Core Viewpoint - Southbound capital flow decreased significantly today, with a total transaction of approximately HKD 925.13 billion, accounting for 39.07% of the total turnover of the Hang Seng Index [1] Group 1: Southbound Capital Flow - Southbound capital outflow amounted to approximately HKD 40.57 billion today, with net outflow from the Shanghai-Hong Kong Stock Connect at about HKD 54.95 billion and net inflow from the Shenzhen-Hong Kong Stock Connect at approximately HKD 14.38 billion [1] - Major ETFs such as the Tracker Fund of Hong Kong, Hang Seng China Enterprises, and Southern Hang Seng Technology experienced significant sell-offs, with net sales of HKD 44.1 billion, HKD 11.36 billion, and HKD 3 billion respectively [1] Group 2: Individual Stock Performance - Tencent Holdings saw a net buy of HKD 8.18 billion, with a price increase of 0.48% [2][3] - Meituan-W recorded a net buy of HKD 6.78 billion, with a price increase of 1.60% [2][3] - Alibaba-W had a net buy of HKD 6.06 billion, with a price increase of 0.20% [2][3] - Xiaomi Group-W experienced a net buy of HKD 5.38 billion, but saw a price decrease of 0.39% [2][3] - Changfei Optical Fiber Cable had a net buy of HKD 1.82 billion, with a price increase of 1.63% [2][3] - China Merchants Energy had a net outflow of HKD 3.58 billion, with a price increase of 0.96% [2][3]

Core Viewpoint - The Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159281) experienced a slight decline of 0.29% in its closing price on February 25, with a trading volume of 69.03 million yuan [1] Group 1: Fund Overview - The Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF was established on August 20, 2025, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of February 24, 2025, the fund's total shares stood at 365 million, with a total size of 384 million yuan, reflecting a year-to-date increase of 3.11% in shares and 9.53% in size compared to December 31, 2025 [1] Group 2: Liquidity and Trading Activity - Over the past 20 trading days leading up to February 25, the cumulative trading amount for the ETF reached 1.346 billion yuan, with an average daily trading amount of 67.32 million yuan [1] Group 3: Fund Management and Holdings - The current fund manager, He Yuxuan, has managed the fund since its inception, achieving a return of 2.96% during the management period [2] - Key holdings in the fund include China COSCO Shipping, China Shenhua Energy, CNOOC, Sinopec Engineering, China National Shipping, China Petroleum & Chemical Corporation, China Coal Energy, CITIC International, and China Construction Bank, with respective holding percentages and market values detailed [2]

Core Viewpoint - The Hong Kong stock market experienced significant net selling from northbound capital, totaling HKD 40.57 billion, with a net sell of HKD 54.95 billion from the Shanghai-Hong Kong Stock Connect and a net buy of HKD 14.38 billion from the Shenzhen-Hong Kong Stock Connect [1] Group 1: Northbound Capital Activity - Tencent (00700) saw the highest net buy of HKD 8.18 billion, driven by its strong performance in the AI sector during the Spring Festival, with MAU reaching 114 million and DAU peaking over 50 million [4][5] - Alibaba (09988) recorded a net buy of HKD 6.06 billion, following the release of new AI models, which are expected to enhance its cloud services [5] - Meituan (03690) and Xiaomi Group (01810) received net buys of HKD 6.77 billion and HKD 5.38 billion, respectively, indicating positive investor sentiment towards these companies [8] Group 2: Net Selling Activity - The largest net sell was observed in the Yingfu Fund (02800) and the Hang Seng China Enterprises Index (02828), with net sells of HKD 44.1 billion and HKD 11.36 billion, respectively [6] - China Merchants Energy (01138) faced a net sell of HKD 3.57 billion, despite a temporary increase in VLCC freight rates during the Spring Festival [7] - The Southbound capital's activity reflects a cautious but optimistic outlook for the Hong Kong stock market, with structural opportunities remaining despite external constraints [7]

Group 1 - The situation in Iran is highly tense, leading to an increase in oil prices. As of February 25, the WTI crude oil benchmark price is $66.31 per barrel, up 1.36% from the beginning of the month at $65.42 per barrel [1] - According to Guojin Securities, Brent crude oil net long positions have risen to a two-year high, with bullish options bets reaching an all-time high in January. However, net long positions for Brent crude oil are at a low level since 2012 due to expectations of oversupply in 2026 [1] - The current oil market is driven more by geopolitical risks rather than supply and demand dynamics, with high volatility in prices expected in the coming month [1] Group 2 - As of January 30, 2026, the top ten weighted stocks in the Guozheng Oil and Gas Index (399439) include China National Petroleum, China National Offshore Oil, Sinopec, and others, accounting for a total of 66.76% of the index [2] - The Oil ETF Penghua (159697) closely tracks the Guozheng Oil and Gas Index, which reflects the price changes of publicly listed companies related to the oil and gas industry in the Shanghai and Shenzhen stock exchanges [1][2]

Group 1 - The core point of the article highlights the performance of the Oil ETF Fuquo (159148), which opened at 1.061 yuan with a slight decline of 0.19% [1] - The major holdings of the Oil ETF Fuquo include China National Petroleum Corporation, which rose by 0.45%, and China National Offshore Oil Corporation, which increased by 0.21%. In contrast, China Petroleum & Chemical Corporation saw a decrease of 0.15% [1] - The fund's performance benchmark is the National Index of Oil and Natural Gas, managed by Fuquo Fund Management Co., Ltd., with a return of 5.65% since its establishment on February 3, 2026 [1] Group 2 - Notable stock movements include Zhenhua Oil rising by 4.33% and COSCO Shipping Energy Transportation increasing by 4.40%, while Haiyou Engineering experienced a decline of 2.28% [1] - The article provides a snapshot of the ETF's performance and its key holdings, indicating a mixed performance among the top stocks within the fund [1]

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) has seen a significant increase in its stock price, with a year-to-date rise of 21.80% and a recent surge of 6.89% in a single trading session, indicating strong market interest and potential investor confidence [1][2]. Group 1: Stock Performance - As of February 24, CNOOC's stock price reached 36.76 yuan per share, with a trading volume of 4.70 billion yuan and a market capitalization of 1,747.201 billion yuan [1]. - The stock has experienced a 7.83% increase over the last five trading days, a 24.91% increase over the last 20 days, and a 25.89% increase over the last 60 days [2]. Group 2: Company Overview - CNOOC, established on August 20, 1999, and listed on April 21, 2022, primarily engages in the exploration, production, and sales of crude oil and natural gas [2]. - The company operates in three segments: exploration and production, trading, and business management, with oil and gas sales accounting for 82.73% of its revenue [2]. Group 3: Financial Performance - For the period from January to September 2025, CNOOC reported a revenue of 312.503 billion yuan, a year-on-year decrease of 4.15%, and a net profit attributable to shareholders of 101.971 billion yuan, down 12.59% year-on-year [3]. - CNOOC has distributed a total of 255.995 billion yuan in dividends since its A-share listing, with 179.051 billion yuan distributed over the past three years [4]. Group 4: Shareholder Information - As of September 30, 2025, CNOOC had 216,500 shareholders, a decrease of 7.02% from the previous period, with an average of 13,922 circulating shares per shareholder, an increase of 7.62% [3]. - The Hong Kong Central Clearing Limited has exited the list of the top ten circulating shareholders [4].

Group 1 - The Hong Kong Dividend ETF (ICBC, 159691) closed at a 2.18% increase with a trading volume of 289 million yuan on February 24 [1] - The fund was established on March 30, 2023, with an annual management fee of 0.45% and a custody fee of 0.07% [1] - As of February 13, 2025, the fund's latest share count was 6.21 billion shares, with a total size of 8.643 billion yuan, reflecting a 4.90% decrease in shares and a 2.46% increase in size year-to-date [1] Group 2 - The current fund managers are Zhao Xu and Jiao Wenlong, both managing the fund since February 5, 2026, with a return of 0.99% during their tenure [2] - The top holdings of the fund include China National Offshore Oil Corporation (14.55%), China Shenhua Energy (9.65%), and China Pacific Insurance (8.90%), among others [2] - The fund's recent trading activity shows a cumulative trading amount of 6.707 billion yuan over the last 20 trading days, with an average daily trading amount of 335 million yuan [1]

Group 1 - The Wanjiacn Central State-Owned Enterprises Dividend ETF (159333) closed at a 2.49% increase with a trading volume of 28.82 million yuan on February 24 [1] - The fund was established on August 21, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of February 13, 2025, the fund had 333 million shares and a total size of 486 million yuan, showing a decrease of 15.91% in shares and 13.21% in size compared to December 31, 2025 [1] Group 2 - The current fund manager is Yang Kun, who has managed the fund since its inception, achieving a return of 48.41% during his tenure [2] - The latest report indicates that the top holdings include COSCO Shipping Holdings, China Shenhua Energy, CNOOC, Sinopec Engineering, China National Shipping, CITIC International, PetroChina, China Coal Energy, and China Construction Bank, with respective holding percentages [2]

Core Insights - On February 24, 2026, Tencent Holdings (00700), Alibaba-W (09988), and Yangtze Optical Fibre and Cable (06869) were the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 5.462 billion, 4.066 billion, and 1.797 billion respectively [1] - Tencent Holdings (00700), Alibaba-W (09988), and Yangtze Optical Fibre and Cable (06869) also led in trading volume in the Shenzhen-Hong Kong Stock Connect, with trading amounts of 5.689 billion, 4.025 billion, and 1.901 billion respectively [1] Southbound Stock Connect Trading Activity - **Top Active Companies in Southbound Stock Connect:** - Tencent Holdings (00700): Trading amount of 5.462 billion, net buying of +0.393 billion [2] - Alibaba-W (09988): Trading amount of 4.066 billion, net selling of -0.065 billion [2] - Yangtze Optical Fibre and Cable (06869): Trading amount of 1.797 billion, net buying of +0.247 billion [2] - SMIC (00981): Trading amount of 1.696 billion, net selling of -0.121 billion [2] - Xiaomi Group-W (01810): Trading amount of 1.570 billion, net buying of +0.059 billion [2] - Pop Mart (09992): Trading amount of 1.476 billion, net selling of -0.101 billion [2] - CNOOC (00883): Trading amount of 1.379 billion, net selling of -0.049 billion [2] - Meituan-W (03690): Trading amount of 1.232 billion, net buying of +0.025 billion [2] - Southern Hang Seng Technology (03033): Trading amount of 1.217 billion, net buying of +0.026 billion [2] - UBTECH (09880): Trading amount of 1.028 billion, net buying of +0.024 billion [2] Shenzhen-Hong Kong Stock Connect Trading Activity - **Top Active Companies in Shenzhen-Hong Kong Stock Connect:** - Tencent Holdings (00700): Trading amount of 5.689 billion, net selling of -0.480 billion [2] - Alibaba-W (09988): Trading amount of 4.025 billion, net selling of -0.000384 billion [2] - Yangtze Optical Fibre and Cable (06869): Trading amount of 1.901 billion, net selling of -0.161 billion [2] - Xiaomi Group-W (01810): Trading amount of 1.544 billion, net buying of +0.378 billion [2] - Southern Hang Seng Technology (03033): Trading amount of 1.465 billion, net buying of +1.327 billion [2] - SMIC (00981): Trading amount of 1.394 billion, net buying of +0.342 billion [2] - Meituan-W (03690): Trading amount of 1.039 billion, net buying of +0.066 billion [2] - CNOOC (00883): Trading amount of 0.874 billion, net selling of -0.05057 billion [2] - Kuaishou-W (01024): Trading amount of 0.763 billion, net buying of +0.0304 billion [2] - Pop Mart (09992): Trading amount of 0.762 billion, net selling of -0.0104 billion [2]

Group 1 - The core point of the article is the increase in domestic gasoline and diesel prices due to fluctuations in international oil prices, effective from February 24, with gasoline rising by 175 yuan per ton and diesel by 170 yuan per ton [1] Group 2 - The National Development and Reform Commission (NDRC) has instructed major oil companies, including PetroChina, Sinopec, and CNOOC, to ensure stable supply and production of refined oil [1] - The NDRC emphasized the importance of strict adherence to national pricing policies and called for increased market supervision to prevent violations [1] - Consumers are encouraged to report price violations through the 12315 platform to maintain normal market order [1]