Core Insights - On January 6, 2026, Alibaba-W (09988), SMIC (00981), and Tencent Holdings (00700) were the top three stocks by trading volume in the Southbound Stock Connect, with trading amounts of 5.049 billion, 4.427 billion, and 4.110 billion respectively [1] - In the Southbound Stock Connect for the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), Tencent Holdings (00700), and SMIC (00981) also ranked as the top three, with trading amounts of 4.374 billion, 2.876 billion, and 2.096 billion respectively [1] Southbound Stock Connect Trading Activity - **Top Active Companies in Southbound Stock Connect (Shanghai-Hong Kong)** - Alibaba-W (09988): Trading amount of 5.049 billion, net buying of +2.061 billion [2] - SMIC (00981): Trading amount of 4.427 billion, net selling of -0.240 billion [2] - Tencent Holdings (00700): Trading amount of 4.110 billion, net buying of +11.255 million [2] - Xiaomi Group-W (01810): Trading amount of 2.244 billion, net buying of +0.485 billion [2] - China Ping An (02318): Trading amount of 1.693 billion, net buying of +0.760 billion [2] - **Top Active Companies in Southbound Stock Connect (Shenzhen-Hong Kong)** - Alibaba-W (09988): Trading amount of 4.374 billion, net selling of -0.442 billion [2] - Tencent Holdings (00700): Trading amount of 2.876 billion, net selling of -0.815 billion [2] - SMIC (00981): Trading amount of 2.096 billion, net buying of +0.262 billion [2] - Xiaomi Group-W (01810): Trading amount of 1.644 billion, net buying of +11.316 million [2] - China Ping An (02318): Trading amount of 1.586 billion, net buying of +1.081 billion [2]

Market Overview - The Hong Kong stock market indices showed strong performance, with the Hang Seng Index rising by 1.38% to close at 26,710.45 points, and a total trading volume of HKD 291.76 billion [1] - The Hang Seng Tech Index increased by 1.46%, closing at 5,825.26 points, indicating a positive sentiment in the technology sector [1] Blue Chip Performance - China Hongqiao (01378) led the blue-chip stocks, rising by 6.14% to HKD 35.26, contributing 10.84 points to the Hang Seng Index [2] - Other notable performers included JD Health (06618) up 5.41%, Ping An Insurance (02318) up 4.96%, while Alibaba (09988) fell by 1.31% [2] Sector Highlights - The capital market is heating up, with financial stocks, particularly Chinese brokerage firms, showing significant gains. For instance, Jiufang Zhitu (09636) surged by 18.84% [3] - The non-ferrous metals sector performed strongly, with notable increases in Aluminum Corporation of China (02068) up 8.05% and Zhaojin Mining Industry (01818) up 7.29% [4] Commodity Trends - Commodities such as gold, silver, and copper have seen rising futures prices, driven by geopolitical tensions and supply constraints [5] - The aluminum market is particularly affected by supply threats, with prices expected to remain high due to production risks [5] Autonomous Driving Sector - The autonomous driving sector is gaining traction, with companies like Zhejiang Shibao (01057) rising by 21.53% following announcements from NVIDIA regarding advancements in self-driving technology [6] - NVIDIA's new AI platform is expected to stimulate demand for autonomous taxis, supporting global economic growth [6] Commercial Aerospace Developments - The commercial aerospace sector is experiencing growth, with companies like JunDa Co. (02865) rising by 8.01% due to recent developments in the industry [6] - The acceleration of the commercialization of space is anticipated to enhance the performance and valuation of related companies [6] Notable Stock Movements - Xindong Company (02400) increased by 6.04% after announcing a significant share buyback plan worth HKD 400 million [7] - Hesai Technology (02525) rose by 5.9% after being selected as a lidar partner for NVIDIA's platform and announcing plans to double production capacity [8] - Cathay Pacific (00293) faced pressure, declining by 2.6% due to a share placement by China National Aviation [9]

Core Viewpoint - Insurance capital's stake in listed companies has significantly increased, with over 30 instances of stake acquisitions in 2025, marking a new high in recent years [1][10]. Group 1: Stake Acquisition Trends - In 2025, insurance companies made 35 stake acquisitions, up from 20 in 2024, indicating a growing trend in equity market participation [2][11]. - The financial sector is the primary focus for insurance capital, with 15 stake acquisitions involving 6 banks and 2 insurance companies [1][4]. - The H-share market is the main venue for these acquisitions, as it offers better valuation opportunities compared to A-shares [1][4]. Group 2: Active Participants - A total of 14 insurance institutions participated in stake acquisitions in 2025, with Ping An Life leading with 12 acquisitions [2][11]. - Other notable participants include Great Wall Life and China Post Life, each with 4 acquisitions, and several others with fewer [2][11]. - August 2025 was particularly active, with 7 acquisitions, including Ping An Life's significant stake in Postal Savings Bank [2][11]. Group 3: Investment Characteristics - Insurance capital favors low-valuation, high-dividend stocks with stable performance, particularly in the banking sector [4][13]. - The new accounting standards encourage insurance companies to increase stake acquisitions to stabilize profit and loss fluctuations [3][12]. - Financial stocks, especially H-shares, are preferred due to their higher dividend yields compared to long-term bond yields [4][13]. Group 4: Financial Performance of Target Companies - Six banks targeted by insurance capital showed a range of return on equity (ROE) from approximately 6% to 11.55% [5][14]. - The banks reported stable dividend distributions, with China Merchants Bank having the highest number of cumulative dividends at 24 [5][14]. - In the first three quarters of 2025, five banks reported year-on-year profit increases, with Postal Savings Bank achieving a net profit of 765.62 billion yuan, up 0.98% [5][14]. Group 5: Market Reactions and Future Outlook - Stake acquisitions by insurance capital have positively influenced stock prices, often leading to short-term price surges [6][16]. - Insurance stocks have outperformed other sectors, with significant annual increases in stock prices for major insurance companies [8][18]. - The trend of insurance capital acquisitions is expected to continue into 2026, driven by considerations of dividend yield and return on equity [9][19].

中国平安今日涨4.96%，资金前5日加仓162万股，短线保持流入态势。 阿里巴巴-W今日跌1.31%，资金前5日减持248万股，短线以流出为主。 中国人寿今日涨4.29%，资金前5日加仓840万股，短线延续流入趋势。 快手-W今日涨2.58%，资金前5日减持893万股，短线仍以流出为主。 金风科技今日涨5.72%，资金前5日加仓1125万股，短线加速流入。 腾讯控股今日涨1.28%，资金前5日减持657万股，短线以流出为主。 中国移动今日跌0.12%，资金前5日减持6429万股，短线仍在加速流出。 注：由于港交所T+2结算，实际为截至两日前的近5个交易日数据 智通财经1月6日讯（编辑 冯轶）据Wind数据显示，南向资金今日成交约1333.53亿港元，较前一日缩量约103亿，约占恒指成交总额的45.72%，占比再度跌 至5成以下。 港股今日继续走强，但南向资金仅净流入约28.79亿港元。其中，沪港股通净流入约9.75亿港元，深港股通净流入约19.03亿港元。 个股方面，交易所数据显示，今日南向资金 大幅净买入：中国平安(02318.HK)18.40亿港元；阿里巴巴-W(09988.HK)16.19亿港元；中国人 ...

Core Viewpoint - The Hong Kong stock market experienced significant net buying from Northbound funds, totaling HKD 28.79 billion, with notable net purchases in major financial stocks and technology companies [1]. Group 1: Northbound Fund Activity - Northbound funds recorded a net purchase of HKD 28.79 billion, with HKD 9.75 billion from the Shanghai Stock Connect and HKD 19.03 billion from the Shenzhen Stock Connect [1]. - The most purchased stocks included China Ping An (02318), Alibaba-W (09988), and China Life (02628) [1]. - The most sold stocks were China Mobile (00941), Tencent (00700), and Hua Hong Semiconductor (01347) [1]. Group 2: Individual Stock Performance - Alibaba-W (09988) saw a net inflow of HKD 16.19 billion, driven by its advancements in AI and cloud services [5]. - China Ping An (02318) received a net purchase of HKD 12.26 billion, supported by positive market sentiment towards the insurance sector [4]. - Xiaomi Group-W (01810) had a net inflow of HKD 4.96 billion, with ambitious delivery targets for its automotive division [5]. - Kuaishou-W (01024) attracted a net purchase of HKD 2.34 billion, bolstered by strong performance in AI-generated content [5]. - Goldwind Technology (02208) gained a net inflow of HKD 1.7 billion, linked to its stake in Blue Arrow Aerospace [6]. Group 3: Sector Trends - The financial sector, particularly insurance stocks like China Ping An and China Life, is experiencing a bullish trend, supported by favorable market conditions and growth projections [4]. - Semiconductor stocks showed mixed results, with SMIC (00981) receiving a net inflow of HKD 224 million, while Hua Hong Semiconductor (01347) faced a net outflow of HKD 2.08 billion [6][7]. - The overall market sentiment indicates a shift towards sectors benefiting from AI and technology advancements, with significant interest in companies positioned in these areas [5][6].

格隆汇1月6日｜南下资金今日净买入港股28.79亿港元。其中： 净买入中国平安18.4亿、阿里巴巴-W 16.19亿、中国人寿5.88亿、小米集团-W 4.96亿、快手-W 2.34亿、国泰君安国际2.09亿、中金公司1.85亿、金风科技1.7 亿； | | 沪股通 | | | | | --- | --- | --- | --- | --- | | 名称 | 涨跌幅 | 净买入额(亿) | 成交额 | 名称 | | 阿里巴巴-W | -1.3% | 20.61 | 50.49 Z | 阿里巴巴-W | | 中芯国际 | -1.2% | -2.40 | 44.27 Z | 腾讯控股 | | 腾讯控股 | 1.3% | 0.11 | 41.10 Z | 中芯国际 | | 小米集团-W | -1.5% | 4.85 | 22.44 Z | 小米集团-W | | 中国平安 | 5.0% | 7.60 | 16.93 Z | 中国平安 | | 中国移动 | -0.1% | -8.75 | 15.86 Z | 美团-W | | 美团-W | 0.7% | -1.81 | 14.03 Z | 快手-W | | 金风科技 | ...

Group 1: Market Overview - On January 6, the Hong Kong stock market saw a net inflow of 2.879 billion HKD from northbound trading, with 975 million HKD from the Shanghai Stock Connect and 1.903 billion HKD from the Shenzhen Stock Connect [1] - The most bought stocks included China Ping An (02318), Alibaba-W (09988), and China Life (02628), while the most sold stocks were China Mobile (00941), Tencent (00700), and Hua Hong Semiconductor (01347) [1] Group 2: Stock Performance - Alibaba-W (09988) recorded a net inflow of 3.555 billion HKD, with a total trading volume of 5.049 billion HKD [2] - China Ping An (02318) had a net inflow of 1.226 billion HKD, while China Life (02628) saw a net inflow of 715 million HKD [4] - Xiaomi Group-W (01810) experienced a net inflow of 496 million HKD, with a delivery target of 550,000 vehicles for 2026, exceeding previous plans [5] Group 3: Sector Insights - The financial sector attracted significant attention, with China Ping An, China Life, and CICC receiving net inflows of 1.84 billion HKD, 588 million HKD, and 185 million HKD respectively [4] - The insurance sector is expected to maintain high growth, supported by new business and net profit value (NBV) growth, as well as improved interest margins [4] - Semiconductor stocks showed mixed results, with SMIC (00981) receiving a net inflow of 22.4 million HKD, while Hua Hong Semiconductor (01347) faced a net outflow of 208 million HKD [6]

南向资金近日净买入28.79亿港元，中国平安、阿里巴巴-W、中国人寿净买入额位列前三，分别获净买 入18.40亿港元、16.19亿港元、5.88亿港元。净卖出方面，中国移动、腾讯控股、华虹半导体分别遭净 卖出8.75亿港元、8.04亿港元、2.08亿港元。 ...

每经记者｜章光日 每经编辑｜吴永久 沪指冲破4000点，创下十年新高！在2026年开局火爆的市场氛围中，一个板块正以凌厉涨势占据"C 位"——保险股。其中，万亿巨头中国平安股价收于74.32元，创近4年新高，成为2025年第四季度以来 表现最亮眼的"A股新七舰"成员。牛市之下，保险股为何能成为领涨先锋？这波行情是昙花一现，还是 刚刚开始？ 牛市是保险股行情的关键驱动因素 2026年开年两个交易日，A股表现强势，沪指迅速站上4000点，并创下近十年来的新高。而板块方面， 科技板块和红利板块皆有不错表现。其中，保险板块作为红利板块的代表表现尤其亮眼，新华保险和中 国太保股价创下历史新高，而市值过万亿元的中国平安和中国人寿股价也在不断逼近历史高点。 那么，近期保险板块为何能够领涨A股呢？国金证券复盘发现，2017年以来，保险股表现与大盘表现高 度相关，主要源于保险公司高度依赖利差，权益市场表现对当期利润影响极大，并且这一规律自2022年 来持续强化。因此，牛市是保险股行情的关键驱动因素，市场上涨预期下，保险板块通常具备较强的业 绩弹性与估值修复动能。 政策面支持保险公司增加权益市场的配置，而2025年权益市场的良好 ...

Summary of Key Points Group 1: 52-Week Highs - A total of 134 stocks reached their 52-week highs as of January 6, with the highest increase recorded by Macau Legend Development (02962) at 96.00% [1] - Other notable stocks include Auda Holding (09929) with a high rate of 38.57% and China National Pharmaceutical Group (08247) at 24.80% [1] - The closing prices and peak prices for these stocks were as follows: Macau Legend Development at 0.066 and 0.098, Auda Holding at 0.920 and 0.970, and China National Pharmaceutical Group at 3.170 [1] Group 2: 52-Week Lows - The report also highlighted stocks that reached their 52-week lows, with the largest decline seen in Xie Tong Communication (02996) at -29.41% [4] - Other significant declines included Starry Sky Chinese Culture (06698) at -14.14% and Huazhong Biotech - B (02396) at -12.63% [4] - The closing and lowest prices for these stocks were: Xie Tong Communication at 0.016 and 0.012, Starry Sky Chinese Culture at 0.940 and 0.850, and Huazhong Biotech - B at 12.000 and 11.900 [4]