智通财经APP获悉，9月24日,腾讯控股（00700）、山高控股（00412）、中芯国际（00981）南向资金 净流入金额位列市场前三，分别净流入26.42 亿、8.89 亿、6.84 亿 | 股票名称 | 净流出(元)↓ | 净流出比 | 收盘价 | | --- | --- | --- | --- | | 香港交易所(00388) | -3.51 亿 | -15.57% | 438.200（+0.18%） | | 中兴通讯(00763) | -2.99 亿 | -19.48% | 33.780（-0.18%） | | 中国生物制药(01177) | -2.10 亿 | -20.25% | 8.000（-1.72%） | | 中国电信(00728) | -1.98 亿 | -35.91% | 5.360（-0.74%） | | 中国联通(00762) | -1.07 亿 | -41.90% | 9.110（-0.55%） | | 吉利汽车(00175) | -1.00 亿 | -9.33% | 18.200（-0.22%） | | 中国石油化工股份 (00386) | -9947.11 万 | -20.33% ...

证券时报·数据宝统计显示，9月26日港股通（包括沪市港股通及深市港股通）成交活跃股合计成交 629.00亿港元，净买入金额为44.50亿港元。 9月26日上榜的成交活跃股中，山高控股通过港股通渠道成交金额为29.92亿港元，净买入金额为1.30亿 港元，不仅如此，该股已连续3日出现成交净买入，累计净买入金额为10.17亿港元，其间股价下跌 14.26%。（数据宝） （文章来源：证券时报网） 山高控股获南向资金连续3天净买入，累计净买入金额为10.17亿港元，股价累计下跌14.26%。 ...

9月26日恒生指数下跌1.35%，报收26128.20点，全天南向资金通过港股通渠道合计净买入105.41亿港 元。 证券时报·数据宝统计，9月26日港股通全天合计成交金额为1609.21亿港元，成交净买入105.41亿港元。 具体来看，沪市港股通成交金额1011.09亿港元，成交净买入73.66亿港元；深市港股通成交金额598.12 亿港元，成交净买入31.74亿港元。 成交活跃股方面，沪市港股通前十大成交活跃股中，阿里巴巴-W成交额为110.62亿港元，成交金额居 首；其次是小米集团-W、中芯国际，成交金额分别为74.76亿港元、55.98亿港元。以净买卖金额统计， 小米集团-W净买入额为22.74亿港元，净买入金额居首，该股收盘股价下跌8.07%。净卖出金额最多的 是小鹏汽车-W，净卖出2.24亿港元，收盘股价上涨5.03%。 深市港股通前十大成交活跃股中，成交额居首的是小米集团-W，成交金额64.71亿港元；其次是阿里巴 巴-W、中芯国际，成交金额分别为64.39亿港元、33.16亿港元。以净买卖金额统计，有5只股为净买 入，净买入金额最多的是阿里巴巴-W，净买入20.35亿港元，该股收盘下跌3.20 ...

智通财经APP获悉，9月26日港股市场，北水成交净买入105.41亿港元，其中港股通(沪)成交净买入73.66亿港元，港股通 (深)成交净买入31.74亿港元。 北水净买入最多的个股是阿里巴巴-W(09988)、地平线机器人-W(09660)、腾讯(00700)。北水净买入最多的个股是小鹏汽 车-W(09868)、华虹半导体(01347)、中芯国际(00981)。 | 股票名称 | 买入额 | 卖出额 | 买卖总额 | | --- | --- | --- | --- | | | | | 净流入 | | 阿里巴巴-W HK 09988 | 57.20亿 | 53.42 Z | 110.62亿 +3.77 乙 | | 小米集团-W | 48.75亿 | 26.01亿 | 74.7617 | | HK 01810 | | | +22.74亿 | | 中芯国际 HK 00981 | 28.58亿 | 27.40亿 | 55.98亿 +1.19 Z | | 腾讯控股 HK 00700 | 20.76 乙 | 10.32亿 | 31.08亿 +10.441Z | | 华虹未营体 HK 01347 | 10.52亿 | 1 ...

智通财经APP获悉，根据2025年9月25日披露数据，中国电信（00728）、中远海能（01138）、绿色动 力环保（01330）位居港股通持股比例前3位，分别为70.75%、70.03%、69.89%。此外，阿里巴巴－W （09988）、山高控股（00412）、盈富基金（02800）在最近有统计数据的5个交易日内，持股额增幅最 大，分别为+77.16亿元、+28.02亿元、+27.25亿元;华虹半导体（01347）、腾讯控股（00700）、石药集 团（01093）在最近有统计数据的5个交易日内，持股额减幅最大，分别为-11.96亿元、-11.37亿 元、-8.06亿元。 | 公司名称 | 持股额变动 | 持股数变动 | | --- | --- | --- | | 华虹半导体(01347) | -11.96亿元 | -1805.20万股 | | 腾讯控股(00700) | -11.37亿元 | -174.95万股 | | 石药集团(01093) | -8.06亿元 | -8671.00万股 | | 新华保险(01336) | -6.88亿元 | -1633.80万股 | | 中国电信(00728) | -6. ...

根据山高控股发布的2025年中期业绩，期内取得收益25.03亿元，同比减少11.64%;公司拥有人应占溢利 4960万元，去年同期则取得亏损3.63亿元;每股盈利0.82分。 香港联交所最新资料显示，9月25日，山高控股(00412)股东将股票由上海商业银行转入招商证券香港， 转仓市值15.03亿港元，占比4.98%。 ...

智通财经APP获悉，香港联交所最新资料显示，9月25日，山高控股(00412)股东将股票由上海商业银行 转入招商证券香港，转仓市值15.03亿港元，占比4.98%。 根据山高控股发布的2025年中期业绩，期内取得收益25.03亿元，同比减少11.64%;公司拥有人应占溢利 4960万元，去年同期则取得亏损3.63亿元;每股盈利0.82分。 ...

Core Viewpoint - The stock price of Shandong High-Speed Holdings Group (0412.HK) experienced a dramatic drop of 76.02% on September 19, 2025, following scrutiny from the Hong Kong Securities and Futures Commission regarding its highly concentrated shareholding structure [2][3]. Group 1: Stock Performance and Market Reaction - Following the initial drop, the stock continued to decline, with a further decrease of 4.39% on September 25, marking the second consecutive day of losses [3]. - The concentrated shareholding structure, where the top two shareholders hold a combined 68.46% and public ownership is only 7.54%, contributes to significant stock price volatility and liquidity issues [4][5]. Group 2: Shareholding Structure and Risks - The major shareholders include Shandong High-Speed Group (43.37%) and JS High Speed Limited (25.09%), with 20 other shareholders holding 24% [5]. - A significant portion of shares (15.78%, approximately 950 million shares) held by a leading public fund has been pledged to banks, creating a risk of forced selling if the stock price continues to decline [6]. Group 3: Company Financials and Business Model - Shandong High-Speed Holdings reported a 506% increase in net profit to 476 million yuan in the first half of 2025, despite an 11.64% decline in revenue to 2.503 billion yuan [8]. - The company operates in investment and financing, focusing on the integration of green energy and computing power, and has announced a share buyback plan of up to $100 million [8]. Group 4: Market Sentiment and Investor Behavior - Investor sentiment is mixed, with some looking to buy the dip while others caution against the risks associated with concentrated shareholding [9]. - The stock's price movements are increasingly detached from fundamental analysis, raising concerns about the long-term value realization and the need for a more optimized shareholding structure [9].

CONTENTS 目錄 | 2 | Corporate Information | 公司資料 | | --- | --- | --- | | 6 | Management Discussion and Analysis | 管理層討論與分析 | | 37 | Other Information | 其他資料 | | 47 | Condensed Consolidated Income Statement | 簡明綜合收益表 | | 49 | Condensed Consolidated Statement of | 簡明綜合全面收益表 | | | Comprehensive Income | | | 51 | Condensed Consolidated Statement of Financial Position | 簡明綜合財務狀況表 | | 54 | Condensed Consolidated Statement of Changes in Equity | 簡明綜合權益變動表 | | 57 | Condensed Consolidated Statement of Cash Flows | 簡明綜 ...

Core Insights - On September 25, China Everbright Holdings made its debut on the Hong Kong Stock Connect active trading list for the first time in a month [1] - The total trading volume of active stocks on the Hong Kong Stock Connect reached HKD 563.55 billion, accounting for 36.05% of the day's total trading amount, with a net buying amount of HKD 72.15 billion [1] - Alibaba-W led the trading volume with HKD 182.84 billion, followed by Xiaomi Group-W and SMIC with HKD 114.02 billion and HKD 77.63 billion respectively [1] Trading Activity Summary - The most frequently listed stocks in the past month include Alibaba-W and Tencent Holdings, each appearing 23 times, indicating strong interest from Hong Kong Stock Connect funds [1] - China Everbright Holdings had a trading volume of HKD 14.37 billion on the day, with a net selling amount of HKD 0.71 billion, and its stock price increased by 25.89% [1] Active Stocks List - The active stocks on September 25 included: - Tencent Holdings: Trading amount HKD 48.30 billion, net buying HKD 11.11 billion, closing price HKD 650.000, daily change +0.23% [1] - SMIC: Trading amount HKD 77.63 billion, net buying HKD 9.59 billion, closing price HKD 76.800, daily change +0.07% [1] - Xiaomi Group-W: Trading amount HKD 114.02 billion, net selling HKD 8.02 billion, closing price HKD 59.450, daily change +4.48% [1] - Alibaba-W: Trading amount HKD 182.84 billion, net buying HKD 46.32 billion, closing price HKD 172.000, daily change -1.15% [1] - China Everbright Holdings: Trading amount HKD 14.37 billion, net selling HKD 0.71 billion, closing price HKD 12.790, daily change +25.89% [1]