Core Viewpoint - The oil and gas ETF (159697) opened with a gain of 1.33%, indicating positive market sentiment towards the sector [1] Group 1: ETF Performance - The oil and gas ETF (159697) opened at 1.140 yuan [1] - Since its establishment on April 17, 2023, the ETF has achieved a return of 11.84% [1] - The ETF's performance over the past month has been a return of 6.81% [1] Group 2: Major Holdings - Major stocks within the ETF include: - China National Petroleum Corporation (down 0.22%) - China Petroleum & Chemical Corporation (up 0.36%) - China National Offshore Oil Corporation (down 0.07%) - Guanghui Energy (unchanged) - Jereh Oilfield Services (down 2.47%) - China Merchants Energy Shipping Company (up 2.97%) - XinAo Group (down 0.16%) - COSCO Shipping Energy Transportation (up 1.54%) - Offshore Oil Engineering Company (down 0.36%) - China Merchants Jinling Shipyard (up 0.31%) [1]

| 公司名称 | 持股数量 | 最新持股比例 | | --- | --- | --- | | 中国电信(00728) | 98.63亿股 | 71.06% | | 中远海能(01138) | 9.16亿股 | 70.70% | | 绿色动力环保(01330) | 2.82亿股 | 69.65% | | 中国神华(01088) | 22.88亿股 | 67.73% | | 凯盛新能(01108) | 1.69亿股 | 67.65% | | 大眾公用(01635) | 3.53亿股 | 66.07% | | 新天绿色能源(00956) | 12.02亿股 | 65.37% | | 天津创业环保股份(01065) | 2.21亿股 | 64.94% | | 康龙化成(03759) | 1.90亿股 | 63.06% | | 弘业期货(03678) | 1.56亿股 | 62.63% | | 南方恆生科技(03033) | 76.51亿股 | 60.87% | | 白云山(00874) | 1.34亿股 | 60.85% | | 中州证券(01375) | 7.25亿股 | 60.65% | | 山东墨龙(00568 ...

智通财经APP获悉，京东健康-R(86618)、京东集团-SWR(89618)、商汤-WR(80020)上一交易日沽空比率 位于前三位，分别为100.00%、91.39%、89.62%。泡泡玛特(09992)、阿里巴巴-SW(09988)、美团- W(03690)的沽空金额位居前三，分别为28.64 亿元、26.28 亿元、19.62 亿元。商汤-WR(80020)、京东集 团-SWR(89618)、快手-WR(81024)的偏离值位居前三，分别为45.68%、44.65%、43.37%。 前十大沽空金额排行 | 股票名称 | 沽空金额↓ | 沽空比率 | 偏离值 | | --- | --- | --- | --- | | 泡泡玛特(09992) | 28.64 亿元 | 23.59% | 3.39% | | 阿里巴巴-SW(09988) | 26.28 亿元 | 18.70% | 1.72% | | 美团-W(03690) | 19.62 亿元 | 18.47% | 1.37% | | 腾讯控股(00700) | 18.59 亿元 | 23.89% | 7.91% | | 中芯国际(00981) | 8.4 ...

Core Insights - The article highlights the net inflow and outflow of funds in the Hong Kong stock market, with specific companies leading in both categories [1][2][3] Group 1: Net Inflow - Pop Mart (09992) recorded a net inflow of 1.123 billion, representing a 11.42% increase in net inflow ratio [2] - Xiaomi Group-W (01810) saw a net inflow of 480 million, with a net inflow ratio of 6.20% [2] - China National Offshore Oil Corporation (00883) had a net inflow of 478 million, with a significant net inflow ratio of 24.83% [2] - Other notable companies with high net inflows include Zijin Mining International (02259) and Huahong Semiconductor (01347), with inflows of 447 million and 439 million respectively [2] Group 2: Net Outflow - The Yingfu Fund (02800) experienced the highest net outflow at 1.417 billion, with a net outflow ratio of -11.10% [2] - Hang Seng China Enterprises (02828) had a net outflow of 614 million, reflecting a -7.00% change [2] - Innovent Biologics (01801) faced a net outflow of 520 million, with a significant -31.20% net outflow ratio [2] - Other companies with notable net outflows include Alibaba-W (09988) and Geely Automobile (00175), with outflows of 433 million and 297 million respectively [2] Group 3: Net Inflow Ratio - GX Hang Seng Technology (02837) led with a net inflow ratio of 72.86%, with a net inflow of 37.17 million [3] - Global New Materials International (06616) followed with a net inflow ratio of 67.67% and an inflow of 42.23 million [3] - Shangmei Co., Ltd. (02145) had a net inflow ratio of 60.76%, with an inflow of 65.89 million [3] Group 4: Net Outflow Ratio - E Fund Hang Seng ESG (03039) recorded a net outflow ratio of -100.00%, with a net outflow of 19,700 [3] - Wisdom Hong Kong 100 (02825) also had a net outflow ratio of -100.00%, with a net outflow of 12,200 [3] - Minhua Holdings (01999) experienced a net outflow ratio of -60.57%, with an outflow of 24.11 million [3]

Core Viewpoint - The A-share market is experiencing a significant increase in cash dividends, with over 600 listed companies distributing more than 300 billion yuan in cash dividends for the first half of the year, indicating a shift towards a return-focused capital market [1][2]. Group 1: Dividend Distribution - As of October 24, over 30 A-share companies, including China Ping An and China Unicom, have completed their cash dividend distributions for the first half of 2025 [2]. - The total cash dividend amount for A-share companies reached 649.7 billion yuan, with a payout ratio of 31.97%, slightly up from the previous year [2][3]. - Central enterprises are leading the way in dividend distribution, with companies like China Mobile and China Petroleum distributing over 100 billion yuan each [2]. Group 2: Future Dividend Plans - More than 3 billion yuan in cash dividends are still pending distribution, with major banks and coal companies expected to contribute significantly [3]. - The third-quarter dividend window has opened, with over 30 companies planning to distribute more than 4 billion yuan in dividends [3]. - Companies are increasingly adopting a multi-dividend strategy, with firms like WuXi AppTec and CRRC announcing their first interim dividends this year [3]. Group 3: Dividend Yield and Investor Sentiment - The average dividend yield for companies that have distributed dividends is 2.52%, with over 90 companies yielding more than 3% [4]. - The proactive approach of companies in returning capital to shareholders has been recognized, with total distributions over the past five years reaching 10.6 trillion yuan, significantly higher than previous periods [4]. - Companies are making long-term commitments to shareholder returns, with some planning to distribute at least 70% of their net profits as dividends from 2025 to 2027 [4]. Group 4: Investment Perspective - The stable dividend distribution in the A-share market is attracting more attention to dividend assets, which are viewed as long-term investments rather than short-term speculative plays [5]. - Investors are encouraged to focus on the sustainability of dividend payments rather than short-term stock price fluctuations, reinforcing the long-term logic behind dividend investments [5].

Market Overview - On October 23, the Hang Seng Index rose by 0.72%, closing at 25,967.98 points, with a net inflow of HKD 5.345 billion through the southbound trading channel [1] - The total trading volume for the southbound trading on the same day was HKD 120.193 billion, with a net buy of HKD 5.345 billion [1] Southbound Trading Details - The Shanghai Stock Exchange's southbound trading had a total transaction amount of HKD 75.581 billion, with a net buy of HKD 4.770 billion [1] - The Shenzhen Stock Exchange's southbound trading recorded a transaction amount of HKD 44.612 billion, with a net buy of HKD 0.575 billion [1] Active Stocks - In the Shanghai Stock Exchange's southbound trading, Alibaba-W had the highest transaction amount at HKD 49.75 billion, followed by Pop Mart and SMIC with HKD 46.66 billion and HKD 35.22 billion respectively [1] - In terms of net buy amounts, Pop Mart led with a net buy of HKD 5.38 billion, despite its closing price dropping by 9.36% [1] - The stock with the highest net sell amount was Hua Hong Semiconductor, with a net sell of HKD 3.56 billion, and its closing price decreased by 4.61% [1] Shenzhen Stock Exchange Active Stocks - In the Shenzhen Stock Exchange's southbound trading, Alibaba-W also topped the transaction amount at HKD 32.77 billion, followed by SMIC and Pop Mart with HKD 25.85 billion and HKD 23.60 billion respectively [2] - The stock with the highest net buy was Meituan-W, with a net buy of HKD 0.487 billion, and it closed up by 4.06% [2] - Hua Hong Semiconductor again had the highest net sell amount at HKD 6.59 billion, with a closing price drop of 4.61% [2]

Market Overview - On October 23, the Hang Seng Index rose by 0.72%, with total southbound trading amounting to HKD 120.19 billion, including buy transactions of HKD 62.77 billion and sell transactions of HKD 57.42 billion, resulting in a net buying amount of HKD 5.34 billion [1] Southbound Trading Details - The southbound trading through Stock Connect (Shenzhen) had a total trading amount of HKD 44.61 billion, with buy transactions of HKD 22.59 billion and sell transactions of HKD 22.02 billion, leading to a net buying amount of HKD 0.57 billion [1] - The southbound trading through Stock Connect (Shanghai) had a total trading amount of HKD 75.58 billion, with buy transactions of HKD 40.18 billion and sell transactions of HKD 35.40 billion, resulting in a net buying amount of HKD 4.77 billion [1] Active Stocks - The most actively traded stock by southbound funds was Alibaba-W, with a total trading amount of HKD 82.52 billion, followed by Pop Mart and SMIC with trading amounts of HKD 70.27 billion and HKD 61.07 billion, respectively [1] - In terms of net buying, China National Offshore Oil Corporation led with a net buying amount of HKD 9.80 billion, with a closing price increase of 2.15%. Pop Mart and Meituan-W followed with net buying amounts of HKD 7.93 billion and HKD 5.24 billion, respectively [1] Net Selling Stocks - The stock with the highest net selling amount was Hua Hong Semiconductor, with a net selling of HKD 10.14 billion and a closing price decrease of 4.61%. Other notable net selling stocks included Innovent Biologics and Xiaomi Group-W, with net selling amounts of HKD 1.40 billion and HKD 0.57 billion, respectively [1] Continuous Net Buying - Two stocks experienced continuous net buying from southbound funds for more than three days: SMIC and Pop Mart, with net buying days of three each. Pop Mart had the highest net buying amount during this period at HKD 21.54 billion, followed by SMIC with HKD 11.96 billion [2]

Core Insights - The Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159281) closed up 0.59% on October 23, with a trading volume of 45.18 million yuan [1] - The fund was established on August 20, 2025, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of October 22, the fund's latest share count was 292 million, with a total size of 296 million yuan [1] - Over the past 20 trading days, the fund's cumulative trading amount reached 1.099 billion yuan, with an average daily trading amount of 54.94 million yuan [1] - The current fund manager is He Yuxuan, who has managed the fund since its inception, achieving a return of 1.32% during the tenure [1] Holdings Summary - The top holdings of the Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF include: - COSCO Shipping Holdings (0.85% holding, 218,000 shares, market value of 2.9175 million yuan) [2] - Orient Overseas International (0.40% holding, 10,500 shares, market value of 1.3717 million yuan) [2] - China Foreign Transport (0.33% holding, 270,000 shares, market value of 1.1396 million yuan) [2] - China Petroleum (0.32% holding, 162,000 shares, market value of 1.0973 million yuan) [2] - CITIC Bank (0.32% holding, 175,000 shares, market value of 1.1136 million yuan) [2] - CNOOC (0.29% holding, 58,000 shares, market value of 1.0041 million yuan) [2] - China Shenhua Energy (0.29% holding, 30,500 shares, market value of 982,600 yuan) [2] - China People's Insurance Group (0.29% holding, 164,000 shares, market value of 1.0107 million yuan) [2] - China Unicom (0.28% holding, 104,000 shares, market value of 952,800 yuan) [2] - Agricultural Bank of China (0.27% holding, 189,000 shares, market value of 933,900 yuan) [2]

深港通（南向）十大活跃成交公司 | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 阿里巴巴-W(09988) | 32.77 亿元 | -1.15 亿元 | | 中芯国际(00981) | 25.85 亿元 | -3782.41 万元 | | 泡泡玛特(09992) | 23.60 亿元 | +2.55 亿元 | | 华虹半导体(01347) | 16.24 亿元 | -6.59 亿元 | | 美团-W(03690) | 15.34 亿元 | +4.87 亿元 | | 腾讯控股(00700) | 12.17 亿元 | +1.63 亿元 | | 中国海洋石油(00883) | 11.67 亿元 | +4.51 亿元 | | 小米集团-W(01810) | 10.54 亿元 | -2.40 亿元 | | 巨子生物(02367) | 8.26 亿元 | +8064.45 万元 | | 信达生物(01801) | 7.97 亿元 | -1.40 亿元 | 沪港通（南向）十大活跃成交公司 | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 阿 ...

Group 1 - Southbound funds net bought Hong Kong stocks worth 5.345 billion HKD today [1] - The top net purchases included China National Offshore Oil Corporation (CNOOC) at 979 million HKD, Pop Mart at 793 million HKD, and Meituan-W at 524 million HKD [1] - Southbound funds have net bought Pop Mart for three consecutive days, totaling 2.15428 billion HKD, and have also net bought SMIC for three consecutive days, totaling 1.19602 billion HKD [1] Group 2 - Alibaba-W saw a net purchase of 268 million HKD despite a 1.7% decline [3] - CNOOC experienced a 2.2% increase with a net purchase of 529 million HKD [3] - Tencent Holdings had a net purchase of 163 million HKD with a 1.5% increase [3]