Core Points - The Hang Seng Index rose by 0.65% to close at 26,027.55 points on October 21, with a net inflow of HKD 1.171 billion from southbound funds through the Stock Connect [1] - The total trading volume for the Stock Connect on the same day was HKD 126.489 billion, with a net buy of HKD 1.171 billion [1] - In the Shanghai Stock Connect, the trading volume was HKD 80.647 billion with a net buy of HKD 2.524 billion, while the Shenzhen Stock Connect had a trading volume of HKD 45.843 billion with a net sell of HKD 1.353 billion [1] Trading Activity - The most actively traded stock in the Shanghai Stock Connect was Alibaba-W, with a trading volume of HKD 6.587 billion, followed by SMIC and Pop Mart, with trading volumes of HKD 4.678 billion and HKD 4.097 billion, respectively [1] - In terms of net buying, Pop Mart led with a net inflow of HKD 0.683 billion, despite its stock price dropping by 8.08% [1] - Alibaba-W had the highest net sell amount of HKD 0.133 billion, while its stock price increased by 1.98% [1] Shenzhen Stock Connect Activity - In the Shenzhen Stock Connect, Alibaba-W also topped the trading volume with HKD 3.743 billion, followed by SMIC and Pop Mart with HKD 3.127 billion and HKD 1.800 billion, respectively [2] - Pop Mart again had the highest net buy amount of HKD 0.438 billion, despite a closing price drop of 8.08% [2] - The stock with the largest net sell was the Tracker Fund of Hong Kong, with a net sell of HKD 1.102 billion, while its stock price rose by 0.68% [2]

10月19日深夜，格力市场总监朱磊连发两条微博，暗讽小米口蜜腹剑。 小米空调在2025年7月线上销量首次超过格力，市场占有率达16.71%，而格力同期市占率为15.22%。 多年来，格力和小米已经发生多轮交锋。 一向以言辞犀利著称的小米集团公关部总经理王化，在转发这组数据时评论称："没想到新时代这么快 就来了。" 2013年在央视颁奖礼上，雷军称五年内小米营收将超格力，董明珠直接将赌注提到10亿，并以"格力六 年免费服务"对比小米手机质量问题，奠定双方对抗基调。 在行业人士看来，作为直接竞争对手，小米和格力的"互呛"还将继续。 2019年格力以1981亿元营收险胜小米，但次年即被反超。 此后，双方口水战愈演愈烈。董明珠公开质疑小米研发投入不足、不回报股民、偷技术挖人才……小米 多位高管则隔空回应。 在"口水战"背后，隐藏着利益之争，小米下场做空调，已攻入了格力腹地。 ...

Group 1 - On October 21, 2025, Alibaba-W (09988), SMIC (00981), and Pop Mart (09992) ranked as the top three companies by trading volume in the Southbound Stock Connect, with transaction amounts of 6.587 billion, 4.678 billion, and 4.097 billion respectively [1] - In the Southbound Stock Connect for the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), SMIC (00981), and Pop Mart (09992) also held the top three positions, with transaction amounts of 3.743 billion, 3.127 billion, and 1.800 billion respectively [1] Group 2 - In the Southbound Stock Connect, the top active trading companies included Alibaba-W (09988) with a transaction amount of 6.587 billion and a net buy of -0.133 billion, SMIC (00981) with 4.678 billion and a net buy of -51.9952 million, and Pop Mart (09992) with 4.097 billion and a net buy of +683 million [2] - For the Shenzhen-Hong Kong Stock Connect, the top active trading companies were Alibaba-W (09988) with a transaction amount of 3.743 billion and a net buy of -0.296 billion, SMIC (00981) with 3.127 billion and a net buy of +180 million, and Pop Mart (09992) with 1.800 billion and a net buy of +438 million [2]

来源：新浪港股 港股市场延续涨势，南向资金在经历短暂净流出后重现净买入，机构分析认为市场短期波动 无碍中期向好趋势，科技板块仍是投资主线。 10月21日，港股市场延续上涨态势，三大指数集体收高。恒生指数上涨0.65%，恒生科技指数表现更为 强劲，涨幅达1.26%，国企指数上涨0.76%。市场呈现普涨格局，全天上涨个股达1315只，下跌个股883 只，另有999只个股收平，显示市场做多情绪持续回暖。 国元国际在其周报中表示，当前市场面临的最大外部不确定性仍是中美博弈，相关消息面因素会影响投 资者情绪并带来市场短期波动。不过该机构认为，在短期波动后恒指仍有较大可能回归上升主线。这一 判断基于两个重要因素：首先，当前双方的多轮博弈仍在谈判框架内，整体风险水平可控；其次，综合 考虑双方的整体实力和产业结构，未来仍有可能达成一定范围或阶段性协议，这将凸显包括港股在内的 中国资产的投资价值，有利于投资者信心的巩固。 资金流向方面，南向资金单日净买入11.71亿港元。泡泡玛特、小米集团-W、华虹半导体成为最受青睐 的标的，分别获净买入11.21亿港元、4.81亿港元和4.41亿港元，盈富基金、阿里巴巴-W、信达生物则遭 遇 ...

格隆汇10月21日｜南下资金今日净买入港股11.71亿港元。其中：净买入泡泡玛特11.21亿、小米集团-W 4.81亿、华虹半导体4.41亿、中国移动1.77亿、中芯国际1.28亿(终结连续8日净卖出态势)；净卖出盈富 基金11.02亿、阿里巴巴-W 4.29亿。据统计，南下资金已连续3日净卖出阿里巴巴，共计43.3685亿港 元。(格隆汇) ...

| 华虹半导体 HK 01347 | 6.04亿 | 5.91亿 | 11.95亿 +1271.06万 | | --- | --- | --- | --- | | 盈富基金 | 815.38万 | 11.10亿 | 11.19亿 | | HK 02800 | | | -11.02 Z | | 中国移动 | 2.79 亿 | 5.99亿 | 8.78亿 | | HK 00941 | | | -3.20 亿 | | 信达生物 | 3.83亿 | 4.61亿 | 8.44 亿 | | HK 01801 | | | -7764.05万 | | 中兴通讯 | 3.65亿 | 3.56亿 | 7.21亿 | | HK 00763 | | | +904.65万 | 港股通(深)活跃成交股 智通财经APP获悉，10月21日港股市场，北水成交净买入11.71港元，其中港股通(沪)成交净买入25.24亿港元，港股通(深)成 交净卖出13.53亿港元。 北水净买入最多的个股是泡泡玛特(09992)、小米集团-W(01810)、华虹半导体(01347)。北水净卖出最多的个股是盈富基金 (02800)、阿里巴巴-W(09988)、信达 ...

(本文来自第一财经) 南向资金今日净买入11.71亿港元。其中泡泡玛特、小米集团-W、华虹半导体净买入额位列前三，分别 获净买入11.21亿港元、4.81亿港元、4.41亿港元。净卖出方面，盈富基金、阿里巴巴-W、信达生物分别 遭净卖出11.02亿港元、4.3亿港元、0.78亿港元。 ...

Core Insights - The forum titled "Party Building to Promote Development" focused on the role of party building in enhancing the quality of non-public enterprises in Beijing, aiming to create a dialogue platform for sharing theoretical research and practical outcomes [1][3] Group 1: Party Building and Corporate Development - Xiaomi Group's experience exemplifies the synergy between party building and corporate growth, with over 12,000 party members contributing to the company's global operations [1] - Xiaomi has developed a "Four Hearts Work Method" emphasizing commitment, community focus, craftsmanship, and dedication, leading to significant breakthroughs in products like chips, cars, and smartphones [1] Group 2: Economic Growth and Service Mechanisms - The Economic Development Zone achieved a GDP growth rate of 12.3% in the first half of the year, driven by high-quality party building practices [2] - Initiatives like the "Juguang Town" service mechanism aim to enhance government-enterprise communication and streamline business processes, resulting in zero barriers for enterprises [2] Group 3: Non-Public Enterprises and Innovation - Non-public enterprises in Beijing are increasingly recognized as vital contributors to new productive forces, with a focus on innovation and sustainability [2] - The city has seen the emergence of major private companies, including JD and Douyin, with revenues exceeding 1 trillion, and several others reaching 100 billion [2] Group 4: Future Directions and Initiatives - The forum introduced a proposal to strengthen party building in non-public enterprises, encouraging organizations to uphold ideals, lead development, and fulfill social responsibilities [3] - Parallel discussions at the forum addressed topics such as enhancing organizational structures in non-public enterprises and integrating party building with business operations [3]

Core Viewpoint - Xiaomi's Redmi brand has appointed Eason Chan as the acoustic ambassador for the Redmi K90 series, which introduces 2.1 stereo sound to smartphones [1] Group 1: Product Features - The Redmi K90 Pro Max aims to be the industry leader in audio quality, having partnered with Bose for this initiative [1] - The K90 Pro Max features a significant design change with a large speaker marked "Sound by Bose" next to the camera module [1] - Key specifications include a Super Pixel display similar to the Xiaomi 17 Pro Max, the latest M10 light-emitting materials, and support for eye protection technology [1] - The device is powered by the Qualcomm Snapdragon 8 Gen 2 platform, includes a large main camera and periscope telephoto lens, and supports ultrasonic fingerprint recognition and full waterproofing [1] - It is equipped with a 7560mAh battery, supporting 100W wired and 50W wireless charging [1]

Group 1 - Xiaomi's negative public sentiment has been heightened by a recent car accident involving its SU7 model, which caught fire after a crash, leading to concerns over product quality and safety [1] - The company's MSCI ESG rating has remained at "B" from 2019 to September 2023, with a slight improvement to "BB" and "BBB" levels, but it ranks 40th out of 46 peers in the technology sector for governance scores [1] - The severity of ESG controversies is assessed by MSCI based on the nature of harm and the scale of impact, indicating that Xiaomi's governance issues are significant [1] Group 2 - Shede Liquor's ESG reports have been accused of "greenwashing," failing to address local conflicts arising from its expansion projects, particularly a 3 billion yuan investment that has faced local opposition [2] - The company has been criticized for omitting significant community impact issues from its ESG disclosures, which are expected to adhere to basic information disclosure principles [2] Group 3 - The "Belt and Road" Green Innovation Conference emphasized the importance of green low-carbon transformation for sustainable global development, with China actively engaging in green initiatives with over 150 countries [3] - Chinese enterprises are implementing energy-saving measures in international projects, such as the first net-zero carbon building in the Middle East and North Africa, showcasing China's commitment to green development [3] Group 4 - The second phase of the China-Australia Wine Talent Exchange Project has been launched to enhance cooperation in the wine industry, focusing on talent development and sustainable practices [5] - The project aims to create a high-level platform for professional exchanges in viticulture and winemaking, fostering deeper integration between the two countries' industries [5] Group 5 - The Industrial and Commercial Bank of China (ICBC) hosted an ESG strategy forum to promote high-quality development, leveraging its extensive experience in ESG consulting [6] - ICBC plans to launch an "ESG Consulting Service System" in November 2024, covering various aspects of ESG strategy and implementation [6] Group 6 - Jiangsu Dashing Group inaugurated its "carbon-neutral smart spinning factory," committing to achieve carbon neutrality by 2027 with an investment of 187 million yuan [7] - The factory aims to increase production capacity by 50% and produce 6,120 tons of zero-carbon yarn annually, aligning with the textile industry's goal of achieving zero carbon by 2050 [7] Group 7 - As of October 17, 2025, 379 state-owned listed companies have released their 2024 ESG reports, achieving nearly full disclosure [8] - The State-owned Assets Supervision and Administration Commission is developing a comprehensive ESG evaluation system to enhance transparency and align with international standards [8]