港股市场卖空金额骤降37.7% 科技巨�...

Core Viewpoint - The Hong Kong stock market is experiencing a positive shift, with a notable recovery in investor sentiment and a significant decrease in short-selling activity, indicating a more optimistic outlook for the market [1][2]. Short Selling Data Overview - The total short-selling amount in the Hong Kong stock market dropped from HKD 58.805 billion on November 20 to HKD 36.639 billion on November 27, a decline of 37.7% [2]. - The number of stocks involved in short-selling decreased from 840 on November 20 to 795 on November 27, reflecting a clear reduction in bearish sentiment [2]. Performance of Technology Giants - Alibaba's short-selling ratio fell from 21.97% on November 20 to 16.86% on November 27, with the number of shares short-sold decreasing by over 47% from 32.8467 million shares to 17.4202 million shares [4]. - The short-selling amount for Alibaba also halved, dropping from HKD 5.062 billion to HKD 2.651 billion during the same period [4]. - Tencent Holdings showed a similar trend, with its short-selling ratio declining from 17.57% on November 21 to 9.90% on November 27, and the short-selling amount decreasing from HKD 2.545 billion to HKD 0.942 billion, a reduction of 63% [4]. Market Logic Behind Short Selling Decline - The significant drop in short-selling data is attributed to multiple factors, including a rebound in the Hong Kong stock market prompting investors to cover short positions to avoid further losses [6]. - Recent positive policy signals from mainland China, such as support for platform economies and measures to alleviate the real estate market, have improved market expectations and reduced pessimism among investors [6]. - The long-term low valuation of Hong Kong stocks has attracted value investors, leading to capital inflows that have pushed up stock prices and squeezed short-selling opportunities [7]. Technical and Fund Flow Indicators - The Hang Seng Index has broken through key resistance levels, creating a positive technical pattern that further boosts market confidence [7]. - Continuous net inflows from southbound funds have provided substantial support for the Hong Kong stock market, making it difficult for short-sellers to maintain high positions [7]. Conclusion on Market Sentiment - The overall decline in short-selling data is a significant indicator of the recovery in market sentiment, suggesting a potential phase of market stabilization [7]. - The combination of policy support and valuation advantages is expected to sustain the recovery trend in the Hong Kong stock market [7].