | 852-6430 1060 | | 邮箱： | jiangkl@cnzsqh.hk | 1 目录 2 l 港股通前十大净买入/卖出公司 l 港股通净买入/卖出行业分布 l 港股通前十大活跃个股 l 港股通与南下资金介绍 港股通前十大净买入/卖出公司 3 港股通本周前十大净买入公司（2026.01.26-2026.02.01） | 序号 | 证券代码 | 证券简称 | 行业 | 港股通持股变动数 | 净买入金额（亿元） | | --- | --- | --- | --- | --- | --- | | 1 | 9992.HK | 泡泡玛特 | 可选消费 | 13440803 | 30.05 | | 2 | 0700.HK | 腾讯控股 | 信息技术 | 4621172 | 28.00 | | 3 | 1810.HK | 小米集团-W | 信息技术 | 49988528 | 17.75 | | 4 | 2628.HK | 中国人寿 | ...

Group 1: Weekly Buyback Statistics - The total buyback amount for the week was HKD 1.115 billion, a decrease of HKD 977 million from the previous week[10] - A total of 56 companies conducted buybacks this week, down by 8 companies compared to last week[10] - Xiaomi Group (1810.HK) led the buybacks with an amount of HKD 290 million[10] Group 2: Industry Analysis - The information technology sector accounted for the highest buyback amount, totaling HKD 573 million[13] - The number of companies conducting buybacks in the information technology sector was the highest, with 16 companies participating[13] - The consumer discretionary sector ranked second with 12 companies involved in buybacks[13] Group 3: Individual Company Buyback Data - Geely Automobile (0175.HK) ranked second in buybacks with HKD 273 million[10] - Sunny Optical Technology (2382.HK) was third with a buyback amount of HKD 196 million[10] - The buyback amounts for the top three companies were 29,019.63, 27,314.31, and 19,595.36 thousand HKD respectively[14]

Valuation of Hong Kong Stock Market - The report analyzes the valuation of major indices in the Hong Kong stock market, including the Hang Seng Composite Index (HSCI), Hang Seng Index (HSI), and Hang Seng Tech Index (HSTECH) [8][9][13][17]. - The report highlights that there are no industries currently undervalued with a PE valuation percentile below 20% [24]. - Industries with PE valuation percentiles below 50% include Consumer Discretionary, Consumer Staples, and Utilities [24]. Industry Valuation Levels - The report indicates that industries with relatively high PE valuations (above 50%) include Energy, Materials, Industrials, Healthcare, Financials, Information Technology, and Telecommunications [24]. - For PB valuation, no industries are currently undervalued with a percentile below 20% [24]. - Industries with PB valuation percentiles below 50% are Consumer Staples, Utilities, and Real Estate [24]. AH Share Premium/Discount Levels - The report includes a trend analysis of the Hang Seng AH Share Premium Index, showing fluctuations over time [34]. - The average value and standard deviations of the AH Share Premium Index are provided, indicating market sentiment towards AH shares [34].

Valuation of Hong Kong Stock Market - The report covers the valuation of major indices in the Hong Kong stock market, including the Hang Seng Composite Index (HSCI), Hang Seng Index (HSI), and Hang Seng Tech Index (HSTECH) [7] - The report analyzes the price-to-earnings (PE) and price-to-book (PB) ratios across various sectors since early 2018 [23] Sector Valuation Levels - No sectors are currently classified as undervalued with a PE valuation percentile below 20% [23] - Sectors with PE valuation percentiles below 50% include Consumer Discretionary, Consumer Staples, and Utilities [23] - Sectors with relatively high valuations (above 50%) include Energy, Materials, Industrials, Healthcare, Financials, Information Technology, and Telecommunications [23] - No sectors are classified as undervalued with a PB valuation percentile below 20% [23] - Sectors with PB valuation percentiles below 50% include Utilities and Real Estate [23] - Sectors with relatively high PB valuations (above 50%) include Energy, Materials, Industrials, Consumer Discretionary, Consumer Staples, Healthcare, Financials, Information Technology, and Telecommunications [23] AH Share Premium/Discount Levels - The report includes a trend analysis of the Hang Seng AH Share Premium Index over time, indicating fluctuations in premium levels [31]

Group 1: Weekly Buyback Overview - The total buyback amount for the week was HKD 4.202 billion, a decrease of HKD 819 million from the previous week[10] - A total of 72 companies conducted buybacks this week, a decrease of 3 companies compared to last week[10] - Tencent Holdings (0700.HK) ranked first with a buyback amount of HKD 2.543 billion[10] Group 2: Industry Analysis - The information technology sector accounted for the majority of buyback amounts, totaling HKD 3.659 billion[13] - The highest number of buyback companies was in the information technology sector, with 20 companies participating[13] - The consumer discretionary sector ranked second with 13 companies conducting buybacks[13] Group 3: Individual Company Buybacks - Xiaomi Group-W (1810.HK) ranked second with a buyback amount of HKD 670 million[10] - Sunny Optical Technology (2382.HK) ranked third with a buyback amount of HKD 349 million[10] - The buyback amount for Geely Automobile (0175.HK) was HKD 151 million, representing 0.08% of its total share capital[14]