Group 1 - Southbound funds recorded a net sell of HKD 826 million in Hong Kong stocks for the second consecutive day [1] - Notable net purchases included Tencent Holdings at HKD 1.015 billion, Xiaomi Group at HKD 822 million, and Pop Mart at HKD 613 million [1] - Significant net sales were observed in China Mobile at HKD 1.177 billion, Zijin Mining at HKD 1.077 billion, and Alibaba at HKD 235 million [1] Group 2 - Southbound funds have consistently net bought Xiaomi for 7 days, totaling HKD 3.89621 billion [1] - Continuous net buying for China National Offshore Oil Corporation (CNOOC) for 4 days, amounting to HKD 1.09627 billion [1] - Pop Mart has seen net buying for 3 consecutive days, totaling HKD 1.73397 billion [1] - China Mobile has faced net selling for 16 days, accumulating to HKD 12.89303 billion [1]

每经AI快讯，1月26日，南向资金今日净卖出约8.26亿港元。其中，中国移动、紫金矿业分别遭净卖出 约11.77亿港元、10.77亿港元；腾讯控股获净买入约10.15亿港元。 ...

滨州日报/滨州网讯 山东移动滨州分公司文安路营业厅成立于2005年，坐落于兵圣孙武的故乡，是当地 的旗舰服务窗口。自成立以来，营业厅始终秉承"服务惠民客户至上"的理念，深耕客户感知提升。这支 由8人组成，平均年龄30岁的"巾帼先锋队"，凭借精细化管理，高效服务能力，赢得客户信赖及口碑， 荣获2025年中国通信企业协会"三星级电信业务实体营业厅"称号，成为通信服务行业基层标杆。 文化赋能，打造特色服务专区 设置"老年才艺区""儿童休闲区"等多元区域，将便民设施与文化氛围深度融合，让服务更有温度与底 蕴。每逢节假日，营业厅积极开展惊喜化服务，让每位进厅客户都能感受到舒心、贴心、暖心的服务体 验。 未来，营业厅将持续升级服务标准、丰富特色场景，深耕文化融合与服务创新，以更高品质的"心级服 务"回馈广大客户，朝着更高星级的标杆目标稳步迈进，为通信服务高质量发展贡献力量！ 原标题：智承兵圣·服务致胜——山东移动滨州分公司文安路营业厅荣获中国通信企业协会"三星级电信 业务实体营业厅" 团队聚力，夯实服务软实力 兵法家孙子强调"令之以文，齐之以武"，我们以此打造一支"懂文化、精业务、优服务"的铁军团队，定 期开展服务练兵竞 ...

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (00728) at 70.92%, Green Power Environmental (01330) at 69.34%, and Kaisa Group Holdings (01108) at 67.61% [1][2] - The largest increases in holding amounts over the last five trading days were seen in the following companies: Yingfu Fund (02800) with an increase of 4.041 billion, Hang Seng China Enterprises (02828) with 1.783 billion, and Alibaba - W (09988) with 1.455 billion [1][2] - The largest decreases in holding amounts over the last five trading days were recorded for China Mobile (00941) with a decrease of 2.395 billion, Innovent Biologics (01801) with 589 million, and UBTECH Robotics (09880) with 556 million [1][3] Group 1: Hong Kong Stock Connect Holding Ratios - China Telecom (00728) has a holding of 9.843 billion shares, representing 70.92% [2] - Green Power Environmental (01330) has a holding of 280 million shares, representing 69.34% [2] - Kaisa Group Holdings (01108) has a holding of 169 million shares, representing 67.61% [2] Group 2: Recent Increases in Holdings - Yingfu Fund (02800) saw an increase of 4.041 billion in holding amount, with a change of 14.9907 million shares [2] - Hang Seng China Enterprises (02828) increased by 1.783 billion, with a change of 1.8975 million shares [2] - Alibaba - W (09988) increased by 1.455 billion, with a change of 0.8637 million shares [2] Group 3: Recent Decreases in Holdings - China Mobile (00941) experienced a decrease of 2.395 billion, with a change of -3.01224 million shares [3] - Innovent Biologics (01801) saw a decrease of 589 million, with a change of -0.70319 million shares [3] - UBTECH Robotics (09880) had a decrease of 556 million, with a change of -0.38639 million shares [3]

1月21日,盈富基金（02800）、恒生中国企业（02828）、阿里巴巴-W（09988）南向资金净流入金额位 列市场前三，分别净流入41.45 亿、18.13 亿、10.68 亿 中国移动（00941）、腾讯控股（00700）、江西铜业股份（00358）南向资金净流出金额位列市场前 三，分别净流出-9.50 亿、-2.76 亿、-2.27 亿 | 股票名称 | 净流出(元)↓ | 净流出比 | 收盘价 | | --- | --- | --- | --- | | 中国移动(00941) | -9.50 亿 | -27.81% | 79.200（-0.13%） | | 腾讯控股(00700) | -2.76 亿 | -2.87% | 602.500（+0.25%） | | 江西铜业股份(00358) | -2.27 亿 | -22.46% | 45.360（-0.22%） | | 优必选(09880) | -1.87 亿 | -14.41% | 145.000（+4.02%） | | 信达生物(01801) | -1.76 亿 | -22.00% | 82.700（-0.60%） | | 中国宏桥(01378) ...

Group 1 - The industry investment rating is "Buy" [2] - The report indicates that the communication sector's fund holdings have continued to rise quarter-on-quarter, with a notable increase in the allocation towards optical modules in Q4 2025 [6][20] - The communication sector's PE-TTM as of December 31, 2025, is 49.5 times, ranking it 7th among all Shenwan first-level industry indices, with a slight increase compared to the previous quarter [14][20] Group 2 - In Q4 2025, the total market value of fund holdings in the communication sector reached 186.39 billion CNY, an increase of 23.88 billion CNY from Q3 2025, marking the highest proportion of fund stock holdings in four years at 9.5% [23][25] - The report highlights a significant trend of increasing fund concentration in optical modules, with major holdings in companies like Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication [28][31] - The report notes a shift in fund strategies, with increased holdings in China Telecom (H shares) and a reduction in holdings of telecom equipment manufacturers like Zhongtian Technology and ZTE [46][54]

Core Viewpoint - The AI Fund Ping An Hong Kong Stock Connect Dividend Select Mixed Fund A (021046) reported a profit of 11.96 million yuan for Q4 2025, with a net asset value growth rate of 3.5% during the period [3]. Fund Performance - As of January 22, the fund's unit net value was 1.286 yuan, with a fund size of 389 million yuan [3][17]. - The fund's performance over the past three months showed a return of -0.63%, ranking 588 out of 621 comparable funds; over the past six months, it returned -0.69%, ranking 607 out of 621; and over the past year, it achieved a return of 19.68%, ranking 525 out of 613 [4]. Investment Strategy - The fund manager indicated that in the context of declining cash yields, high-dividend assets have shown a "quasi-fixed income" characteristic, becoming a dominant investment style in Q4. In contrast, growth sectors faced increased volatility and pressure due to market sentiment and fluctuating fundamental expectations [3]. - The fund will continue to focus on stable high-dividend stocks, particularly in the financial, telecommunications, energy, and public utility sectors, which are expected to provide visibility and stable profits during the economic recovery [3]. Risk Metrics - The fund's Sharpe ratio since inception is 1.3198, indicating a favorable risk-adjusted return [9]. - The maximum drawdown since inception is 10.87%, with the largest quarterly drawdown occurring in Q2 2025 at 9.1% [12]. Portfolio Composition - The average stock position since inception is 85.49%, with a peak of 89.53% at the end of H1 2024 and a low of 71.51% at the end of Q3 2024 [15]. - The fund has a high concentration of holdings, with the top ten stocks including China National Offshore Oil, China Mobile, CITIC Bank, Bank of China, and others [20].

Market Overview - The market has been in a consolidation pattern this week, with overall activity being relatively flat. Despite a continuous decline in large-cap stocks, particularly bank stocks, the overall index has not fallen, with the Shanghai Composite Index remaining above 4100 points [1][2]. - The Shanghai Composite Index opened at 4090.72 points this week, reaching a low of 4080.29 points but closing above 4100 points daily, ending the week at 4136.16 points, reflecting a slight increase of 0.83% [2]. Banking Sector Performance - The banking sector has been the weakest performer, with the China Securities Banking Index dropping by 2.71% this week and a year-to-date decline of 7.51%. This marks a significant downturn, as the banking stocks have been on a downward trend since the second half of last year, reaching a six-month low this week [3]. - Major stocks in the market have also underperformed, with only a few, including three major oil companies and Zijin Mining, showing gains. Notably, Kweichow Moutai fell by 3.26% to 1337 yuan, marking a new low for over a year [3]. Fund Flow and Market Sentiment - The current market conditions may be influenced by large fund movements, as indicated by recent fund quarterly reports showing that major ETFs have seen a reduction in total shares held by central financial institutions. This suggests a significant reduction in holdings by the Central Huijin Investment, which may signal potential risks in the market [4]. - Despite the decline in large-cap stocks, the overall market has not experienced a significant downturn, indicating that other stocks, particularly small-cap stocks, remain active. The market is expected to continue in a consolidation phase rather than a sharp correction [4].

通信老柳2026-01-24 10:29:00 以上信息综合自网络媒体报道。 其中之一是九天研究院正式升级为九天公司，与去年成立的数智化部整合运作。中移九天公司（九天研 究院）通过公司与研究院的"一门两牌"机制，致力于实现一流的AI核心技术原始创新和一流的AI创新成 果转化，致力于成为国家人工智能整体布局的中坚力量。 其二是在集团层面设立"算力专项办公室"，张平宗出任办公室主任，统筹全集团的算力战略与布局。算 力专项办公室的设立，是对"4+N+31+X"体系的组织化升级，核心目标在于解决算力资源分散、跨区域 协同效率不足等问题，推动算力网络与AI、数据要素业务深度绑定。 据悉，中国移动新董事长上任后对内部进行了一系列管理创新，近期做出了两项具有战略意义的重大调 整，全面聚焦人工智能和算力领域。 ...

Group 1 - The State Intellectual Property Office of China has granted a patent titled "Image Recognition Method, Electronic Device and Storage Medium" to China Mobile (Chengdu) Information Communication Technology Co., Ltd. and China Mobile Communications Group Co., Ltd. The patent authorization announcement number is CN115311466B, with an application date of April 2021 [1] - China Mobile (Chengdu) Information Communication Technology Co., Ltd. was established in 2018 and is primarily engaged in software and information technology services. The company has a registered capital of 2 billion RMB and has participated in 2,484 bidding projects, holds 260 trademark records, and 844 patent records, along with 6 administrative licenses [1] - China Mobile Communications Group Co., Ltd. was founded in 1999 and focuses on telecommunications, broadcasting, and satellite transmission services. The company has a registered capital of 30 billion RMB, has invested in 54 enterprises, participated in 5,000 bidding projects, holds 2,214 trademark records, and 5,000 patent records, and possesses 50 administrative licenses [1]