Core Insights - The Hang Seng Index fell by 1.09% on July 25, with southbound trading totaling HKD 148.55 billion, including HKD 84.37 billion in buying and HKD 64.18 billion in selling, resulting in a net buying amount of HKD 20.18 billion [1] Trading Activity - The most active stock in southbound trading was the Tracker Fund of Hong Kong (盈富基金), with a total trading amount of HKD 73.58 billion and a net buying amount of HKD 72.80 billion, despite a closing price drop of 1.07% [1][2] - Other notable stocks included SMIC (中芯国际) with a trading amount of HKD 64.69 billion and a net buying of HKD 7.82 billion, and Alibaba (阿里巴巴-W) with a trading amount of HKD 45.97 billion and a net buying of HKD 8.24 million [2] Net Buying and Selling - A total of 9 stocks experienced net buying, with the Tracker Fund of Hong Kong leading at HKD 72.80 billion, followed by the Hang Seng China Enterprises Index (恒生中国企业) with HKD 14.35 billion and China Life (中国人寿) with HKD 9.55 billion [1] - The stock with the highest net selling was Kuaishou (快手-W), with a net selling amount of HKD 6.67 billion and a closing price drop of 4.86% [1][2]

Core Insights - On July 25, 2025, the top three companies by trading volume in the southbound Shanghai-Hong Kong Stock Connect were Yingfu Fund (02800), SMIC (00981), and Alibaba-W (09988) with trading volumes of 4.937 billion, 4.080 billion, and 2.625 billion respectively [1] - The same companies also led the trading volume in the southbound Shenzhen-Hong Kong Stock Connect, with volumes of 2.422 billion, 2.389 billion, and 1.971 billion respectively [1] Southbound Shanghai-Hong Kong Stock Connect - The top active trading companies included: - Yingfu Fund (02800) with a trading amount of 4.937 billion and a net buying amount of 4.902 billion [2] - SMIC (00981) with a trading amount of 4.080 billion and a net buying amount of 0.444 billion [2] - Alibaba-W (09988) with a trading amount of 2.625 billion and a net buying amount of 0.139 billion [2] - Other notable companies included Tencent Holdings (00700) with 2.247 billion and a net buying amount of 0.248 billion, and Xiaomi Group-W (01810) with 2.200 billion and a net buying amount of 0.547 billion [2] Southbound Shenzhen-Hong Kong Stock Connect - The top active trading companies included: - Yingfu Fund (02800) with a trading amount of 2.422 billion and a net buying amount of 2.378 billion [2] - SMIC (00981) with a trading amount of 2.389 billion and a net buying amount of 0.338 billion [2] - Alibaba-W (09988) with a trading amount of 1.971 billion and a net selling amount of 0.568 billion [2] - Other notable companies included Tencent Holdings (00700) with 1.830 billion and a net selling amount of 0.128 billion, and Meituan-W (03690) with 1.631 billion and a net buying amount of 0.206 billion [2]

Group 1 - The Hong Kong stock market saw a net inflow of 201.84 billion HKD from Northbound trading on July 25, with 114.74 billion HKD from Shanghai and 87.1 billion HKD from Shenzhen [1] - The most bought stocks included the Tracker Fund of Hong Kong (02800), Hang Seng China Enterprises (02828), and China Life (02628), while Guotai Junan International (01788) was the most sold stock [1][9] Group 2 - The Tracker Fund of Hong Kong (02800) received a net inflow of 49.19 billion HKD, while China Life (02628) saw a net inflow of 9.54 billion HKD, attributed to its perceived value as a substitute for Chinese interest rates [6][7] - Semiconductor company SMIC (00981) had a net inflow of 7.81 billion HKD, driven by optimistic growth projections in the global semiconductor market [7] - Meituan (03690), Tencent (00700), and Alibaba (09988) also experienced net inflows of 3.3 billion HKD, 1.19 billion HKD, and 823.6 million HKD respectively, as market expectations for their upcoming earnings reports remain high [7] Group 3 - Three-Six Bio (01530) received a net inflow of 3.15 billion HKD following the establishment of a licensing agreement with Pfizer for a dual-specific antibody [8] - Xiaomi Group (01810) attracted a net inflow of 7.7 billion HKD, while Guotai Junan International (01788) faced a net outflow of 1.16 billion HKD [9]

Group 1 - On July 24, 2025, SMIC (00981), Alibaba-W (09988), and Tencent Holdings (00700) ranked as the top three companies by trading volume in the southbound trading of the Stock Connect, with trading volumes of 4.395 billion, 3.061 billion, and 2.944 billion respectively [1] - In the southbound trading of the Shenzhen-Hong Kong Stock Connect, Tencent Holdings (00700), SMIC (00981), and Alibaba-W (09988) also ranked as the top three, with trading volumes of 2.138 billion, 1.961 billion, and 1.635 billion respectively [1] Group 2 - In the southbound trading of the Stock Connect, the top active companies included SMIC (00981) with a trading amount of 4.395 billion and a net buy of -0.684 billion, Alibaba-W (09988) with a trading amount of 3.061 billion and a net buy of -0.373 billion, and Tencent Holdings (00700) with a trading amount of 2.944 billion and a net buy of +0.381 billion [2] - In the southbound trading of the Shenzhen-Hong Kong Stock Connect, Tencent Holdings (00700) had a trading amount of 2.138 billion with a net buy of +0.158 billion, SMIC (00981) had a trading amount of 1.961 billion with a net buy of +0.667 billion, and Alibaba-W (09988) had a trading amount of 1.635 billion with a net buy of +0.178 billion [2]

7月23日恒生指数上涨1.62%，报收25538.07点，全天南向资金通过港股通渠道合计净卖出13.20亿港 元。 证券时报·数据宝统计，7月23日港股通全天合计成交金额为1816.67亿港元，成交净卖出13.20亿港元。 具体来看，沪市港股通成交金额1191.16亿港元，成交净卖出9.28亿港元；深市港股通成交金额625.51亿 港元，成交净卖出3.92亿港元。 成交活跃股方面，沪市港股通前十大成交活跃股中，腾讯控股成交额为63.44亿港元，成交金额居首； 其次是国泰君安国际、阿里巴巴-W，成交金额分别为52.45亿港元、44.41亿港元。以净买卖金额统计， 中国人寿净买入额为6.65亿港元，净买入金额居首，该股收盘股价上涨3.34%。净卖出金额最多的是美 团-W，净卖出8.26亿港元，收盘股价上涨3.26%。 深市港股通前十大成交活跃股中，成交额居首的是腾讯控股，成交金额41.19亿港元；其次是阿里巴巴- W、美团-W，成交金额分别为28.20亿港元、21.29亿港元。以净买卖金额统计，有6只股为净买入，净 买入金额最多的是阿里巴巴-W，净买入6.18亿港元，该股收盘上涨2.46%。净卖出金额最多的是腾讯 ...

Group 1 - On July 23, 2025, Tencent Holdings (00700), Guotai Junan International (01788), and Alibaba-W (09988) were the top three companies by trading volume in the Southbound Stock Connect, with transaction amounts of 6.344 billion, 5.245 billion, and 4.441 billion respectively [1] - In the Southbound Stock Connect for the Shenzhen-Hong Kong Stock Connect, Tencent Holdings (00700), Alibaba-W (09988), and Meituan-W (03690) also ranked as the top three, with transaction amounts of 4.119 billion, 2.820 billion, and 2.129 billion respectively [1] Group 2 - In the Southbound Stock Connect (Shanghai-Hong Kong), the top active trading companies included Tencent Holdings (00700) with a net buy amount of -0.177 billion, Guotai Junan International (01788) with +0.104 billion, and Alibaba-W (09988) with -0.416 billion [2] - In the Southbound Stock Connect (Shenzhen-Hong Kong), the top active trading companies included Tencent Holdings (00700) with a net buy amount of -0.952 billion, Alibaba-W (09988) with +0.618 billion, and Meituan-W (03690) with -0.195 billion [2]

Market Overview - On July 22, the Hang Seng Index rose by 0.54%, closing at 25,130.03 points, with a total net inflow of HKD 2.717 billion through the southbound trading channel [1] - The total trading volume for the southbound trading was HKD 162.832 billion, with a net buy of HKD 2.717 billion [1] Southbound Trading Details - In the Shanghai-Hong Kong Stock Connect, the trading volume was HKD 103.231 billion with a net buy of HKD 2.985 billion, while the Shenzhen-Hong Kong Stock Connect had a trading volume of HKD 59.600 billion with a net sell of HKD 0.267 billion [1] - The top active stocks in the Shanghai-Hong Kong Stock Connect included Dongfang Electric with a trading volume of HKD 4.374 billion, followed by Huaxin Cement and Tencent Holdings with trading volumes of HKD 3.489 billion and HKD 2.647 billion, respectively [1] Stock Performance - China Life had the highest net buy amount of HKD 0.879 billion, with a closing price increase of 4.23% [1] - Semiconductor Manufacturing International Corporation (SMIC) recorded the highest net sell amount of HKD 0.267 billion, with a closing price increase of 2.75% [1] Shenzhen-Hong Kong Stock Connect Highlights - In the Shenzhen-Hong Kong Stock Connect, SMIC led in trading volume with HKD 1.979 billion, followed by Meituan and Alibaba with trading volumes of HKD 1.833 billion and HKD 1.739 billion, respectively [2] - SMIC also had the highest net buy amount of HKD 0.779 billion, while Tencent Holdings had the highest net sell amount of HKD 0.373 billion, with a closing price increase of 0.86% [2] Active Stocks Summary - The top active stocks in the southbound trading on July 22 included: - Dongfang Electric: Trading volume of HKD 4.374 billion, net buy of HKD 0.165 billion, price change of -2.84% [2] - Huaxin Cement: Trading volume of HKD 3.489 billion, net buy of HKD 0.313 billion, price change of -15.05% [2] - Tencent Holdings: Trading volume of HKD 2.647 billion, net buy of HKD 0.027 billion, price change of 0.86% [2] - SMIC: Trading volume of HKD 2.590 billion, net sell of HKD 0.267 billion, price change of 2.75% [2] - China Life: Trading volume of HKD 1.919 billion, net buy of HKD 0.879 billion, price change of 4.23% [2]

从连续性进行统计， 有2只股获南向资金连续3天以上净买入，连续净买入天数较多的有阿里巴巴-W、 中芯国际，连续净买入天数分别为4天、4天。以其间净买入金额统计，净买入金额最多的是中芯国际， 合计净买入为11.76亿港元，其次是阿里巴巴-W合计净买入为5.78亿港元。（数据宝） 7月22日南向资金成交活跃股 | 代码 | 简称 | 成交金额（万港元） | 成交净买入（万港元） | 今日涨跌幅（%） | | --- | --- | --- | --- | --- | | 02628 | 中国人寿 | 191863.98 | 87850.80 | 4.23 | | 00939 | 建设银行 | 202947.92 | 75542.83 | -1.19 | | 00981 | 中芯国际 | 456868.79 | 51150.55 | 2.75 | | 03690 | 美团-W | 400715.04 | 38247.29 | -1.38 | | 06655 | 华新水泥 | 482203.23 | 33955.91 | -15.05 | | 03339 | 中国龙工 | 327254.27 | 26330.16 | ...

Group 1 - On July 22, 2025, the top three companies by trading volume in the Hong Kong Stock Connect (southbound) were Dongfang Electric (01072) with a trading volume of 4.374 billion, Huaxin Cement (06655) with 3.489 billion, and Tencent Holdings (00700) with 2.647 billion [1] - In the Shenzhen-Hong Kong Stock Connect (southbound), the top three companies by trading volume were SMIC (00981) with 1.979 billion, Meituan-W (03690) with 1.833 billion, and Alibaba-W (09988) with 1.739 billion [1] Group 2 - The top active companies in the Hong Kong Stock Connect (southbound) included Dongfang Electric (01072) with a net buy of 0.165 billion, Huaxin Cement (06655) with 0.313 billion, and Tencent Holdings (00700) with 0.271 billion [2] - In the Shenzhen-Hong Kong Stock Connect (southbound), SMIC (00981) had a net buy of 0.779 billion, while Meituan-W (03690) had a net sell of 0.050 billion [2]

| 6.08亿 | 4.51亿 | 10.59亿 +1.57亿 | | --- | --- | --- | | 小米集团-W 5.07亿 | 5.00亿 | 10.07亿 +670.13万 | | 中国龙工 4.09亿 | 4.10亿 | 8.18亿 -86.81万 | | 康方生物 HK 09926 HK 01810 HK 03339 | | | 智通财经APP获悉，7月22日港股市场，北水成交净买入27.17亿港元，其中港股通(沪)成交净买入29.85 亿港元，港股通(深)成交净卖出2.67亿港元。 北水净买入最多的个股是中国人寿(02628)、建设银行(00939)、中芯国际(00981)。北水净卖出最多的个 股是国泰君安国际(01788)、腾讯(00700)。 | 股票名称 | 买入额 | 卖出额 | 买卖总额 | | --- | --- | --- | --- | | | | | 净流入 | | 东方电气 | 22.70亿 | 21.05 乙 | 43.74 Z | | HK 01072 | | | +1.65 亿 | | 华新水泥 | 19.01亿 | 15.88 亿 | 34.89 乙 | | ...