Core Insights - The Hong Kong stock market is experiencing two distinct but resonant waves of incremental capital from mainland China and South Korean retail investors, with mainland southbound funds achieving a record net purchase of 1.41 trillion HKD, establishing themselves as core builders of pricing power in the market [1][10] - Southbound funds are characterized by long-term value investment, while South Korean retail investors engage in high-frequency trading and narrative-driven investments, creating a diversified funding source and a layered pricing logic in the Hong Kong market [1][10] Funding Scale and Structure - Southbound funds have become the core incremental source and valuation system reshaper for the Hong Kong market, with a cumulative net inflow of 5.11 trillion HKD by the end of 2025, and a market value exceeding 6.3 trillion HKD, accounting for 12.7% of the total market [2] - South Korean retail investors, while having a smaller capital scale, exhibit concentrated trading behavior and significant leverage, particularly impacting specific sectors like new economy IPOs and the semiconductor industry [2][5] Industry Preferences - Southbound funds focus on financials and high-dividend utilities, with significant investments in major banks and state-owned enterprises driven by high dividend yields and low valuation levels, while South Korean investors show minimal interest in these sectors [3][5] - South Korean retail investors heavily invested in Xiaomi and MiniMax-WP, demonstrating a high turnover and narrative-driven trading approach, contrasting with the stable, long-term holdings of Southbound funds [5][8] Trading Behavior and Decision-Making - Southbound funds exhibit a decision-making anchor based on dividend yield, ROE stability, and free cash flow generation, characterized by continuous accumulation and stable holdings, as seen with significant net purchases in major banks [8][9] - South Korean retail investors, on the other hand, are driven by industry narrative strength and social media trends, with a high frequency of trading and a tendency to hold stocks for less than three months, reflecting a stark contrast to the long-term holding strategy of Southbound funds [9][10] Market Dynamics - The influx of South Korean retail investors into the Hong Kong market represents a diversification of the investor base, providing liquidity while also potentially increasing volatility during certain periods [9][10] - The interaction between Southbound funds and South Korean retail investors is creating a new normal in the Hong Kong market characterized by layered pricing and concurrent narratives, necessitating both stable investment strategies and agile trading approaches [10]

智通财经APP获悉，根据2026年2月12日披露数据，中国电信（00728）、昊天国际建投（01341）、绿 色动力环保（01330）位居港股通持股比例前3位，分别为71.33%、69.79%、68.88%。此外，腾讯控股 （00700）、阿里巴巴－W（09988）、南方恆生科技（03033）在最近有统计数据的5个交易日内，持股 额增幅最大，分别为+99.96亿元、+34.58亿元、+24.12亿元;中国平安（02318）、山东黄金（01787）、 招金矿业（01818）在最近有统计数据的5个交易日内，持股额减幅最大，分别为-5.71亿元、-5.66亿 元、-4.04亿元。 具体数据如下（交易所数据根据T+2日结算）： 1、港股通最新持股比例排行（前20名） | 公司名称 | 持股数量 | 最新持股比例 | | --- | --- | --- | | 中国电信(00728) | 99.00亿股 | 71.33% | | 昊天国际建投(01341) | 77.44亿股 | 69.79% | | 绿色动力环保(01330) | 2.79亿股 | 68.88% | | 南方恆生科技(03033) | 101.67亿 ...

Group 1 - The core point of the article highlights the short-selling ratios and amounts for various companies, indicating significant market activity and investor sentiment towards these stocks [1][2]. Group 2 - The top three companies by short-selling ratio are China Resources Beer (80291), Great Wall Motor (82333), and JD Health (86618), all at 100.00% [1][2]. - The top three companies by short-selling amount are Meituan (03690) with 1.878 billion, Zijin Mining (02899) with 1.770 billion, and Tencent Holdings (00700) with 1.606 billion [1][2]. - The companies with the highest deviation values in short-selling are Kuaishou (81024) at 36.81%, Zhaojin Mining (01818) at 33.02%, and China Shipbuilding Leasing (03877) at 30.32% [1][2].

特别提示：平安久瑞回报混合型证券投资基金的发售日期为2026年2月26日至2026年3月13日。 投资者可通过以下途径咨询有关详情： （1）中国平安人寿保险股份有限公司 客服电话：95511 转 1 网址：http://life.pingan.com （2）蚂蚁（杭州）基金销售有限公司 客服电话：95188-8 网址：www.fund123.cn 根据平安基金管理有限公司（以下简称"本公司"）与中国平安人寿保险股份有限公司、蚂蚁（杭州）基 金销售有限公司、上海好买基金销售有限公司、腾安基金销售（深圳）有限公司、京东肯特瑞基金销售 有限公司、诺亚正行基金销售有限公司、上海中正达广基金销售有限公司、和耕传承基金销售有限公 司、南京苏宁基金销售有限公司、弘业期货股份有限公司、通华财富(上海)基金销售有限公司、华瑞保 险销售有限公司、上海陆享基金销售有限公司、嘉实财富管理有限公司、华源证券股份有限公司、上海 证达通基金销售有限公司、万家财富基金销售（天津）有限公司、上海陆金所基金销售有限公司、上海 长量基金销售有限公司、上海天天基金销售有限公司、珠海盈米基金销售有限公司、北京雪球基金销售 有限公司、东方财富证券股份有 ...

Group 1: Hang Seng Index - The Hang Seng Index showed a slight increase, closing at 27,274 points with a gain of 0.31%, but trading volume continued to decline, raising concerns about market sustainability [1] - Investors exhibit a clear divergence in sentiment post-Lunar New Year, with bullish investors optimistic about reaching 28,500 points, while bearish investors worry about the sustainability of the current upward trend due to shrinking trading volume [1] - Technical analysis indicates a sell signal predominates, with a sell-to-buy signal ratio of 10:3, and key support at 26,700 points, with a potential drop to 26,100 points if breached [2] Group 2: Xiaomi Group - Xiaomi Group's stock price rebounded significantly, closing at 37.1 HKD, with intraday prices nearing the upper Bollinger Band, and trading volume increased [8] - To reach the target of 40 HKD, Xiaomi must break through two key resistance levels: 38.8 HKD and 39.7 HKD [8] - Some investors opted for put options as the stock price rose, indicating concerns about potential short-term pullbacks [9] Group 3: BYD Company - BYD's stock price performed well, reaching 99.15 HKD, with investors focused on whether it can stabilize above the 100 HKD mark and challenge the 110 HKD target [15] - Technical signals are neutral, with key resistance at 103.1 HKD, and a breakthrough could lead to further gains towards 110 HKD [15] - Investors are favoring long-dated call options with a strike price of around 106 HKD, which have a favorable selection in the market [16] Group 4: Ping An Insurance - Ping An's stock price has been fluctuating within a narrow range, closing at 72.5 HKD, with trading volume hitting a recent low [22] - There is a growing bearish sentiment, with some investors believing the stock needs to drop to 69 HKD before a new upward trend can begin [22] - The key support level is at 70.1 HKD, and if breached, the stock may drop to 67.5 HKD, with a sell signal dominating the market [22] Group 5: CNOOC Services - CNOOC Services' stock price reached a new high of 9.57 HKD, but trading volume slightly decreased, indicating a divergence between price and volume [28] - Despite the price breakout, technical signals remain bearish, suggesting caution regarding short-term optimism [28] - The key resistance level is at 9.83 HKD, and a breakthrough could lead to a rise above 10 HKD [28] Group 6: Trip.com Group - Trip.com Group's stock price has been hovering at low levels, closing at 446.2 HKD, with expectations for upcoming Spring Festival travel data [35] - The stock is near the lower Bollinger Band, with a slight buy signal prevailing, but the key support level is at 431 HKD, below which a drop to 395 HKD is likely [35] - Investors are advised to wait for stabilization before considering bottom-fishing strategies, with some opting for call options with a strike price of 400 HKD [35]

Core Insights - The Shenzhen listed companies have contributed over 2 trillion yuan in taxes in the past five years and more than 3.5 trillion yuan in the last decade, supporting regional employment with over 4 million jobs [1][2] - During the 14th Five-Year Plan period, Shenzhen listed companies distributed nearly 990 billion yuan in dividends, significantly exceeding the equity financing scale, ranking second among major cities in China [1] - In 2025, the cash dividends are expected to exceed 180 billion yuan, with leading companies like China Ping An and China Merchants Bank maintaining over 10 years of continuous dividends [1] Financial Performance - In the first three quarters of 2025, 52 listed companies in Shenzhen paid out 50.201 billion yuan in cash dividends, setting a new record with a payout ratio exceeding 30% [1] - The stock prices of major companies have shown strong performance, with China Ping An's stock price increasing by 35.87%, China Merchants Bank's A-shares rising by 11.76%, and Industrial Fulian's stock price surging by 194.26% [1] Economic Impact - In the first three quarters of 2025, Shenzhen listed companies paid nearly 285 billion yuan in various taxes and provided over 4 million jobs, with total employee compensation exceeding 620 billion yuan and an average annual salary of over 200,000 yuan [2] - Leading enterprises are showing strong investment intentions, significantly increasing their investments in fixed assets and other long-term assets, which injects sustainable momentum into economic development [2] - Innovative companies like UBTECH and Huichuan Technology are not only creating numerous high-end job opportunities but also driving the development of thousands of small and medium-sized enterprises in the supply chain, fostering a robust ecosystem [2]

这是无数中国肿瘤患者求医路上的缩影。而一场正在席卷全球的医疗AI变革，正在试图驱散这层"信息 决策盲区"。 2026年1月，医疗AI初创公司OpenEvidence宣布完成D轮融资，估值飙升至120亿美元。这家成立仅几年 的公司，凭借一款能实时检索权威文献，基本做到"零幻觉"的AI工具，让全美超过40%的执业医生都在 使用。 有的专家可能建议一种听起来极具科技感的方案，"手术+海外细胞疗法"，费用高达100万元，且完全在 医保报销范围之外；而另一套则是基于临床指南的"标准方案"，手术叠加放化疗与内分泌治疗，费用约 为15万元。 面对厚达几十页、充斥着晦涩术语的各种检查报告，患者不仅面临着"治病"的焦虑，更面临着"致贫"的 现实风险。 深耕重疾诊疗全流程，做难而正确的事。 对于一位刚确诊为乳腺癌的患者来说，摆在她面前的，除了是医学诊疗的复杂性，还有医疗支出的不确 定性。 这股热浪迅速传导至中国。互联网大厂们纷纷跟进，以各自擅长点切入，希望成为中国的 OpenEvidence。当大厂们还在比拼谁更会聊天更会找文献时，中国平安并没有止步于做一个"好用的AI 问答工具"。而是依托在金融与大健康领域的多年深耕，中国平台 ...

有的专家可能建议一种听起来极具科技感的方案， " 手术+海外细胞疗法" ，费用高达100万元，且完全在医保报销范围之外；而另一套则是基于临床指南 的 " 标准方案" ，手术叠加放化疗与内分泌治疗，费用约为15万元。 深耕重疾诊疗全流程，做难而正确的事。 对于一位刚确诊为乳腺癌的患者来说，摆在她面前的，除了是医学诊疗的复杂性，还有医疗支出的不确定性。 这是无数中国肿瘤患者求医路上的缩影。而一场正在席卷全球的医疗AI变革，正在试图驱散这层 " 信息决策盲区" 。 2026年1月，医疗AI初创公司OpenEvidence宣布完成D轮融资，估值飙升至120亿美元。这家成立仅几年的公司，凭借一款能实时检索权威文献，基本做到 " 零幻觉" 的AI工具，让全美超过40%的执业医生都在使用。 这股热浪迅速传导至中国。互联网大厂们纷纷跟进，以各自擅长点切入，希望成为中国的OpenEvidence。当大厂们还在比拼谁更会聊天更会找文献时，中 国平安并没有止步于做一个 " 好用的AI问答工具" 。而是依托在金融与大健康领域的多年深耕，中国平台正在极力构建一个集 " 深度诊疗" 与 " 风控大脑" 于一体的AI-MDT（多学科会诊） ...

来源：中国金融家杂志 平安养老保险股份有限公 司党委书记、董事长 甘为民 灵蛇辞岁去，骏马迎春来。在这个辞旧迎新的重要时刻，我谨代表平安养老保险股份有限公司，向《中 国金融家》杂志的广大读者们，向长期在养老金融事业默默耕耘的同仁们，向长期关心支持平安养老险 的朋友们，致以最诚挚的祝福，祝愿大家新春快乐、阖家幸福！ 新春畅想 责任编辑：曹睿潼 来源：中国金融家杂志 2026年是"十五五"开局之年，是中国共产党建党105周年，也是落实积极应对人口老龄化国家战略和加 快建设金融强国的重要一年。作为养老金融行业的一员，我们既是这些伟大事业的见证者，更是参与 者、建设者。在这一重要历史节点，我们将以高度的责任感和使命感，助力国家加快建设应对人口老龄 化的养老金融体系。 锚定"十五五"，勇担新使命。作为第一家冠以"养老"字样的持牌金融机构，平安养老险目前管理的年金 资产规模已超万亿元。20多年来，我们深知使命光荣、责任重大，认识到年金既是老百姓的"养老钱"， 也是国家养老保险体系的重要支柱。"十五五"期间，我们将继续深耕养老主业，贯彻国家对保险资金、 年金基金等中长期资金入市的要求，强化数字化转型，优化投资策略，为老百姓 ...

Core Insights - Ping An Property & Casualty launched a risk reduction initiative for the 2026 Spring Festival, focusing on high-traffic routes during the travel peak, utilizing historical claims data to prevent road safety risks [2] Group 1: Risk Reduction Actions - The initiative targets seven provinces with significant increases in average daily claims during the Spring Festival, including Sichuan, Anhui, Henan, Hunan, Jiangxi, Guizhou, and Chongqing, while also being implemented in other provinces like Shandong, Hubei, Gansu, and Guangxi [2] - A multi-faceted risk reduction model is employed, incorporating data analysis, police-enterprise collaboration, and localized strategies, including the establishment of service station networks, intelligent intersection warnings, rural road renovations, and ice hazard management [2] Group 2: Technological Innovations - Intelligent early warning systems are highlighted, with an example from Guizhou where 224 IoT weather monitoring devices were installed on 56 high-risk icy highway sections for remote monitoring and real-time alerts, with data shared with regional traffic command centers [2] - In Hunan, the company collaborated with traffic police to deploy drones for highway patrols, enhancing the ability to detect and respond to incidents quickly, especially at night [3] Group 3: Broader Industry Trends - The exploration of road risk reduction has become a critical focus for many insurance companies, with Ping An initiating the "Red and Green Light" public welfare action to identify accident-prone areas using historical claims data, particularly in rural high-risk zones [3] - By the end of 2025, the public welfare initiative aims to cover over 300 counties and complete renovations on more than 1,700 high-risk road sections [3]