消息面上，近期贸易风波持续扰动市场。商务部10月14日发布公告，为反制美国对中国采取海事、物流 和造船业301调查措施，经国家反外国制裁工作协调机制批准，商务部公布《关于对韩华海洋株式会社5 家美国相关子公司采取反制措施的决定》，自2025年10月14日起施行。申万宏源认为，10月中美贸易摩 擦扰动，但国产模型与芯片的进步是应对底气，仍然坚定看好港股互联网AI云和自研芯片价值重估。 该行指出，更值得关注的是即时零售的激烈竞争边际变化，3季度预计是内卷高峰，后续竞争缓和幅度 将对港股互联网的盈利预期影响较大。 智通财经APP获悉，港股午后显著跳水，恒生科技指数跌幅扩大逾4%。截至发稿，成分股中，华虹半 导体(01347)跌14.84%，报75.2港元；金山软件(03888)跌7.44%，报33.84港元；阿里巴巴-W(09988)跌 4.61%，报155港元；腾讯(00700)跌3.05%，报619.5港元。 ...

Core Viewpoint - The Hong Kong stock market saw a collective decline in the "Xinchuang" concept stocks on October 14, with significant drops in share prices for several companies [2] Company Summaries - Kingsoft Corporation (03888.HK) experienced a decline of 7.44%, trading at 33.84 HKD [2] - ChinaSoft International (00354.HK) fell by 4.75%, with shares priced at 5.81 HKD [2] - Inspur Digital Enterprise (00596.HK) saw a decrease of 4.94%, with its stock at 8.09 HKD [2]

Core Viewpoint - The announcement by former U.S. President Trump regarding export controls on key software to China has led to a decline in Chinese software stocks, with a strong market sentiment for "domestic substitution" in the software industry [1] Group 1: Stock Performance - Chinese software stocks collectively fell, with Kingsoft (03888) down 7.44% to HKD 33.84, ChinaSoft International (00354) down 4.75% to HKD 5.81, and Inspur Digital Enterprise (00596) down 4.94% to HKD 8.09 [1] Group 2: Market Reaction - The lack of a clear definition for "key software" in Trump's announcement has created uncertainty, and negotiations between the U.S. and China are expected to take place [1] - The sentiment for "domestic substitution" has been building since 2018, suggesting that the immediate impact on the fundamentals of Chinese software companies may be limited [1] Group 3: Future Outlook - If the export controls are implemented starting November 1, it is anticipated that Chinese industrial software, office software, and ERP software companies could benefit from the situation [1]

Core Viewpoint - The announcement by former President Trump regarding export controls on key software to China has led to a decline in Chinese software stocks, while also igniting strong market sentiment for "domestic substitution" within the industry [1] Group 1: Stock Performance - Chinese software stocks collectively fell, with Kingsoft (03888) down 7.44% to HKD 33.84, ChinaSoft International (00354) down 4.75% to HKD 5.81, and Inspur Digital Enterprise (00596) down 4.94% to HKD 8.09 [1] Group 2: Market Sentiment and Expectations - The lack of a clear definition for "key software" in Trump's announcement has led to uncertainty, with expectations that negotiations between the US and China will continue [1] - The sentiment for "domestic substitution" has been building since 2018, suggesting that the immediate impact on the fundamentals of Chinese software companies may be limited [1] Group 3: Future Implications - If the export controls are implemented as planned on November 1, it is anticipated that Chinese industrial software, office software, and ERP software companies could benefit from the situation [1]

| 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | --- | --- | --- | | 00700 | 腾讯控股 | 0.00% | 9.65% | | 09988 | 阿里巴巴-W | 0.74% | 9.25% | | 03690 | 美团-W | 0.60% | 8.37% | | 01024 | 快手-W | -1.49% | 6.05% | | 06618 | 京东健康 | 3.50% | 3.98% | | 002230 | 科大讯飞 | -0.20% | 3.88% | | 09626 | 昨週時頃-W | -3.24% | 3.52% | | 03888 | 金山软件 | -4.21% | 2.78% | | 002517 | 恺英网络 | 0.65% | 2.61% | | 002558 | 巨人网络 | 0.17% | 2.53% | 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 线上消费ETF基金紧密跟踪中证沪港深线上消费主题指数，中证沪港深线上消费主题指数从内地与香港市场中选取50只主营业务涉及线上购物、数字娱乐、 在线教育以及远程医疗等 ...

Core Viewpoint - On October 13, Kingsoft Software made its first appearance on the Hong Kong Stock Connect active trading list in a month, with a trading volume of 19.32 billion HKD and a net buy of 2.86 billion HKD, closing up 13.82% [2][3]. Group 1: Trading Activity - The total trading volume of active stocks on the Hong Kong Stock Connect on October 13 was 1080.35 billion HKD, accounting for 47.59% of the day's total trading amount [2]. - Alibaba-W had the highest trading volume at 322.98 billion HKD, followed by SMIC and Xiaomi Group-W with trading volumes of 177.21 billion HKD and 153.23 billion HKD, respectively [2]. - The most frequently listed stocks in the past month were Alibaba-W and Tencent Holdings, each appearing 15 times, indicating strong interest from Hong Kong Stock Connect funds [2]. Group 2: Individual Stock Performance - Kingsoft Software's trading volume was 19.32 billion HKD, with a net buy of 2.86 billion HKD, marking its first appearance on the active list in a month [2][3]. - The stock closed at 36.56 HKD, reflecting a daily increase of 13.82% [3]. - Other notable stocks included Tencent Holdings with a trading volume of 136.00 billion HKD and a net sell of 24.45 billion HKD, and SMIC with a trading volume of 177.21 billion HKD and a net sell of 5.24 billion HKD [2].

Core Points - The Hang Seng Index fell by 1.52% on October 13, closing at 25,889.48 points, while southbound funds through the Stock Connect recorded a net inflow of HKD 19.804 billion [1] - The total trading volume for the Stock Connect on October 13 was HKD 227.017 billion, with a net buy of HKD 19.804 billion [1] - Active stocks in the Shanghai Stock Connect included Alibaba-W, which had the highest trading volume at HKD 22.610 billion, followed by SMIC and Xiaomi Group with HKD 12.670 billion and HKD 9.133 billion respectively [1] - The top net buy stock was the Tracker Fund of Hong Kong, with a net inflow of HKD 5.208 billion, despite its closing price dropping by 1.56% [1] - Tencent Holdings had the highest net sell amount at HKD 3.308 billion, with a closing price decrease of 1.92% [1] Trading Activity Summary - In the Shenzhen Stock Connect, Alibaba-W led with a trading volume of HKD 9.688 billion, followed by Xiaomi Group and SMIC at HKD 6.189 billion and HKD 5.050 billion respectively [2] - The Tracker Fund of Hong Kong recorded a net buy of HKD 2.075 billion, while the highest net sell was for Innovent Biologics at HKD 0.515 billion, with a closing price drop of 4.20% [2] - The trading data for the top active stocks included significant fluctuations in net buy and sell amounts, indicating varied investor sentiment [2]

Group 1 - The Hang Seng Index fell by 1.52% on October 13, with a total southbound trading volume of HKD 227.017 billion, including HKD 123.411 billion in buying and HKD 103.606 billion in selling, resulting in a net buying amount of HKD 19.804 billion [1] - The southbound trading through Stock Connect (Shenzhen) had a total trading volume of HKD 78.738 billion, with net buying of HKD 12.206 billion, while the trading through Stock Connect (Shanghai) had a total volume of HKD 148.279 billion and net buying of HKD 7.598 billion [1] - Alibaba-W had the highest trading volume among southbound stocks, totaling HKD 32.298 billion, followed by SMIC and Xiaomi Group-W with HKD 17.721 billion and HKD 15.323 billion respectively [1] Group 2 - Among the active stocks, the top net buying stock was the Tracker Fund of Hong Kong with a net buying amount of HKD 7.282 billion, despite a closing price drop of 1.56% [2] - Xiaomi Group-W and ZTE Corporation had the longest consecutive net buying days, with 6 and 3 days respectively, and the highest net buying amounts of HKD 4.709 billion and HKD 1.673 billion [2] - The stocks with the highest net selling amounts included Tencent Holdings with HKD 2.445 billion, Alibaba-W with HKD 1.624 billion, and SMIC with HKD 0.524 billion [2]

Core Insights - On October 13, 2025, Alibaba-W (09988), SMIC (00981), and Xiaomi Group-W (01810) were the top three stocks by trading volume in the Southbound trading of the Stock Connect, with trading amounts of 22.61 billion, 12.67 billion, and 9.13 billion respectively [1] - In the Southbound trading of the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), Xiaomi Group-W (01810), and SMIC (00981) also ranked as the top three, with trading amounts of 9.69 billion, 6.19 billion, and 5.05 billion respectively [1] Shanghai-Hong Kong Stock Connect Top Active Companies - Alibaba-W (09988) had a trading amount of 22.61 billion with a net buy of -2.18 billion [1] - SMIC (00981) recorded a trading amount of 12.67 billion with a net buy of -1.81 billion [1] - Xiaomi Group-W (01810) had a trading amount of 9.13 billion with a net buy of +0.13 billion [1] - Tencent Holdings (00700) had a trading amount of 9.13 billion with a net buy of -3.31 billion [1] - The Yingfu Fund (02800) saw a trading amount of 5.42 billion with a net buy of +5.21 billion [1] - Hua Hong Semiconductor (01347) had a trading amount of 5.17 billion with a net buy of +0.79 billion [1] - Other notable companies included Hang Seng China Enterprises (02828), ZTE Corporation (00763), Meituan-W (03690), and Kingsoft Corporation (03888) with varying trading amounts and net buys [1] Shenzhen-Hong Kong Stock Connect Top Active Companies - Alibaba-W (09988) had a trading amount of 9.69 billion with a net buy of +0.55 billion [1] - Xiaomi Group-W (01810) recorded a trading amount of 6.19 billion with a net buy of +0.76 billion [1] - SMIC (00981) had a trading amount of 5.05 billion with a net buy of +1.29 billion [1] - Tencent Holdings (00700) had a trading amount of 4.47 billion with a net buy of +0.86 billion [1] - Hua Hong Semiconductor (01347) saw a trading amount of 3.04 billion with a net buy of +0.56 billion [1] - Other companies such as Yingfu Fund (02800), Meituan-W (03690), ZTE Corporation (00763), WuXi Biologics (02269), and Innovent Biologics (01801) also participated with varying trading amounts and net buys [1]

Group 1 - Southbound funds net bought Hong Kong stocks worth 19.804 billion HKD today [1] - The top net purchases included: - Tracker Fund of Hong Kong: 7.282 billion HKD - Hang Seng China Enterprises: 2.135 billion HKD - Hua Hong Semiconductor: 1.348 billion HKD - Xiaomi Group-W: 0.888 billion HKD - Meituan-W: 0.806 billion HKD - ZTE Corporation: 0.724 billion HKD - Kingsoft Corporation: 0.286 billion HKD [1] - The top net sales included: - Tencent Holdings: 2.445 billion HKD - Alibaba Group-W: 1.624 billion HKD - SMIC: 0.523 billion HKD - Innovent Biologics: 0.515 billion HKD - WuXi Biologics: 0.267 billion HKD [1] Group 2 - Southbound funds have net bought Xiaomi for six consecutive days, totaling 4.70897 billion HKD [1] - Southbound funds have net bought ZTE Corporation for three consecutive days, totaling 1.67286 billion HKD [1] - Southbound funds have net sold SMIC for three consecutive days, totaling 5.62891 billion HKD [1] - Southbound funds have net sold Alibaba for three consecutive days, totaling 4.18416 billion HKD [1] - Southbound funds have net sold Tencent for three consecutive days, totaling 3.85962 billion HKD [1]