Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (00728) at 70.21%, Green Power Environmental (01330) at 70.00%, and COSCO Shipping Energy (01138) at 69.25% [1] - The companies with the largest increase in holdings over the last five trading days include Pop Mart (09992) with an increase of 1.472 billion, Zijin Mining (02899) with 1.301 billion, and Xiaomi Group-W (01810) with 1.081 billion [1] - The companies with the largest decrease in holdings over the last five trading days include SMIC (00981) with a decrease of 4.592 billion, Alibaba-W (09988) with 2.384 billion, and Hua Hong Semiconductor (01347) with 2.144 billion [2] Group 1: Hong Kong Stock Connect Holding Ratios - China Telecom (00728) has a holding of 9.745 billion shares, representing 70.21% [1] - Green Power Environmental (01330) has a holding of 283 million shares, representing 70.00% [1] - COSCO Shipping Energy (01138) has a holding of 898 million shares, representing 69.25% [1] Group 2: Recent Increases in Holdings - Pop Mart (09992) saw an increase of 1.472 billion in holdings, with a change of 5.5978 million shares [1] - Zijin Mining (02899) experienced an increase of 1.301 billion, with a change of 40.6654 million shares [1] - Xiaomi Group-W (01810) had an increase of 1.081 billion, with a change of 22.2314 million shares [1] Group 3: Recent Decreases in Holdings - SMIC (00981) had a decrease of 4.592 billion, with a change of 6.26036 million shares [2] - Alibaba-W (09988) saw a decrease of 2.384 billion, with a change of 1.53210 million shares [2] - Hua Hong Semiconductor (01347) experienced a decrease of 2.144 billion, with a change of 2.79304 million shares [2]

Core Insights - The article highlights the top short-selling ratios and amounts for various companies, indicating significant market sentiment against these stocks [1][2]. Short-Selling Ratios - Anta Sports-R (82020), Li Ning-R (82331), and Great Wall Motors-R (82333) have the highest short-selling ratios at 100.00% [1][2]. - AIA Group-R (81299) follows with a short-selling ratio of 99.20%, while China Resources Beer-R (80291) has a ratio of 94.83% [2]. Short-Selling Amounts - Alibaba-SW (09988) leads in short-selling amount with 3.717 billion, followed by Xiaomi Group-W (01810) at 2.634 billion and Tencent Holdings (00700) at 2.457 billion [1][2]. - Other notable companies include SMIC (00981) with 2.219 billion and BYD Company (01211) with 1.342 billion [2]. Deviation Values - Tencent Holdings-R (80700) has the highest deviation value at 44.97%, indicating a significant difference from its average short-selling ratio [1][2]. - Great Wall Motors-R (82333) and China Lilang (01234) follow with deviation values of 31.15% and 26.81%, respectively [2].

Simon:下只個股我們看看中芯國際(00981)，股價挨近保力加通道的中線，有些投資者認為可以搏反 彈。我們看看窩輪市場，選擇價外產品，或貼價的價外產品選擇不多，比如行使價在83元的產品不多， 行使價88元的產品只有2只。而行使價88.88元-89元以上的產品選擇多，產品價外幅度有10%以上，綜合 看，當前阻力位88.4元，選擇88.88元的產品是合適的。目前有6只可以選擇，槓桿4倍左右，而溢價看， 有些產品的溢價21.43%，而有的溢價高，處於24.43%，溢價差異比較大。在引伸波幅方面，有些產品 的引伸波幅65%，有些引伸波幅水平67-68%。從產品對比看，有些產品的引伸波幅低，比如引伸波幅 65%水平的產品,而溢價高一些，大概有24%以上。有些溢價低的21%，引伸波幅水平偏高。所以大家需 要做個平衡。沒有一個很完美的產品。我們通常會選擇低溢價、低引伸波幅和槓桿高的產品，但目前出 現這三個條件的產品是沒有的。在這種情況下，我們就會選擇有2個條件比較好的產品，比如槓桿高， 溢價低，而引伸波幅出於中等水平。目前981的價內產品也有一些選擇，槓桿在3-3.3倍。沒有價外的風 險，並且引伸波幅低一些，溢價也低一 ...

Core Insights - The article highlights the net inflow and outflow of capital for various companies in the Hong Kong stock market, indicating significant movements in investor sentiment and market dynamics [1][2][3] Group 1: Net Capital Inflows - Xiaomi Group-W (01810) leads with a net inflow of 931 million, representing a 10.62% increase in capital [2] - Pop Mart (09992) follows with a net inflow of 854 million, showing a 16.54% increase [2] - China Mobile (00941) has a net inflow of 595 million, with a notable 31.44% increase [2] - Other notable inflows include ZTE Corporation (00763) with 488 million and a 10.94% increase, and Zijin Mining (02899) with 394 million and an 8.82% increase [2] Group 2: Net Capital Outflows - SMIC (00981) experiences the highest net outflow at -2.718 billion, reflecting a -16.94% decrease [2] - Alibaba Group-W (09988) follows with a net outflow of -1.824 billion, showing a -5.85% decrease [2] - Hua Hong Semiconductor (01347) has a net outflow of -1.159 billion, with an -18.29% decrease [2] - Other significant outflows include Tencent Holdings (00700) at -953 million and WuXi Biologics (02269) at -669 million [2] Group 3: Net Inflow Ratios - E Fund Hang Seng ESG (03039) tops the net inflow ratio at 100.00%, with a total inflow of 7980.00 [2] - Eddy Holdings (09860) has a net inflow ratio of 53.35%, with an inflow of 157.67 million [2] - Qingdao Bank (03866) shows a net inflow ratio of 49.58%, with an inflow of 415.57 million [2] Group 4: Net Outflow Ratios - Kangji Medical (09997) leads in net outflow ratio at -52.21%, with an outflow of -6.6185 million [3] - Zhejiang Huhangyong (00576) follows with a net outflow ratio of -48.77%, amounting to -34.1215 million [3] - China Education Holdings (00839) has a net outflow ratio of -45.91%, with an outflow of -65.7998 million [3]

Core Insights - Southbound capital has significantly flowed into the Hong Kong stock market, reaching a cumulative net inflow of 11,985.67 billion HKD as of October 14, marking a historical high for the year [1][2] - The Hang Seng Index has risen over 26% this year, with the Hang Seng Tech Index increasing by over 32%, driven by substantial inflows from southbound capital [1][4] - Despite recent market adjustments, analysts believe the long-term upward trend for Hong Kong stocks remains intact, with expectations for continued growth [5][6] Southbound Capital Inflows - Southbound capital has been the largest source of incremental funds for the Hong Kong stock market this year, with over 80% of trading days showing net inflows [2] - The peak single-day net inflow occurred on August 15, with 358.76 billion HKD [2] - As of October 13, southbound capital holdings reached 5,458.21 billion shares, with a market value of 6.35 trillion HKD, reflecting significant increases since the beginning of the year [2] Sector and Stock Performance - The financial, information technology, and consumer discretionary sectors have the highest market values held by southbound capital, amounting to 14,032.34 billion HKD, 13,707.60 billion HKD, and 9,006.28 billion HKD respectively [2] - Major stocks such as Tencent Holdings and Alibaba have seen substantial increases in holdings, with Tencent exceeding 6,800 billion HKD [2][3] Market Adjustments and Future Outlook - The Hong Kong stock market has experienced a correction, with the Hang Seng Index dropping over 5% and the Hang Seng Tech Index over 8% in October [5] - Analysts suggest that while short-term volatility may persist, the long-term outlook remains positive, supported by domestic growth policies and stable capital inflows [5][6] - The technology sector is expected to benefit from current industry trends, with potential for new highs in the fourth quarter [6]

Group 1 - Southbound capital has seen a cumulative net inflow of 11,985.67 billion HKD as of October 14, marking a historical high for the year and more than double the amount from the same period in 2024 [1][2] - The Hang Seng Index has risen over 26% and the Hang Seng Tech Index has increased over 32% year-to-date, with stocks having a market capitalization exceeding 1 trillion HKD showing an average increase of over 30% [1][2] - Over 80% of trading days this year have recorded net inflows from southbound capital, indicating strong investor interest in the Hong Kong stock market [1] Group 2 - As of October 13, southbound capital holdings reached 5,458.21 billion shares, an increase of 821.50 billion shares since the beginning of 2025, with a total market value of 63,500 billion HKD, up by 27,700 billion HKD [2] - The financial, information technology, and consumer discretionary sectors have the highest holdings, with values of 14,032.34 billion HKD, 13,707.60 billion HKD, and 9,006.28 billion HKD respectively [2] - Major stocks held by southbound capital include Tencent Holdings at over 6,800 billion HKD and Alibaba-W, China Mobile, and others exceeding 2,000 billion HKD [2] Group 3 - Analysts suggest that Hong Kong's tech and consumer assets are attractive due to their scarcity and relevance to current trends like AI applications and new consumption [3] - Despite recent market adjustments, the long-term upward trend for Hong Kong stocks is expected to continue, supported by domestic growth policies and stable investor sentiment [3][4] - The fourth quarter is anticipated to see continued inflows into Hong Kong stocks, particularly in the tech sector, with the Hang Seng Tech Index expected to have the most significant upside potential [3][4]

Core Insights - On October 14, Southern Hang Seng Technology made its debut on the active trading list for the first time in a month, with a trading volume of 13.24 billion HKD and a net buying amount of 11.47 billion HKD, despite a closing drop of 3.33% [1][2]. Trading Activity Summary - The total trading volume of active stocks on the Hong Kong Stock Connect on October 14 was 699.46 billion HKD, accounting for 38.59% of the day's total trading amount, with a net selling amount of 2.09 billion HKD [1]. - Alibaba-W led the trading volume with 210.24 billion HKD, followed by SMIC and Tencent Holdings with trading amounts of 129.81 billion HKD and 74.05 billion HKD, respectively [1][2]. - The most frequently listed stocks in the past month were Alibaba-W and Tencent Holdings, each appearing 16 times, indicating strong interest from Hong Kong Stock Connect funds [1]. Individual Stock Performance - The trading details of notable stocks on October 14 include: - Tencent Holdings: Trading amount of 74.05 billion HKD, net buying of 6.63 billion HKD, closing price of 621.00 HKD, with a daily drop of 2.82% [2]. - SMIC: Trading amount of 129.81 billion HKD, net selling of 9.58 billion HKD, closing price of 73.35 HKD, with a daily drop of 8.48% [2]. - Alibaba-W: Trading amount of 210.24 billion HKD, net selling of 7.95 billion HKD, closing price of 155.60 HKD, with a daily drop of 4.31% [2]. - Southern Hang Seng Technology: Trading amount of 13.24 billion HKD, net buying of 11.47 billion HKD, closing price of 5.805 HKD, with a daily drop of 3.33% [2].

Core Viewpoint - On October 14, the Hang Seng Index fell by 1.73%, with southbound funds totaling HKD 181.245 billion in trading volume, resulting in a net inflow of HKD 8.603 billion [1]. Southbound Fund Activity - The total trading volume for southbound funds was HKD 181.245 billion, with buy transactions amounting to HKD 94.924 billion and sell transactions at HKD 86.321 billion, leading to a net buy of HKD 8.603 billion [1]. - The trading volume for the Shenzhen Stock Connect was HKD 69.553 billion, with net buying of HKD 3.631 billion, while the Shanghai Stock Connect had a trading volume of HKD 111.691 billion and a net buying of HKD 4.973 billion [1]. Active Stocks - Alibaba-W had the highest trading volume among southbound funds at HKD 21.024 billion, followed by SMIC at HKD 12.981 billion and Tencent Holdings at HKD 7.405 billion [1]. - The top net buying stocks included Southern Hang Seng Technology with a net buy of HKD 1.147 billion, Xiaomi Group-W with HKD 0.923 billion, and Tencent Holdings with HKD 0.663 billion [1]. - The largest net sell was recorded for SMIC at HKD 0.958 billion, with Alibaba-W and Innovent Biologics also experiencing significant net sells of HKD 0.795 billion and HKD 0.767 billion, respectively [1]. Continuous Net Buying and Selling - Xiaomi Group-W was the only stock with continuous net buying for over three days, accumulating a total net buy of HKD 5.632 billion over seven days [2]. - The stocks with the highest continuous net selling included SMIC and Alibaba-W, with total net sells of HKD 6.587 billion and HKD 4.979 billion, respectively [2].

Market Overview - On October 14, the Hang Seng Index fell by 1.73%, closing at 25,441.35 points, while southbound funds through the Stock Connect recorded a net inflow of HKD 8.603 billion [1] - The total trading volume for the Stock Connect on the same day was HKD 181.245 billion, with a net buy of HKD 8.603 billion [1] Stock Performance - In the Shanghai Stock Connect, the top traded stock was Alibaba-W with a trading volume of HKD 13.144 billion, followed by SMIC and Tencent Holdings with HKD 8.015 billion and HKD 4.340 billion respectively [1] - In terms of net buy amounts, Xiaomi Group-W led with a net inflow of HKD 0.723 billion, despite a closing price drop of 0.94% [1] - Conversely, Alibaba-W experienced the highest net sell amount of HKD 0.736 billion, closing down by 4.31% [1] Shenzhen Stock Connect Highlights - In the Shenzhen Stock Connect, Alibaba-W also topped the trading volume with HKD 7.881 billion, followed by SMIC and Tencent Holdings with HKD 4.966 billion and HKD 3.065 billion respectively [2] - The stock with the highest net buy was Southern Hang Seng Technology, with a net inflow of HKD 1.147 billion, although it closed down by 3.33% [2] - The stock with the largest net sell was Innovent Biologics, with a net outflow of HKD 0.767 billion, closing down by 6.89% [2] ETF and Fund Information - The Hang Seng Medical ETF, which tracks the Hang Seng Hong Kong-listed Biotechnology Index, has seen a recent increase in shares, with the latest total at 6.3 billion shares, up by 78 million shares, although there was a net outflow of HKD 120 million in principal funds [5]

Core Insights - On October 14, 2025, Alibaba-W (09988), SMIC (00981), and Tencent Holdings (00700) were the top three companies by trading volume in the southbound trading of the Stock Connect, with trading amounts of 131.44 billion, 80.15 billion, and 43.40 billion respectively [1][2] - In the southbound trading of the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), SMIC (00981), and Tencent Holdings (00700) also ranked as the top three, with trading amounts of 78.81 billion, 49.66 billion, and 30.65 billion respectively [1][2] Southbound Trading Highlights - The top three active companies in the southbound trading of the Shanghai-Hong Kong Stock Connect were: - Alibaba-W (09988): 131.44 billion with a net buy of -7.36 billion - SMIC (00981): 80.15 billion with a net buy of -3.24 billion - Tencent Holdings (00700): 43.40 billion with a net buy of +1.61 billion [2] - The top three active companies in the southbound trading of the Shenzhen-Hong Kong Stock Connect were: - Alibaba-W (09988): 78.81 billion with a net buy of -596.46 million - SMIC (00981): 49.66 billion with a net buy of -6.33 billion - Tencent Holdings (00700): 30.65 billion with a net buy of +5.01 billion [2]