Core Insights - Southbound funds recorded a net inflow of approximately 38.60 billion HKD this week, an increase of about 13.90 billion HKD compared to last week, accounting for 41.88% of the total turnover of the Hang Seng Index [2] - Despite a continued adjustment in the Hong Kong stock market, southbound funds maintained a consistent inflow over five trading days, with a focus on increasing positions in technology stocks [2] - Alibaba saw a net buy of 13.32 billion HKD over the past week, marking a significant investment trend [3] Investment Highlights - Alibaba (9988.HK) experienced a net buy of 13.32 billion HKD, despite a weekly decline of 4.71%, with 57.10 million shares added in the last five days [4] - Xiaomi (1810.HK) had a net buy of 5.58 billion HKD, with a weekly decline of 10.10% and 59.82 million shares added [4] - Tencent (0700.HK) saw a net buy of 2.90 billion HKD, with a weekly decline of 4.84% and 1.80 million shares added [4] - Xpeng Motors (9868.HK) recorded a net buy of 2.29 billion HKD, with a significant weekly decline of 20.47% and 1.88 million shares added [4] - On the sell side, Pop Mart (9992.HK) faced a net sell of 460 million HKD, with a weekly decline of 7.90% and a reduction of 2.25 million shares [4] Daily Fund Flow - On the latest trading day, southbound funds had a net buy of approximately 1.05 billion HKD, with the Shanghai-Hong Kong Stock Connect seeing a net inflow of about 498 million HKD, while the Shenzhen-Hong Kong Stock Connect had a net outflow of approximately 393 million HKD [5] - Major net buys included Alibaba (11.58 billion HKD), Tencent (17.36 billion HKD), and Xiaomi (10.82 billion HKD) [5] - Significant net sells included Hua Hong Semiconductor (3.37 billion HKD) and Ganfeng Lithium (1.91 billion HKD) [5]

Core Insights - On November 21, 2025, Alibaba-W (09988), Xiaomi Group-W (01810), and Yingfu Fund (02800) were the top three stocks by trading volume in the Southbound Stock Connect, with trading amounts of 75.13 billion, 50.10 billion, and 39.92 billion respectively [1] - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), Xiaomi Group-W (01810), and Tencent Holdings (00700) also ranked as the top three, with trading amounts of 59.52 billion, 26.55 billion, and 24.41 billion respectively [1] Southbound Stock Connect - Top Active Companies - Alibaba-W (09988) had a trading amount of 75.13 billion with a net buying amount of +8.47 billion [1] - Xiaomi Group-W (01810) recorded a trading amount of 50.10 billion with a net buying amount of +9.48 billion [1] - Yingfu Fund (02800) had a trading amount of 39.92 billion but a net selling amount of -37.55 billion [1] - Tencent Holdings (00700) saw a trading amount of 36.12 billion with a net buying amount of +9.61 billion [1] - SMIC (00981) had a trading amount of 31.12 billion with a net buying amount of +1.49 billion [1] - Meituan-W (03690) recorded a trading amount of 12.35 billion with a net selling amount of -55.12 million [1] - Ganfeng Lithium (01772) had a trading amount of 11.02 billion with a net selling amount of -1.91 billion [1] - Pop Mart (09992) recorded a trading amount of 10.97 billion with a net selling amount of -6.97 million [1] - Hua Hong Semiconductor (01347) had a trading amount of 10.81 billion with a net selling amount of -6.86 million [1] - China National Offshore Oil Corporation (00883) recorded a trading amount of 9.73 billion with a net buying amount of +650.39 million [1] Shenzhen-Hong Kong Stock Connect - Top Active Companies - Alibaba-W (09988) had a trading amount of 59.52 billion with a net buying amount of +3.10 billion [1] - Xiaomi Group-W (01810) recorded a trading amount of 26.55 billion with a net buying amount of +3.20 billion [1] - Tencent Holdings (00700) saw a trading amount of 24.41 billion with a net buying amount of +7.75 billion [1] - SMIC (00981) had a trading amount of 24.07 billion with a net selling amount of -3.39 billion [1] - Southern Hang Seng Technology (03033) recorded a trading amount of 14.79 billion with a net buying amount of +723.43 million [1] - Yingfu Fund (02800) had a trading amount of 14.01 billion with a net selling amount of -13.88 billion [1] - Meituan-W (03690) recorded a trading amount of 10.17 billion with a net buying amount of +2.01 billion [1] - Hua Hong Semiconductor (01347) had a trading amount of 8.68 billion with a net selling amount of -2.69 billion [1] - XPeng Motors-W (09868) recorded a trading amount of 7.82 billion with a net buying amount of +1.34 billion [1] - Kuaishou-W (01024) had a trading amount of 6.63 billion with a net buying amount of +2.36 billion [1]

| 泡泡玛特 | 5.14 乙 | 5.84亿 | 10.97亿 | | --- | --- | --- | --- | | HK 09992 | | | -6974.68万 | | 华虹未营体 | 5.06亿 | 5.75亿 | 10.81亿 | | HK 01347 | | | -6856.42万 | | :: 洪映圖十 | 5.19 亿 | 4.54亿 | 9.73 亿 +6503.88万 | | HK 00883 | | | | | 图片来源:智通财经 | 港股通(沪)活跃成交股 | | | | 股票名称 | 买入额 | 卖出额 | 买卖总额 | | | | | 净流入 | | 阿里巴巴-W | 31.31 乙 | 28.21 乙 | 59.52 G | | HK 09988 | | | +3.10 乙 | | 小米集团-W | 14.87亿 | 11.68 乙 | 26.55亿 | | HK 01810 | | | +3.20 乙 | | 腾讯控股 | 16.08亿 | 8.33亿 | 24.41亿 | | HK 00700 | | | +7.75亿 | | 中芯国际 | 10.34 乙 | 13. ...

据统计，南下资金已连续7日净买入阿里，共计133.21亿港元；连续4日净买入小鹏汽车，共计18.7077亿 港元。(格隆汇) 格隆汇11月21日｜港股今日大跌，南下资金逆势净买入港股1.05亿港元。其中： 净买入腾讯控股17.36亿、小米集团-W 12.68亿、阿里巴巴-W 11.58亿、快手-W 2.36亿、美团-W 1.46 亿、小鹏汽车-W 1.34亿； 净卖出盈富基金51.43亿、华虹半导体3.37亿、赣锋锂业1.9亿、中芯国际1.89亿。 | 中芯国际 | -6.4% | 1.49 | 31.12亿 | 南方恒生科技 | -3.7% | 0.72 | 14.79亿 | | --- | --- | --- | --- | --- | --- | --- | --- | | 美团-W | -3.0% | -0.55 | 12.35亿 | 盈高基金 | -2.5% | -13.88 | 14.01亿 | | 赣锋律业 | -12.5% | -1.91 | 11.02亿 | 美团-W | -3.0% | 2.01 | 10.17亿 | | 泡泡玛特 | -1.0% | -0.70 | 10.97亿 | 华虹 ...

11月21日，港股三大指数大幅收跌，恒生指数跌2.38%，恒生国企指数跌2.45%；恒生科技指数跌3.21%，本周累跌7.18%，录得周线4连跌。市场成交额 2857.02亿港元，较前一交易日2451.36亿港元有所放大。 科网、半导体股跌幅靠前，京东健康跌超8%，中芯国际、华虹半导体跌逾6%，腾讯音乐、百度集团等跌超5%，蔚来、阿里巴巴、阿里健康等跌超4%， 网易、比亚迪电子等跌超3%，哔哩哔哩、京东集团等跌超2%，快手、腾讯控股等跌超1%，美的集团、联想集团等小幅下跌。 上涨方面，小米集团涨超1%，金山软件小幅上涨。 全球市场上，欧洲主要股指开盘集体下跌。欧洲斯托克50指数跌1.57%，英国富时100指数跌1.04%，法国CAC40指数跌1.29%，德国DAX30指数跌 1.48%，富时意大利MIB指数跌1.48%。 （文章来源：21世纪经济报道） | 整体市场 [^ | | | | --- | --- | --- | | 恒生指数 | 恒生国企 | 恒生科技 | | 25220.02 | 8919.78 | 5395.49 | | -615.55 -2.38% -223.56 -2.45% -179.1 ...

上涨方面，小米集团涨超1%，金山软件小幅上涨。 全球市场上，欧洲主要股指开盘集体下跌。欧洲斯托克50指数跌1.57%，英国富时100指数跌1.04%，法国CAC40指数跌1.29%，德国DAX30指数跌 1.48%，富时意大利MIB指数跌1.48%。 币圈再度跳水，加密货币遭重挫，截至16:58，比特币24小时跌幅超9%，跌破82000美元/枚；以太坊24小时跌幅近11%，BNB 24小时跌幅超8%，Solana 24 小时跌幅超12%。随着近期比特币大幅下跌，加密货币总市值跌破3万亿美元，比特币价格跌破美国比特币ETF的平均购买价格。 SFC 科网、半导体股跌幅靠前，京东健康跌超8%，中芯国际、华虹半导体跌逾6%，腾讯音乐、百度集团等跌超5%，蔚来、阿里巴巴、阿里健康等跌超4%， 网易、比亚迪（002594）电子等跌超3%，哔哩哔哩、京东集团等跌超2%，快手、腾讯控股等跌超1%，美的集团（000333）、联想集团等小幅下跌。 11月21日，港股三大指数大幅收跌，恒生指数跌2.38%，恒生国企指数跌2.45%；恒生科技指数跌3.21%，本周累跌7.18%，录得周线4连跌。市场成交额 2857.02亿港元，较前 ...

Market Performance - The Hong Kong stock market experienced significant declines, with the Hang Seng Index dropping by 2.38%, the Hang Seng China Enterprises Index falling by 2.45%, and the Hang Seng Tech Index decreasing by 3.21%. This week marked a cumulative decline of 7.18%, resulting in four consecutive weeks of losses [1][3]. - The market turnover increased to 285.70 billion HKD, up from 245.14 billion HKD in the previous trading day [1]. Sector Performance - The technology and semiconductor sectors faced the largest declines, with JD Health falling over 8%, SMIC and Hua Hong Semiconductor dropping more than 6%, and Tencent Music and Baidu Group decreasing over 5%. Other notable declines included NIO, Alibaba, and Alibaba Health, which fell over 4%, while NetEase and BYD Electronics dropped over 3% [3]. - In contrast, Xiaomi Group saw an increase of over 1%, and Kingsoft experienced a slight rise [3]. Global Market Trends - Major European stock indices opened lower, with the Euro Stoxx 50 Index down by 1.57%, the UK FTSE 100 Index down by 1.04%, the French CAC 40 Index down by 1.29%, the German DAX 30 Index down by 1.48%, and the Italian FTSE MIB Index down by 1.48% [3]. Cryptocurrency Market - The cryptocurrency market faced a sharp decline, with Bitcoin dropping over 9% to below 82,000 USD per coin, Ethereum falling nearly 11%, BNB decreasing over 8%, and Solana dropping over 12%. The total market capitalization of cryptocurrencies fell below 3 trillion USD, with Bitcoin prices dropping below the average purchase price of the US Bitcoin ETF [3].

Market Overview - The Hong Kong stock market experienced a significant decline, with the Hang Seng Index dropping by 2.38%, the Hang Seng China Enterprises Index falling by 2.45%, and the Hang Seng Tech Index decreasing by 3.21% [1][2]. Sector Performance - The pharmaceutical sector faced the largest declines, with notable drops in internet healthcare, AI healthcare, biopharmaceuticals, pharmaceutical outsourcing, and innovative drug concepts. Key stocks included: - 3SBio (01530.HK) down 9.44% - WuXi Biologics (01873.HK) down 6.09% - Kingsoft Cloud (01548.HK) down 6.05% - Innovent Biologics (02696.HK) down 5.62% - CanSino Biologics (09926.HK) down 5.39% - JD Health (06618.HK) down 8.6% - Ping An Good Doctor (01833.HK) down 4.28% - Alibaba Health (00241.HK) down 4.46% - Crystal International (02228.HK) down 4.82% - MicroPort Scientific (02252.HK) down 3.55% [3]. Impact of Economic Data - The recent U.S. non-farm payroll data exceeded expectations, leading to a decrease in the likelihood of a Federal Reserve rate cut in December. This has implications for the valuation and financing of innovative drugs, as the cooling expectations for rate cuts may impact investment sentiment [3]. Commodity and Energy Sector - The weakening expectations for a December rate cut have also affected the U.S. dollar index, which surpassed the 100-point mark, putting pressure on the commodities sector. Key declines included: - Ganfeng Lithium (01772.HK) down 12.47% - Tianqi Lithium (09696.HK) down 11.93% - Jinchuan Group (06680.HK) down 6.63% - Lingbao Gold (03330.HK) down 5.47% - China Aluminum (02600.HK) down 4.85% - Chalco International (02068.HK) down 4.74% [4]. Renewable Energy Sector - The power equipment, photovoltaic, and wind power sectors also performed poorly, with significant declines in: - Northeast Electric (00042.HK) down 7.02% - Xinyi Solar (00968.HK) down 7.51% - GCL-Poly Energy (03800.HK) down 5.83% - Yihua Energy (02402.HK) down 6.27% - Flat Glass Group (06865.HK) down 6.02% [4]. Semiconductor Sector - The semiconductor sector saw notable declines, with: - SMIC (00981.HK) down 6.39% - Hua Hong Semiconductor (01347.HK) down 6.09% - Shanghai Fudan (01385.HK) down 3.78% - Beike Micro (02149.HK) down 5.2% [5]. Technology Sector - Other technology-related sectors, including cloud computing and AI, also faced downward pressure, with significant drops in: - Tencent Music (01698.HK) down 5.98% - Baidu (09888.HK) down 5.79% - Alibaba Group (09988.HK) down 4.65% - NetEase (09999.HK) down 3.76% [5].

盘面上，大型科技股普遍走低，阿里巴巴跌4.65%，腾讯跌1.77%。AI概念相关股今日悉数下挫，中 芯、华虹均跌超6%；广期所对碳酸锂限仓，碳酸锂期货今日跌停，"锂矿双雄"均跌超一成；澳门预期 明年博彩收入2360亿澳门元，博彩股集体承压；加密货币市场抛售潮持续，相关概念股下行；医药、有 色、光伏等纷纷飘绿。另一边，个别内房股逆市上升，富力地产涨5%。 1. 科技股全天承压。截至收盘，中芯国际(00981)跌6.39%，报68.8港元；华虹半导体(01347)跌6.09%， 报73.25港元；阿里巴巴-W(09988)跌4.65%，报147.6港元；腾讯(00700)跌1.77%，报610港元。 智通财经APP获悉，隔夜美股市场上演过山车行情，港股今日随外围向下，恒指及国指跌超2%，恒科 指数则大跌超3%。截止收盘，恒生指数跌2.38%或615.55点，报25220.02点，全日成交额为2857.02亿港 元；恒生国企指数跌2.45%，报8919.78点；恒生科技指数跌3.21%，报5395.49点。全周来看，恒指累跌 5.09%，国指累跌5.09%，恒科指数累跌7.18%。 国证国际指出，当前市场正处于关键 ...

人民财讯11月21日电，恒生指数收跌2.38%，恒生科技指数跌3.21%。京东健康跌超8%，中芯国际、华虹半导体跌超6%，阿里巴巴、小鹏汽车跌 超4%。 （原标题：恒生指数收跌2.38% 恒生科技指数跌3.21%） ...