港股龙头公司回购节奏和力度不减，北向资金减慢流入

Group 1 - The Hong Kong stock market has shown a generally strong upward trend since 2026, with total buyback amounts exceeding 11 billion HKD [1] - Leading companies, such as Tencent Holdings, have maintained significant buyback activities, with Tencent's buyback amount surpassing 6 billion HKD this year [1] - A total of 108 Hong Kong-listed companies have engaged in buybacks this year, a decrease from 121 companies in the same period last year, indicating a notable reduction in buyback amounts [1] Group 2 - Cinda International notes that the Hong Kong stock market is more sensitive to changes in global liquidity, which may slow down foreign capital inflows due to geopolitical instability [3] - Since the fourth quarter of last year, northbound capital inflows have slowed, leading to insufficient upward momentum for the Hong Kong stock market [3] - The Hang Seng Index is expected to face resistance at the high level of 27,188 points reached in November 2025 [3]