Group 1 - Southbound funds recorded a net sell of HKD 826 million in Hong Kong stocks for the second consecutive day, with notable net purchases in Tencent Holdings (HKD 1.015 billion), Xiaomi Group (HKD 822 million), and Pop Mart (HKD 613 million) [1] - Continuous net buying trends were observed for Xiaomi over the past 7 days, totaling HKD 3.89621 billion, and for CNOOC over 4 days, totaling HKD 1.09627 billion [1] - Significant net selling was noted for China Mobile over 16 days, amounting to HKD 12.89303 billion [1] Group 2 - Haitong International maintained a "Outperform" rating for Tencent Holdings with a target price of HKD 700, expecting total revenue of HKD 195 billion for Q4, a 13% year-on-year increase [5] - Xiaomi Group repurchased 4 million B shares for HKD 14.04 million on January 26 [5] - Citigroup reiterated a "Buy" rating for Pop Mart, forecasting growth driven by IP diversification and product innovation, with a target price of HKD 415 [6]

Market Overview - The Hang Seng Index increased by 0.06%, closing at 26,765.52 points, with a total market turnover of 261.699 billion HKD [1] Southbound Trading Data - Tencent Holdings received a net inflow of 1.015 billion HKD, with a closing price of 599.50 HKD, reflecting a 7.60% increase [2] - Xiaomi Group-W saw a net inflow of 822 million HKD, closing at 35.22 HKD, but experienced a decline of 28.10% [2] - Pop Mart International received a net inflow of 613 million HKD, closing at 217.60 HKD, down by 9.10% [2] - China Mobile faced a net outflow of 1.177 billion HKD, closing at 42.18 HKD, with a decrease of 8.80% [2] - Zijin Mining experienced a net outflow of 1.077 billion HKD, closing at 26.98 HKD, with a slight increase of 0.70% [2] - The Hang Seng Index's performance reflects mixed investor sentiment, with significant inflows into certain stocks while others faced notable outflows [1][2]

Core Insights - On January 26, 2026, Alibaba-W (09988), Tencent Holdings (00700), and Zijin Mining (02899) were the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 3.744 billion, 2.564 billion, and 2.349 billion respectively [1] - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), Tencent Holdings (00700), and China National Offshore Oil Corporation (00883) also ranked as the top three, with trading amounts of 1.878 billion, 1.743 billion, and 1.608 billion respectively [1] Southbound Stock Connect - Top Active Companies - Alibaba-W (09988) had a trading amount of 3.744 billion with a net buy of -128 million [2] - Tencent Holdings (00700) recorded a trading amount of 2.564 billion with a net buy of 472 million [2] - Zijin Mining (02899) had a trading amount of 2.349 billion with a net buy of -1.605 billion [2] - Xiaomi Group-W (01810) achieved a trading amount of 2.025 billion with a net buy of 527 million [2] - JunDa Co., Ltd. (02865) had a trading amount of 2.009 billion with a net buy of 222 million [2] - China Mobile (00941) recorded a trading amount of 1.996 billion with a net buy of -1.177 billion [2] - SMIC (00981) had a trading amount of 1.975 billion with a net buy of 188 million [2] - China National Offshore Oil Corporation (00883) achieved a trading amount of 1.785 billion with a net buy of -35.021 million [2] - Pop Mart (09992) had a trading amount of 1.419 billion with a net buy of 613 million [2] - Yangtze Optical Fibre and Cable (06869) recorded a trading amount of 1.371 billion with a net buy of -6.072 million [2] Shenzhen-Hong Kong Stock Connect - Top Active Companies - Alibaba-W (09988) had a trading amount of 1.878 billion with a net buy of -107 million [2] - Tencent Holdings (00700) recorded a trading amount of 1.743 billion with a net buy of 543 million [2] - China National Offshore Oil Corporation (00883) achieved a trading amount of 1.608 billion with a net buy of 142 million [2] - SMIC (00981) had a trading amount of 1.269 billion with a net buy of -266 million [2] - Xiaomi Group-W (01810) recorded a trading amount of 1.064 billion with a net buy of 295 million [2] - Yingfu Fund (02800) had a trading amount of 1.042 billion with a net buy of -1.036 billion [2] - Zijin Mining (02899) achieved a trading amount of 1.017 billion with a net buy of 528 million [2] - Laopu Gold (06181) had a trading amount of 0.928 billion with a net buy of -78.823 million [2] - JunDa Co., Ltd. (02865) recorded a trading amount of 0.812 billion with a net buy of -74.468 million [2] - China Life (02628) had a trading amount of 0.707 billion with a net buy of -107 million [2]

南向资金今日净卖出8.26亿港元，中国移动、紫金矿业、盈富基金分别遭净卖出11.77亿港元、10.77亿 港元、10.36亿港元。净买入方面，腾讯控股、小米集团-W、泡泡玛特净买入额位列前三，分别获净买 入10.15亿港元、8.22亿港元、6.13亿港元。 (本文来自第一财经) ...

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。 ...

Core Viewpoint - Shandong Mobile's Binzhou branch has been recognized as a "three-star telecommunications business entity" by the China Communications Enterprise Association, highlighting its commitment to customer service and community engagement since its establishment in 2005 [1][4]. Group 1: Service Excellence - The Binzhou branch has a dedicated team of 8 members, averaging 30 years of age, who focus on enhancing customer experience through meticulous management and efficient service [1]. - The branch emphasizes a culture of service training, conducting regular competitions to improve employees' problem-solving skills in complex business scenarios [2]. Group 2: Customer-Centric Initiatives - The branch has developed a comprehensive care system for all age groups, featuring facilities like reading glasses and blood pressure monitors for elderly customers, along with personalized assistance in using smartphones and fraud prevention education [3]. - Initiatives such as the "walking service" by the branch manager and "general manager reception days" aim to reduce wait times and ensure immediate responses to customer needs [3]. Group 3: Cultural Integration and Future Plans - The branch has created specialized service areas, including zones for elderly talents and children's leisure, blending convenience with cultural elements to enhance the service experience [4]. - Future plans include upgrading service standards and enriching unique service scenarios to provide higher quality "heart-level service" and contribute to the high-quality development of the telecommunications sector [4].

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]

Key Points - The top three stocks with net inflows from southbound funds on January 21 are Yingfu Fund (02800) with 4.145 billion, Hang Seng China Enterprises (02828) with 1.813 billion, and Alibaba-W (09988) with 1.068 billion [1] - The top three stocks with net outflows are China Mobile (00941) with -0.950 billion, Tencent Holdings (00700) with -0.276 billion, and Jiangxi Copper (00358) with -0.227 billion [1] - In terms of net inflow ratio, the leading stocks are Jiuxing Holdings (01836) at 60.63%, China Ship Leasing (03877) at 58.89%, and Jiangsu Ningshu Highway (00177) at 58.43% [1] - The stocks with the highest net outflow ratios are United Energy Group (00467) at -58.88%, Baiyunshan (00874) at -56.92%, and Sinopec Kantons (00934) at -56.49% [1] Top 10 Net Inflows - Yingfu Fund (02800) had a net inflow of 4.145 billion, representing a 23.35% increase, closing at 26.800 with a 0.45% rise [2] - Hang Seng China Enterprises (02828) saw a net inflow of 1.813 billion, with a 14.18% increase, closing at 93.520 with a 0.34% rise [2] - Alibaba-W (09988) recorded a net inflow of 1.068 billion, a 9.78% increase, closing at 163.200 with a 2.19% rise [2] - China Life (02628) had a net inflow of 0.906 billion, with a 38.68% increase, closing at 32.980 with a 1.26% decrease [2] - Kuaishou-W (01024) had a net inflow of 0.733 billion, a 27.10% increase, closing at 78.800 with a 3.62% rise [2] Top 10 Net Outflows - China Mobile (00941) experienced a net outflow of -0.950 billion, a -27.81% decrease, closing at 79.200 with a 0.13% decrease [2] - Tencent Holdings (00700) had a net outflow of -0.276 billion, a -2.87% decrease, closing at 602.500 with a 0.25% rise [2] - Jiangxi Copper (00358) saw a net outflow of -0.227 billion, a -22.46% decrease, closing at 45.360 with a 0.22% decrease [2] - UBTECH (09880) had a net outflow of -0.187 billion, a -14.41% decrease, closing at 145.000 with a 4.02% rise [2] - Innovent Biologics (01801) recorded a net outflow of -0.176 billion, a -22.00% decrease, closing at 82.700 with a 0.60% decrease [2] Net Inflow Ratios - Jiuxing Holdings (01836) had a net inflow ratio of 60.63%, with a net inflow of 17.185 million, closing at 14.640 with a 0.34% rise [3] - China Ship Leasing (03877) recorded a net inflow ratio of 58.89%, with a net inflow of 5.7725 million, closing at 2.230 with a 0.89% decrease [3] - Jiangsu Ningshu Highway (00177) had a net inflow ratio of 58.43%, with a net inflow of 38.9327 million, closing at 9.520 with a 0.21% rise [3] - PCCW (00008) recorded a net inflow ratio of 54.65%, with a net inflow of 16.0694 million, closing at 5.490 with a 1.29% rise [3] Net Outflow Ratios - United Energy Group (00467) had a net outflow ratio of -58.88%, with a net outflow of -9.4907 million, closing at 0.480 with a 2.13% rise [3] - Baiyunshan (00874) recorded a net outflow ratio of -56.92%, with a net outflow of -9.3928 million, closing at 18.750 with a 0.81% rise [3] - Sinopec Kantons (00934) had a net outflow ratio of -56.49%, with a net outflow of -4.9731 million, closing at 4.150 with a 1.72% rise [3] - Yadea Group (01585) recorded a net outflow ratio of -52.23%, with a net outflow of -32.7786 million, closing at 11.890 with a 0.17% rise [3]

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]