主动量化周报：港股或已进入击球区-20251026

• The report constructs a "Hot Money Activity Indicator" based on the data from the Dragon and Tiger List, which shows the participation enthusiasm of hot money traders. The indicator has been marginally rising but the slope of the rise has been slowing down, indicating that the enthusiasm of hot money traders is peaking[12] - The "Retail Investor Activity Indicator" constructed in the report shows that since September 11, the activity of retail investors has been fluctuating and has not significantly increased even when the Shanghai Composite Index reached a new high for the year on October 25[12] - The report suggests that the recent marginal cooling of both hot money and retail investor sentiment can be verified by the continuous shrinkage of market turnover[12] - The "Insider Trader Activity Indicator" constructed in the report shows that the activity of insider traders is in sync with the market trend, with the equity market rising and the indicator maintaining a warming trend[15] - The report uses the "Price Segmentation System" to analyze the Shanghai Composite Index, showing that the daily line of the index maintains a marginal upward trend, and the weekly line is basically coincident with the daily line[14] - The "Hot Money Activity Indicator" value as of October 24 is close to leveling off[12] - The "Retail Investor Activity Indicator" has been fluctuating since September 11[12] - The "Insider Trader Activity Indicator" shows a warming trend in sync with the market[15] - The "Price Segmentation System" shows a +2.88% range fluctuation for the Shanghai Composite Index from October 20 to October 24[14]