Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (00728) at 70.97%, Green Power Environmental (01330) at 68.68%, and Haotian International Construction Investment (01341) at 66.96% [1] - Tencent Holdings (00700), Pop Mart (09992), and Yangtze Optical Fibre and Cable (06869) saw the largest increases in holding amounts over the last five trading days, with increases of +2.954 billion, +1.333 billion, and +1.183 billion respectively [1] - Conversely, China Mobile (00941), Zijin Mining (02899), and Alibaba-W (09988) experienced the largest decreases in holding amounts, with reductions of -2.026 billion, -1.856 billion, and -1.609 billion respectively [2] Group 1: Top Holding Ratios - China Telecom (00728) has a holding of 9.851 billion shares, representing 70.97% [1] - Green Power Environmental (01330) has a holding of 0.278 billion shares, representing 68.68% [1] - Haotian International Construction Investment (01341) has a holding of 7.430 billion shares, representing 66.96% [1] Group 2: Recent Increases in Holdings - Tencent Holdings (00700) increased by +2.954 billion, with a change of +4.9354 million shares [1] - Pop Mart (09992) increased by +1.333 billion, with a change of +5.8896 million shares [1] - Yangtze Optical Fibre and Cable (06869) increased by +1.183 billion, with a change of +13.9887 million shares [1] Group 3: Recent Decreases in Holdings - China Mobile (00941) decreased by -2.026 billion, with a change of -2.5982 million shares [2] - Zijin Mining (02899) decreased by -1.856 billion, with a change of -4.69103 million shares [2] - Alibaba-W (09988) decreased by -1.609 billion, with a change of -0.98507 million shares [2]

Group 1 - Trump and Modi reached a trade agreement to reduce tariffs on Indian goods from 25% to 18% and cancel an additional 25% tariff on Indian purchases of Russian oil. India committed to purchasing over $500 billion worth of U.S. goods in sectors including energy, technology, agriculture, and coal [2] - SpaceX announced the completion of its acquisition of xAI, with SpaceX valued at approximately $1 trillion and xAI at around $250 billion, resulting in a combined valuation of $1.25 trillion [2] Group 2 - The U.S. Labor Statistics Bureau will not release the January non-farm employment report due to a partial government shutdown, and the December job openings report will also be postponed [4] - U.S. stock markets saw all three major indices rise, with the Dow Jones up 1.05%, S&P 500 up 0.54%, and Nasdaq up 0.56%. Notable tech stocks like Intel rose nearly 5%, while Nvidia fell over 2% [5][6] - The Nasdaq Golden Dragon China Index fell 0.65%, with significant declines in Chinese stocks such as XPeng down 8.2% and BYD down 6.7% [5] Group 3 - The U.S. dollar index increased by 0.64%, while the offshore and onshore RMB showed slight fluctuations [8] - Gold and silver experienced significant volatility, with spot gold dropping over 4% and silver declining nearly 7%. WTI crude oil futures fell by approximately 4.71% [6][8] Group 4 - The Chinese manufacturing PMI for January rose to 50.3, indicating continued expansion, driven by improvements in employment and new orders [22] - Citigroup raised its GDP forecast for Hong Kong to 3.2% for the year, reflecting a more stable recovery in major industries [24]

Group 1 - Anta Sports (82020), Li Ning (82331), and JD Health (86618) have the highest short-selling ratios at 100.00% each [1][2] - BYD Company (01211), Meituan (03690), and Xiaomi Group (01810) lead in short-selling amounts, with 1.896 billion, 1.439 billion, and 0.965 billion respectively [1][2] - Li Ning (82331), Shangmei Group (02145), and Bank of China Hong Kong (82388) have the highest deviation values at 37.55%, 31.60%, and 30.16% respectively [1][2] Group 2 - The top short-selling ratio rankings include Anta Sports (82020) at 100.00%, Li Ning (82331) at 100.00%, and JD Health (86618) at 100.00% [2] - The top short-selling amounts are led by BYD Company (01211) at 1.896 billion, Meituan (03690) at 1.439 billion, and Xiaomi Group (01810) at 0.965 billion [2] - The top deviation values are led by Li Ning (82331) at 37.55%, Shangmei Group (02145) at 31.60%, and Bank of China Hong Kong (82388) at 30.16% [2]

Group 1: Hang Seng Index (HSI) - The Hang Seng Index experienced a significant pullback after reaching a recent high of 28,000 points, closing around 27,300 points on January 30, with a decrease in trading volume compared to previous days but still at a relatively high level [2] - Investors are divided on the market outlook, with some viewing the pullback as a buying opportunity, while others are cautious about short-term volatility and are considering bear certificates [2] - Technical indicators show a bearish short-term signal with 9 sell signals and 6 buy signals, suggesting market sentiment is under pressure [2] Group 2: Contemporary Amperex Technology Co., Limited (CATL) - On January 30, CATL's stock price rose against the market trend, closing at 491 HKD, approaching the 500 HKD mark, with increased trading volume but still below the high levels seen in November [9] - Investors are focused on whether CATL can break through the 500 HKD level, with some looking at call options with a strike price of 629.38 HKD [9] - Technical indicators are neutral, with no clear direction for price movement, and resistance levels are set at 511 HKD and 520 HKD if the 500 HKD mark is surpassed [9] Group 3: Kuaishou Technology (Kuaishou) - Kuaishou's stock price adjusted to close at 80.15 HKD, maintaining the 80 HKD support level, with discussions on the potential to challenge the 90 HKD mark [15] - Technical indicators show a slight advantage for sell signals, indicating upward pressure, with resistance at 84.5 HKD and further at 86.8 HKD [15] - Investors interested in Kuaishou's bull certificates are advised to select products with a redemption price around 70 HKD or lower to mitigate risks [16] Group 4: Zijin Mining Group Co., Ltd. - Zijin Mining's stock price saw significant volatility, closing at 41.9 HKD, with a trading volume reaching a two-month high, indicating a technical pullback [22] - Investors remain optimistic about Zijin Mining, considering the recent drop as a short-term correction, with 38 HKD being a potential entry point [22] - Technical indicators show a slight predominance of sell signals, with key support at 38.5 HKD and further support at 36.3 HKD [22] Group 5: BYD Company Limited - BYD's stock price recorded a notable decline, closing at 97.75 HKD, having fallen below the middle line of the Bollinger Bands [28] - Technical indicators suggest a short-term support level at 94.6 HKD, with further support at 91.3 HKD, and resistance at 101.5 HKD [28] - Investors looking to position in BYD's bear certificates are recommended to choose products with a redemption price above 105 HKD to avoid risks associated with price rebounds [28] Group 6: AIA Group Limited - AIA's stock price fluctuated moderately, closing at 90.35 HKD, above the upper line of the Bollinger Bands, with increased trading volume [35] - Investors are optimistic about AIA's potential to challenge the 100 HKD mark, with technical indicators showing a slight predominance of sell signals [35] - Resistance levels are set at 92.6 HKD and 96.8 HKD, which need to be surpassed for a potential move towards the 100 HKD level [35]

Core Insights - On February 2, 2026, Alibaba-W (09988), Tencent Holdings (00700), and China Mobile (00941) were the top three companies by trading volume in the Southbound Stock Connect, with transaction amounts of 6.121 billion, 4.166 billion, and 3.225 billion respectively [1] - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), Tencent Holdings (00700), and SMIC (00981) also led the trading volume, with transaction amounts of 3.730 billion, 2.511 billion, and 2.012 billion respectively [1] Southbound Stock Connect Top Active Companies - Alibaba-W (09988) had a trading amount of 6.121 billion with a net buy of -0.816 billion [2] - Tencent Holdings (00700) recorded a trading amount of 4.166 billion with a net buy of +0.880 billion [2] - China Mobile (00941) had a trading amount of 3.225 billion with a net buy of -0.134 billion [2] - SMIC (00981) had a trading amount of 2.965 billion with a net buy of -29.8693 million [2] - Other notable companies included Xiaomi Group-W (01810) with a trading amount of 2.096 billion and a net buy of +0.391 billion [2] Shenzhen-Hong Kong Stock Connect Top Active Companies - Alibaba-W (09988) had a trading amount of 3.730 billion with a net buy of +0.488 billion [2] - Tencent Holdings (00700) recorded a trading amount of 2.511 billion with a net buy of +0.424 billion [2] - SMIC (00981) had a trading amount of 2.012 billion with a net buy of -1.32 billion [2] - Other significant companies included China Mobile (00941) with a trading amount of 1.401 billion and a net buy of +0.0651447 billion [2]

据Mysteel不完全统计，2026年1月国内15个涉铜项目公布开工、投产和环评审批等情况。其中玉林市桂铜32万吨含铜二次资源综合利用项目于1月11日开 工，紫金矿业巨龙铜矿二期改扩建工程于1月23日投产。 据Mysteel不完全统计，2026年1月国内15个涉铜项目公布开工、投产和环评审批等情况。其中玉林市桂铜32万吨含铜二次资源综合利用项目于1月11日开 工，紫金矿业巨龙铜矿二期改扩建工程于1月23日投产。 具体情况如下： | 日期 | 公司名称 | | | --- | --- | --- | | 1月4日 | 福建紫金贵金属材料有限公司 | 铜粉/银1 | | 1月6日 | 新疆有色金属工业(集团)有限责任 公司 | 伊泰公里 | | 1月8日 | 安徽新太科技有限公司 | 年产40.5 | | 1月11日 | 玉林市桂铜再生资源有限公司 八八五日十八五五十九五五十九 六三一一七月 | 32万吨台 | | | 1月13日 江西凯安新材料集团股份有限公司 年产5万 | | | --- | --- | --- | | 1月14日 | 安徽九发铜业有限公司 | 年产137 | | 1月15日 | 苏州美亿鑫智 ...

| | 沖股通 | | | | | --- | --- | --- | --- | --- | | 名称 | 涨跌幅 | 净买入额(亿) | 成交额 | 名称 | | 阿里巴巴-W | -3.5% | -8.16 | 61.21亿 | 阿里巴巴-W | | 腾讯控股 | -1.2% | 8.80 | 41.66 Z | 腾讯控股 | | 中国移动 | -2.3% | -1.34 | 32.25 Z | 中芯国际 | | 中芯国际 | -4.2% | -0.30 | 29.65 Z | 华虹非导体 | | 中国海洋石油 | -4.8% | -0.87 | 21.21亿 | 小米集团-W | | 小米集团-W | -1.2% | 3.91 | 20.96亿 | 中国移动 | | 长飞光纤光缆 | 1.1% | 0.36 | 20.26亿 | 长飞光纤光缆 | | 中国人寿 | -4.0% | 1.88 | 20.09亿 | 中国海洋石油 | | 华虹半导体 | -11.2% | -0.61 | 17.57亿 | 紫尖则,不 | | 紫金矿业 | -5.6% | -0.38 | 14.85 Z | 石药集团 | 格 ...

Market Overview - Southbound funds traded approximately HKD 138.285 billion today, a significant increase of about HKD 21.8 billion compared to the previous day, accounting for 39.75% of the total turnover of the Hang Seng Index, which has been below 40% for several consecutive days [2] - Despite the Hong Kong stock market accelerating downward, southbound funds saw a net inflow of approximately HKD 1.907 billion, with the Shanghai-Hong Kong Stock Connect recording a net inflow of about HKD 2.738 billion, while the Shenzhen-Hong Kong Stock Connect experienced a net outflow of approximately HKD 0.83 billion [2] Individual Stock Performance - Tencent Holdings (0700.HK) saw a significant net buy of HKD 1.304 billion, while its stock price fell by 1.24% [2][3] - Xiaomi Group-W (01810.HK) had a net buy of HKD 0.278 billion, with a stock price decline of 1.24% [2][3] - Huahong Semiconductor (01347.HK) experienced a net outflow of HKD 0.615 billion and a sharp decline of 11.24% [2][4] - Zijin Mining (02899.HK) had a net outflow of HKD 0.464 billion, with a stock price drop of 5.58% [2][4] - CSPC Pharmaceutical Group (01093.HK) saw a net outflow of HKD 0.393 billion and a decline of 4.69% [2][4] - Alibaba-W (09988.HK) experienced a net outflow of HKD 0.329 billion, with a stock price decrease of 3.49% [2][4] - SMIC (00981.HK) had a net outflow of HKD 0.162 billion, with a decline of 4.24% [2][4] Trading Activity - In the top ten active stocks on the Hong Kong Stock Connect (Shanghai), Alibaba-W had a net outflow of HKD 0.816 billion, while Tencent Holdings had a net inflow of HKD 0.880 billion [5] - On the Shenzhen Stock Connect, Alibaba-W recorded a net inflow of HKD 0.488 billion, while Huahong Semiconductor had a significant net outflow of HKD 0.554 billion [5]

Summary of Key Points Core Viewpoint - The Hong Kong stock market experienced significant net inflows from northbound capital, with a total net buy of HKD 19.07 billion on February 2, 2023, indicating strong investor interest in certain stocks while others faced net sell-offs [1]. Group 1: Northbound Capital Activity - Northbound capital recorded a net buy of HKD 27.38 billion through the Shanghai Stock Connect and a net sell of HKD 8.3 billion through the Shenzhen Stock Connect [1]. - The most bought stocks included Tencent (00700), Xiaomi Group-W (01810), and China Life (02628) [1]. - The most sold stocks were Hua Hong Semiconductor (01347), Zijin Mining (02899), and CSPC Pharmaceutical Group (01093) [1]. Group 2: Individual Stock Performance - Alibaba-W (09988) had a net sell of HKD 3.28 billion, with plans to invest HKD 30 billion in a "Spring Festival Treat Plan" [6][7]. - Tencent (00700) saw a net buy of HKD 13.03 billion, boosted by the launch of its "Yuanbao" Spring Festival red envelope activity, which is expected to increase downloads and user engagement [4]. - China Life (02628) received a net buy of HKD 1.87 billion, supported by positive forecasts for its individual insurance sales [5]. - Hua Hong Semiconductor (01347) faced a net sell of HKD 6.15 billion, amid tightening order reviews from major chip manufacturers [6]. - Zijin Mining (02899) experienced a net sell of HKD 4.64 billion, as it announced plans to issue USD 1.5 billion zero-coupon convertible bonds for project financing [7].

Core Viewpoint - The report highlights the premium rates of AH shares, with Northeast Electric (00042), Sinopec Oilfield Service (01033), and Zhejiang Shibao (01057) leading in premium rates, while CATL (03750), China Merchants Bank (03968), and Heng Rui Medicine (01276) are at the bottom of the list [1] Premium Rate Rankings - The top three AH shares by premium rate are: - Northeast Electric (00042) with a premium rate of 864.29% - Sinopec Oilfield Service (01033) with a premium rate of 361.80% - Zhejiang Shibao (01057) with a premium rate of 345.22% [1] - The bottom three AH shares by premium rate are: - CATL (03750) with a premium rate of -14.10% - China Merchants Bank (03968) with a premium rate of -4.16% - Heng Rui Medicine (01276) with a premium rate of 0.99% [1] Deviation Value Rankings - The top three AH shares by deviation value are: - Sinopec Oilfield Service (01033) with a deviation value of 89.71% - Northeast Electric (00042) with a deviation value of 34.53% - Zhongwei New Materials (02579) with a deviation value of 25.28% [1] - The bottom three AH shares by deviation value are: - Zhejiang Shibao (01057) with a deviation value of -53.92% - Changfei Optical Fiber (06869) with a deviation value of -35.50% - Nanhua Futures (02691) with a deviation value of -30.81% [1] Additional Insights - The report includes detailed tables showing the premium rates and deviation values for various AH shares, indicating significant disparities in market valuations between H-shares and A-shares [2]