Core Insights - Jiangsu Province signed a strategic cooperation agreement with China Mobile Communications Group, emphasizing the importance of digital technology in the province's development [1] - The agreement aims to enhance collaboration in areas such as digital infrastructure, cutting-edge technology research, industrial transformation, and large-scale application of new scenarios [1] - China Mobile has increased its industrial layout and innovation collaboration in Jiangsu, aiming to foster new growth points and support high-quality development in the province [1] Group 1 - Jiangsu is focusing on intelligent, green, and integrated development to build a modern industrial system centered on advanced manufacturing [1] - The provincial leadership expressed gratitude for China Mobile's contributions to Jiangsu's development over the years [1] - The strategic cooperation will involve deepening collaboration in various sectors to better serve national development goals [1] Group 2 - China Mobile's Chairman highlighted the company's commitment to expanding cooperation in technology and industry innovation to meet Jiangsu's needs [1] - The agreement is part of a broader initiative to leverage digital technology for economic growth and modernization in Jiangsu [1] - The collaboration aims to create a significant impact on the province's development trajectory and position it as a leader in high-quality growth [1]

Core Viewpoint - The Hang Seng Index rose by 0.92% on December 17, closing at 25,468.78 points, with a net inflow of HKD 79.09 billion through the southbound trading channel [1] Group 1: Market Activity - The total trading volume for the southbound trading on December 17 was HKD 796.24 billion, with a net buy of HKD 79.09 billion [1] - The Shanghai Stock Exchange's southbound trading accounted for HKD 455.02 billion in trading volume, with a net buy of HKD 22.18 billion [1] - The Shenzhen Stock Exchange's southbound trading had a volume of HKD 341.22 billion, resulting in a net buy of HKD 56.91 billion [1] Group 2: Active Stocks - Alibaba-W was the most actively traded stock on the Shanghai Stock Exchange with a trading volume of HKD 30.01 billion, followed by Changfei Optical Fiber and Tencent Holdings with HKD 20.20 billion and HKD 14.40 billion respectively [1] - In terms of net buy amounts, Zijin Mining led with a net buy of HKD 3.58 billion, while China National Offshore Oil Corporation had the highest net sell amount at HKD 3.85 billion [1] - On the Shenzhen Stock Exchange, Alibaba-W also topped the trading volume with HKD 25.57 billion, followed by Tencent Holdings and Xiaomi Group with HKD 20.65 billion and HKD 14.33 billion respectively [2] - Xiaomi Group had the highest net buy amount of HKD 8.89 billion, while China Mobile recorded the largest net sell amount at HKD 5.14 billion [2]

Core Viewpoint - The strategic cooperation agreement signed between Jiangsu Province and China Mobile aims to enhance digital infrastructure, technological innovation, and industrial transformation in the region [1] Group 1: Strategic Cooperation - Jiangsu Province and China Mobile signed a strategic cooperation agreement on December 17 [1] - The agreement focuses on areas such as digital infrastructure construction, cutting-edge technology research, industrial transformation, and large-scale application of new scenarios [1] Group 2: Leadership Statements - Jiangsu leaders expressed gratitude for China Mobile's contributions to the province's development and emphasized the importance of smart, green, and integrated directions for future growth [1] - China Mobile's chairman highlighted the company's commitment to expanding its industrial layout and innovation collaboration in Jiangsu, aiming to foster new growth points and support high-quality development in the province [1]

Group 1 - Northbound capital recorded a net purchase of HKD 79.09 billion on December 17, with HK Stock Connect (Shanghai) net buying HKD 22.18 billion and HK Stock Connect (Shenzhen) net buying HKD 56.91 billion [1] - The most net bought stocks included Xiaomi Group-W (01810) with a net purchase of HKD 10.62 billion, Meituan-W (03690), and Southern Hang Seng Technology (03033) [1] - Xiaomi Group plans to invest HKD 200 billion in R&D over the next five years, aiming to become a global leader in hard technology [1] Group 2 - Meituan-W (03690) received a net purchase of HKD 7.5 billion, Alibaba-W (09988) HKD 5.43 billion, Tencent (00700) HKD 4.57 billion, and Kuaishou-W (01024) HKD 1.84 billion [2] - Southern Hang Seng Technology (03033) also saw a net purchase of HKD 7.45 billion, with a general market sentiment of caution among southbound funds, waiting for a more aggressive approach in the new year [2] - Longi Green Energy (06869) had a net purchase of HKD 4.13 billion, with plans to use approximately 80% of the net proceeds from a recent share placement for overseas business development [2] Group 3 - China Life (02628) recorded a net purchase of HKD 3.13 billion, with recent trends in long-term interest rates potentially improving the valuation outlook for listed insurance companies [3] - SMIC (00981) saw a net purchase of HKD 2.17 billion, with recent data showing it is closing the market share gap with Samsung in the semiconductor foundry sector [3] - Zijin Mining (02899) and Industrial and Commercial Bank of China (01398) received net purchases of HKD 3.57 billion and HKD 2.392 million, respectively, while China Mobile (00941) and CNOOC (00883) faced net sales of HKD 5.14 billion and HKD 1.32 billion [3]

Core Insights - On December 17, 2025, Alibaba-W (09988), Changfei Optical Fiber Cable (06869), and Tencent Holdings (00700) were the top three stocks by trading volume in the Southbound Stock Connect, with trading amounts of 30.01 billion, 20.20 billion, and 14.40 billion respectively [1][2] - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), Tencent Holdings (00700), and Xiaomi Group-W (01810) also led the trading volume, with amounts of 25.57 billion, 20.65 billion, and 14.33 billion respectively [1][2] Southbound Stock Connect (Shanghai-Hong Kong) - Top active companies by trading volume included: - Alibaba-W (09988): 30.01 billion with a net buy of +1.43 billion - Changfei Optical Fiber Cable (06869): 20.20 billion with a net buy of +2.03 billion - Tencent Holdings (00700): 14.40 billion with a net buy of +2.10 billion - Other notable companies included China National Offshore Oil (00883) with 14.35 billion and a net sell of -3.85 billion [2] Southbound Stock Connect (Shenzhen-Hong Kong) - Top active companies by trading volume included: - Alibaba-W (09988): 25.57 billion with a net buy of +4.01 billion - Tencent Holdings (00700): 20.65 billion with a net buy of +2.48 billion - Xiaomi Group-W (01810): 14.33 billion with a net buy of +8.89 billion - Other notable companies included Meituan-W (03690) with 11.13 billion and a net buy of +6.93 billion [2]

智通财经12月17日讯（编辑 冯轶）据Wind数据显示，南向资金今日成交约796.24亿港元，短线三连降，较前一日缩量约97亿，约占恒指成交总额的 43.49%。 港股今日反弹拉升，南向资金全天大幅净买入约79.09亿港元，为近三周以来单日新高。其中，沪港股通净流入约22.18亿港元，深港股通净流入约56.91亿港 元。 个股方面，交易所数据显示，今日南向资金 美团-W今日涨1.81%，资金前5日加仓3490万股，短线持续流入。 长飞光纤光缆今日涨21.21%，资金前5日加仓580万股，短线加速流入。 紫金矿业今日涨1.82%，资金前5日减持1886万股，短线仍以流出为主。 中国移动今日涨0.18%，资金前5日减持240万股，短线继续流出。 中国海洋石油今日跌0.20%，资金前5日减持5307万股，短线延续流出趋势。 注：由于港交所T+2结算，实际为截至两日前的近5日数据 大幅净买入：小米集团-W(01810.HK)10.63亿港元；美团-W(03690.HK)7.51亿港元；长飞光纤光缆(06869.HK)4.14亿港元；紫金矿业 (02899.HK)3.58亿港元。 大幅净流出：中国移动(00941.HK ...

Core Viewpoint - 5G-A technology is a crucial transition from 5G to 6G, providing enhanced performance and integration for various industries, particularly in the context of digital economy growth and regional security in Guangxi, China [1] Group 1: Innovation in Security - China Mobile Guangxi has launched the first national border protection project based on 5G-A technology, showcasing the potential of "communication + perception + AI" integration [3] - The project achieved a low-altitude network edge rate exceeding 25 Mbps, significantly improving the efficiency and accuracy of border inspections through long-distance drone automated patrols and real-time high-definition video transmission [3] - The integration of 5G-A's inherent perception capabilities with the company's self-developed platform allows for precise monitoring and intelligent identification of drone flight statuses, enhancing control over low-altitude order and border security [3] Group 2: Activation of Low-altitude Economy - 5G-A technology supports the scalable and intelligent development of the low-altitude economy by providing high speed, low latency, and reliable integrated capabilities for various applications such as drone logistics and air traffic management [5] - The technology enables real-time processing and intelligent analysis of vast amounts of low-altitude data, facilitating the development of a comprehensive low-altitude regulatory and service system without the need for additional dedicated networks [5] Group 3: Future Development and Collaboration - China Mobile Guangxi plans to deepen collaboration with local governments and industries to promote innovation in the low-altitude economy, including trials of enhanced 5G-A technologies [7] - The company aims to create standardized end-to-end solutions and replicate successful experiences in similar scenarios, contributing to the establishment of a low-altitude economic innovation ecosystem [7] - By leveraging AI and 5G-A technology, the company seeks to foster new business models in low-altitude applications, supporting the construction of a digital Guangxi and high-quality regional economic development [7]

Core Viewpoint - China Mobile Guangxi Company has innovatively developed the "Health Bridge" service model to address the healthcare challenges faced by the Miao community, focusing on improving access to quality medical resources in remote areas [1][3]. Group 1: Health Service Innovations - The "Health Bridge" service model includes building a "Smart Bridge," creating a "Warm Path," and empowering "Guardians" to deliver quality medical resources to remote Miao villages [1][3]. - The service has successfully completed 181 remote electrocardiogram diagnoses, providing critical time for potential severe patients [4]. Group 2: Digital Healthcare Accessibility - China Mobile has optimized technology for elderly Miao individuals, such as creating a "big font interface" and voice navigation to help them use smartphones for online consultations [5][7]. - Volunteer teams have been established to provide digital training to the elderly, ensuring they can access healthcare services easily [7]. Group 3: Infrastructure Development - The company has prioritized network coverage in remote areas, successfully building 141 4G/5G base stations to enhance communication and healthcare access [10][11]. - A dedicated team faced significant challenges to establish a 21-meter communication tower in a remote area, ensuring that no resident is left without signal [10][11].

Group 1 - Southbound funds net bought Hong Kong stocks worth 7.909 billion HKD today [1] - Notable net purchases include Xiaomi Group-W at 1.063 billion HKD, Meituan-W at 750 million HKD, and Alibaba-W at 543 million HKD [1] - Southbound funds have continuously net bought Xiaomi for 14 days, totaling 13.84687 billion HKD, and Meituan for 6 days, totaling 5.55796 billion HKD [1] Group 2 - Net sales were recorded for China Mobile at 514 million HKD and China National Offshore Oil Corporation at 132 million HKD [1] - Alibaba-W experienced a 1.3% decline with a net purchase of 1.43 billion HKD [3] - Tencent Holdings saw a 1.4% increase with a net purchase of 2.10 billion HKD [3]

Summary of Key Points Core Viewpoint - The Hong Kong stock market saw significant net buying from northbound capital, totaling HKD 79.09 billion, with notable interest in technology stocks and a cautious approach from investors as they await policy changes in the new year [1]. Group 1: Northbound Capital Inflows - Northbound capital recorded a net buying of HKD 79.09 billion, with HKD 22.18 billion from the Shanghai Stock Connect and HKD 56.91 billion from the Shenzhen Stock Connect [1]. - The most purchased stocks included Xiaomi Group-W (01810), Meituan-W (03690), and Southern Hang Seng Technology (03033) [1]. - The largest net sell-offs were seen in China Mobile (00941) and CNOOC (00883) [1]. Group 2: Individual Stock Performance - Alibaba-W (09988) had a net inflow of HKD 15.72 billion, with total transactions of HKD 30.01 billion [2]. - Meituan-W (03690) recorded a net inflow of HKD 4.61 billion, with total transactions of HKD 8.66 billion [3]. - Xiaomi Group-W (01810) saw a net inflow of HKD 10.62 billion, with a future focus on R&D investment of HKD 200 billion over five years [4]. Group 3: Sector Insights - The technology sector, particularly AI-related stocks, is expected to rebound significantly with potential policy catalysts in the new year [5]. - Longi Green Energy (06869) received a net inflow of HKD 4.13 billion, with plans to use proceeds from a new share placement to expand overseas [5]. - China Life (02628) had a net inflow of HKD 3.13 billion, with expectations of valuation recovery due to stabilizing long-term interest rates [6]. Group 4: Market Trends - Semiconductor company SMIC (00981) received a net inflow of HKD 2.17 billion, with its market share closely approaching that of Samsung [7]. - Overall, the top ten foundries saw a revenue increase of 8.1% quarter-over-quarter, indicating a positive trend in the semiconductor industry [7].