净买入超1.4万亿港元，科技龙头获大举增持

Core Insights - In 2025, southbound capital recorded a net purchase of 14,048.44 billion HKD, marking a historical high and a 73.89% increase from 2024 [1] - The total net inflow of southbound capital since the launch of the Shanghai-Hong Kong Stock Connect has exceeded 51,000 billion HKD [1] - By the end of December, the market value of shares held by southbound capital reached 61,408.83 billion HKD, accounting for over 12% of the total market capitalization of Hong Kong stocks [1] Monthly Trends - Throughout 2025, there were 8 months where net purchases by southbound capital exceeded 1,000 billion HKD, with September seeing the highest net purchase of 1,885.18 billion HKD [1] - The first quarter of 2025 saw a strong performance in the Hong Kong stock market, with the Hang Seng Index rising by 15.25% and the Hang Seng Tech Index increasing by 20.74% [1] Institutional Insights - Multiple institutions indicate that southbound capital is becoming a core force in reshaping the Hong Kong stock market landscape, transitioning from speculative traders to a pricing anchor [3] - Under the backdrop of domestic and international interest rate cuts, it is expected that southbound capital will maintain a net inflow trend into 2026 [3] Active Stocks - In 2025, 137 stocks were listed as active trading stocks, with Alibaba-W leading in total trading volume at 18,779.65 billion HKD [4] - Eight stocks received net purchases exceeding 10 billion HKD from southbound capital, primarily technology leaders, with Alibaba-W netting 1,778.69 billion HKD [4] Stock Performance - Alibaba-W achieved a cumulative increase of 78.6% in 2025, marking its highest annual growth since listing, while its revenue for Q3 2025 was reported at 247.795 billion RMB, a 5% year-on-year increase [4] - Meituan-W, despite a cumulative decline of 31.91% in 2025, still saw a net purchase of 732.99 billion HKD from southbound capital [5] Industry Insights - By the end of 2025, the top three industries by market value held by southbound capital were financials, information technology, and consumer discretionary, with values of 15,703.51 billion HKD, 11,791.08 billion HKD, and 9,961.09 billion HKD respectively [7] - The materials and healthcare sectors experienced the fastest growth in market value, with increases of 238.92% and 125.51% respectively, driven by rising prices of metals and the growing demand for innovative drugs [7][8]