Group 1: Market Overview - The total number of companies repurchasing shares this week is 73, an increase of 17 from the previous week[10] - The total repurchase amount for the week is HKD 4.87 billion, up from HKD 3.96 billion last week[10] - Tencent Holdings (0700.HK) leads with a repurchase of HKD 2.54 billion, followed by Xiaomi Group (1810.HK) with HKD 811 million[10] Group 2: Industry Insights - The majority of repurchase amounts are concentrated in the Information Technology, Industrial, Consumer Discretionary, Consumer Staples, and Energy sectors[13] - The Information Technology sector has the highest number of repurchasing companies, with 21 firms participating[13] - The Healthcare sector ranks second with 18 companies engaging in share buybacks[13] Group 3: Individual Company Data - China Feihe (6186.HK) repurchased shares worth HKD 185 million, accounting for 0.48% of its total share capital[14] - Yum China (9987.HK) repurchased shares worth HKD 233 million, representing 0.17% of its total share capital[14] - Kuaishou Technology (1024.HK) repurchased shares worth HKD 105.98 million, which is 0.04% of its total share capital[14]

Group 1: Top Net Buy Companies - Xiaomi Group-W (1810.HK) had a net buy amount of 40.31 billion CNY with a holding change of 105,862,338 shares[9] - China National Offshore Oil Corporation (0883.HK) saw a net buy of 31.73 billion CNY with a holding change of 147,299,898 shares[9] - Industrial and Commercial Bank of China (1398.HK) recorded a net buy of 20.45 billion CNY with a holding change of 319,540,224 shares[9] Group 2: Top Net Sell Companies - Alibaba Group-W (9988.HK) experienced the highest net sell of -63.35 billion CNY with a holding change of -42,921,071 shares[10] - Tracker Fund of Hong Kong (2800.HK) had a net sell of -8.63 billion CNY with a holding change of -34,043,500 shares[10] - Meituan-W (3690.HK) saw a net sell of -7.21 billion CNY with a holding change of -7,546,076 shares[10] Group 3: Industry Distribution of Net Buy/Sell - The financial sector had significant net buying activity, contributing positively to the overall market[14] - The energy sector also showed strong net buying, particularly with companies like China National Offshore Oil Corporation[14] - The consumer discretionary sector faced notable net selling, primarily driven by Alibaba Group-W and Meituan-W[14]

Group 1: Top Net Buy/Sell Companies - The top net buy company is Xiaomi Group-W (1810.HK) with a net buy amount of 4.484 billion CNY, representing a change of 105,862,338 shares[8] - China National Offshore Oil (0883.HK) ranks second with a net buy amount of 3.300 billion CNY, with 147,299,898 shares bought[8] - Alibaba Group-W (9988.HK) is the top net sell company with a net sell amount of -6.648 billion CNY, reflecting a change of -42,921,071 shares[9] Group 2: Industry Distribution of Net Buy/Sell - The report highlights significant net buying in the Information Technology and Financial sectors, indicating strong investor interest in these industries[11] - The Energy sector also shows notable net buying activity, particularly with companies like China National Offshore Oil and China Petroleum[8] - Conversely, the Consumer Discretionary sector, led by Alibaba and Meituan, shows substantial net selling, suggesting a shift in investor sentiment[9] Group 3: Active Stocks - Alibaba Group-W (9988.HK) remains the most actively traded stock with a total trading volume of 58.48 billion CNY and a net buy of 13.27 billion CNY on November 14, 2025[18] - Tencent Holdings (0700.HK) follows closely with a trading volume of 47.46 billion CNY and a net buy of 10.71 billion CNY[18] - Xiaomi Group-W (1810.HK) also features prominently with a trading volume of 18.66 billion CNY and a net buy of 6.71 billion CNY[18]

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][12][16]. - The report highlights that no industries are currently undervalued with a PE valuation percentile below 20% [23]. - Industries with PE valuation percentiles below 50% include Consumer Discretionary, Consumer Staples, Information Technology, and Utilities [23]. Industry Valuation Levels - The report presents the PE (TTM) and PB (LF) valuation levels of various industries since early 2018 [23][27]. - Industries with relatively high PE valuation percentiles (above 50%) include Energy, Materials, Healthcare, Industrials, Financials, and Telecommunications [23]. - For PB valuation, Utilities and Real Estate are the only sectors with percentiles below 50% [23]. AH Share Premium/Discount Levels - The report includes an analysis of the Hang Seng AH Share Premium Index, indicating trends in premium levels over time [33]. - The average value and standard deviations of the AH Share Premium Index are provided, showing fluctuations from June 2020 to June 2025 [33].

Group 1 - The overall outlook for the Hong Kong stock market remains cautious but optimistic, with a focus on sectors benefiting from policy support such as new energy, innovative pharmaceuticals, and AI technology [3][6] - The market experienced significant fluctuations in October, with the Hang Seng Index reaching a peak on October 2 before declining due to concerns over US-China trade tensions, ultimately closing below 26,000 points [4][13] - The macroeconomic environment shows a weakening fundamental backdrop, with domestic economic data indicating a continued bottoming phase, while policy focus is on technological innovation and expanding domestic demand [5][31] Group 2 - In October, the valuation levels of the Hong Kong stock market decreased, with the Hang Seng Index's PE ratio dropping from 13.18 to 12.76, indicating a market valuation above the five-year average [19][20] - Southbound capital inflows showed a significant decrease in October, with net purchases amounting to 92.5 billion HKD, although the overall trend remains positive, providing liquidity support to the market [25][30] - The performance of various sectors in October was mixed, with defensive sectors like energy and utilities rebounding while previously strong sectors like technology and pharmaceuticals faced corrections [14][19] Group 3 - The domestic economic outlook is closely tied to the performance of the Hong Kong stock market, with the majority of earnings coming from Chinese companies, highlighting the importance of monitoring China's economic indicators [31] - Key economic data for September showed a GDP growth of 4.8%, with retail sales growth slowing to 3.0%, indicating weakening consumer demand [32][33] - Investment in fixed assets continued to decline, with a year-on-year drop of 7.1% in September, primarily driven by a significant decrease in real estate investment [36][44] Group 4 - The "14th Five-Year Plan" emphasizes technological innovation and industrial upgrading, aiming to enhance domestic demand and improve the consumption environment [64] - The Federal Reserve's recent interest rate cut and cautious stance on future rate adjustments are critical factors influencing the Hong Kong market, as external economic conditions remain uncertain [65][66] - The overall economic environment in the US shows moderate expansion, but uncertainties persist, particularly regarding inflation and employment data, which could impact market sentiment [67][68]

Group 1: Top Net Buy/Sell Companies - The top net buy company is China National Offshore Oil Corporation (0883.HK) with a net buy amount of ¥24.43 billion, representing a significant increase in holdings of 123,573,000 shares[8] - Semiconductor Manufacturing International Corporation (0981.HK) ranks second with a net buy of ¥20.81 billion, with 27,741,774 shares added[8] - Alibaba Group (9988.HK) is the top net sell company, with a net sell amount of -¥20.96 billion, reflecting a decrease of 12,692,433 shares[9] Group 2: Industry Distribution of Net Buy/Sell - The energy sector saw the highest net buy amount, led by China National Offshore Oil Corporation, contributing to a total of ¥24.43 billion in net buys[8] - The telecommunications sector, represented by China Mobile (0941.HK), had a net buy of ¥17.44 billion, indicating strong investor interest[8] - The healthcare sector experienced significant net sells, with companies like CSPC Pharmaceutical Group (1093.HK) showing a net sell of -¥13.54 billion[9] Group 3: Active Stocks - Alibaba (9988.HK) was the most actively traded stock with a total trading volume of ¥58.52 billion, despite a net sell of -¥4.81 billion[18] - Semiconductor Manufacturing International Corporation (0981.HK) had a trading volume of ¥43.31 billion, with a slight net sell of -¥0.78 billion[18] - Tencent Holdings (0700.HK) recorded a trading volume of ¥30.98 billion, with a net sell of -¥1.72 billion, indicating volatility in investor sentiment[18]

Production Sector - The coke oven operating rate decreased to 72.72% from 73.14%, a change of -0.42%[7] - The blast furnace operating rate fell to 81.73% from 84.73%, a decrease of -3%[7] - The PX operating rate increased to 87.93% from 86.33%, an increase of 1.60%[7] Consumption Sector - Weekly box office revenue dropped to 20,900,000 CNY from 26,200,000 CNY, a decline of 5,300,000 CNY[7] - Daily average retail sales of passenger cars increased to 71,381.65 units from 70,552.8 units, an increase of 828.85 units[7] - Daily average wholesale sales of passenger cars rose to 89,279.50 units from 87,047.80 units, an increase of 2,231.70 units[7] Real Estate and Infrastructure - The transaction area of commercial housing in 30 major cities decreased to 198.27 million square meters from 199.93 million square meters, a decline of 1.65%[7] - The transaction area of second-hand housing in major cities fell to 213,745.29 square meters from 231,164.61 square meters, a decrease of 17,419.32 square meters[7] - The land premium rate in 100 major cities slightly decreased to 3.89% from 3.93%, a change of -0.04%[7] Trade and Inflation - The Shanghai Export Container Freight Index rose to 1,550.70 from 1,403.46, an increase of 147.24[8] - The average wholesale price of pork increased to 17.8 CNY/kg from 17.73 CNY/kg, a rise of 0.07 CNY[8] - The average wholesale price of vegetables increased to 5.69 CNY/kg from 5.37 CNY/kg, an increase of 0.32 CNY[8] Transportation - The subway passenger volume in Beijing increased to 1,047.78 million trips from 1,042.37 million trips, an increase of 5.41 million trips[8] - The number of domestic flights (excluding Hong Kong, Macau, and Taiwan) decreased to 12,374.71 from 12,897.71, a decline of 523 flights[8]

Group 1: Weekly Buyback Statistics - The total number of companies conducting buybacks this week is 49, a decrease from 60 last week[13] - The total buyback amount this week is HKD 470 million, an increase from HKD 320 million last week[13] - China Feihe (6186.HK) ranks first with a buyback amount of HKD 104 million this week[13] Group 2: Top Buyback Companies - The top ten companies by buyback amount include China Feihe with HKD 10,422.82 million, accounting for 0.28% of total shares[12] - COSCO Shipping Holdings (1919.HK) ranks second with a buyback amount of HKD 4,070.62 million, representing 0.02% of total shares[12] - Sinopec (0386.HK) ranks third with a buyback amount of HKD 3,484.77 million, which is 0.01% of total shares[12] Group 3: Industry Distribution - The majority of buyback amounts are concentrated in the consumer staples, healthcare, and information technology sectors[16] - The healthcare sector has the highest number of companies initiating buybacks, with 14 companies participating[16] - The information technology sector follows with 11 companies conducting buybacks[16]

Group 1: Weekly Buyback Statistics - Total buyback amount for the week was HKD 2.93 billion, a significant decrease from HKD 4.84 billion the previous week[10] - Number of companies participating in buybacks increased to 62 from 52 in the previous week[10] - Top buyback company was Xiaomi Group (1810.HK) with a buyback amount of HKD 1.18 billion, representing 0.09% of its total share capital[9][10] Group 2: Industry Distribution of Buybacks - Buyback amounts were primarily concentrated in the Information Technology and Financial sectors[13] - The highest number of buyback companies was in the Information Technology and Healthcare sectors, each with 16 companies participating[13] - Consumer Discretionary sector ranked second with 11 companies engaging in buybacks[13] Group 3: Notable Buyback Companies - HSBC Holdings (0005.HK) ranked second with a buyback amount of HKD 1.15 billion, accounting for 0.07% of its total share capital[9][10] - Kuaishou Technology (1024.HK) was third with a buyback amount of HKD 98.41 million, representing 0.03% of its total share capital[9][10] - Other notable companies included 首程控股 (0697.HK) and 联易融科技 (9959.HK) with buyback amounts of HKD 56.48 million and HKD 37.32 million respectively[14][15] Group 4: Market Implications - Large-scale buyback trends often occur during bear markets, indicating companies believe their stock prices are undervalued[24] - Historical data shows that buyback waves in the Hong Kong market since 2008 have been followed by subsequent price increases[24]

Group 1: Market Performance Review - The Hong Kong stock market experienced a significant decline due to renewed US-China trade tensions and profit-taking after previous gains, with the Hang Seng Index, Hang Seng Tech Index, and Hang Seng Composite Index dropping by -4.11%, -3.97%, and -7.98% respectively [3][10][13] - Defensive sectors such as utilities and telecommunications showed resilience, while previously high-performing sectors like technology and healthcare faced substantial corrections [3][10][13] Group 2: Market Valuation Levels - As of the end of the week, the 5-year PE (TTM) valuation percentile for the Hang Seng Composite Index stood at 81.45%, indicating that the valuation level is close to one standard deviation above the 5-year average [3] Group 3: Market Macro Environment - The macroeconomic environment shows weak inflation in September, with CPI down by 0.3% year-on-year, while PPI decreased by 2.3% [37][43] - The central bank's monetary policy remains supportive, with a focus on enhancing domestic demand and stabilizing growth through proactive measures [37][43] Group 4: Fund Flow Analysis - Southbound capital showed strong buying interest, with a net inflow of 45.089 billion HKD, marking a new high in five weeks and maintaining a streak of 22 consecutive weeks of net inflows [43] - The top net buying companies included Pop Mart, Xiaomi, and China Mobile, indicating a preference for consumer discretionary and technology sectors [32] Group 5: Sector Allocation Outlook - The report favors sectors that are relatively prosperous and benefit from policy support, such as automotive, new consumption, innovative pharmaceuticals, and technology [3][43] - Low-valuation state-owned enterprises and local Hong Kong banks, telecommunications, and utility stocks are also highlighted as stable performers benefiting from the interest rate cut cycle [3][43]