1月15日，南下资金今日净卖出港股15.15亿港元。 净卖出中国移动7.91亿、小米集团-W 4.91亿、中国海洋石油3.65亿、中国平安2.71亿、晶泰控股1.17 亿。 | | 沪股通 | | | 深胶通 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 潔跌幅 | 净买入额(亿) | 成交额 | 名称 | 潔跌幅 | 净买入额(亿) | 成交割 | | 阿里巴巴-W | -2.6% | 17.90 | 84.25 Z | 阿里巴巴-W | -2.6% | 1.86 | 44.51亿 | | 腾讯控股 | -1.7% | 6.63 | 33.70亿 | 腾讯控股 | -1.7% | -0.20 | 17.26亿 | | 中心国际 | 1.8% | 3.57 | 28.12亿 | 小米集团-W | 0.2% | -4.91 | 14.74亿 | | 量泵控股 | -10.7% | -1.88 | 25.91亿 | 中心 可际 | 1.8% | -1.76 | 13.37 亿 | | 抑胺控股 | 3.1% | 0.01 | 18 ...

Core Insights - On January 15, 2026, Alibaba-W (09988), Tencent Holdings (00700), and SMIC (00981) were the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 84.25 billion, 33.70 billion, and 28.12 billion respectively [1][2] - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), Tencent Holdings (00700), and Xiaomi Group-W (01810) also ranked as the top three, with trading amounts of 44.51 billion, 17.26 billion, and 14.74 billion respectively [1][2] Southbound Stock Connect Trading Activity - The top three active companies in the Southbound Stock Connect by trading amount were: - Alibaba-W (09988): 84.25 billion with a net buy of +17.90 billion - Tencent Holdings (00700): 33.70 billion with a net buy of +6.63 billion - SMIC (00981): 28.12 billion with a net buy of +3.57 billion [2] - Other notable companies included: - China Mobile (00941): 17.74 billion with a net sell of -7.91 billion - China National Offshore Oil (00883): 14.80 billion with a net sell of -6.66 billion [2] Shenzhen-Hong Kong Stock Connect Trading Activity - The top three active companies in the Shenzhen-Hong Kong Stock Connect by trading amount were: - Alibaba-W (09988): 44.51 billion with a net buy of +1.86 billion - Tencent Holdings (00700): 17.26 billion with a net sell of -2042.91 million - Xiaomi Group-W (01810): 14.74 billion with a net sell of -4.91 billion [2] - Other notable companies included: - China National Offshore Oil (00883): 11.74 billion with a net buy of +3.00 billion - Meituan-W (03690): 7.07 billion with a net buy of +1.28 billion [2]

来源：新浪基金∞工作室 1月15日，华夏标普港股通低波红利ETF（159118）收盘涨0.82%，成交额914.93万元。 港股通红利低波ETF基金（159118）成立于2025年11月17日，基金全称为华夏标普港股通低波红利交易 型开放式指数证券投资基金，基金简称为华夏标普港股通低波红利ETF。该基金管理费率每年0.15%， 托管费率每年0.05%。港股通红利低波ETF基金（159118）业绩比较基准为经估值汇率调整后的标普港 股通低波红利指数收益率。 规模方面，截止1月14日，港股通红利低波ETF基金（159118）最新份额为2.71亿份，最新规模为2.67亿 元。回顾2025年12月31日，港股通红利低波ETF基金（159118）份额为3.07亿份，规模为2.97亿元。即 该基金今年以来份额减少11.74%，规模减少10.20%。 股票代码股票名称持仓占比持仓股数（股）持仓市值（元）03360远东宏信1.07%70.30万498.70万01088 中国神华1.06%13.40万493.23万00857中国石油股份1.05%59.40万486.83万00883中国海洋石油1.05%24.40 万487.9 ...

Group 1 - The article discusses the increasing efforts of China's disciplinary inspection and supervision agencies in combating cross-border corruption, utilizing big data and technology to uncover and investigate numerous cases [2][3] - A notable case involves Li Yong, former Deputy Secretary and General Manager of China National Offshore Oil Corporation (CNOOC), who is under investigation for serious corruption, with over 83% of the illicit funds originating from abroad [2][3] - The investigation into Li Yong's activities revealed a complex web of offshore accounts and companies used to conceal bribes, demonstrating the effectiveness of data analysis in tracing illicit financial flows [5][4] Group 2 - The article highlights the case of Yao Qian, former Director of the Technology Supervision Department of the China Securities Regulatory Commission, who was investigated for corruption involving virtual currencies [6][7] - Yao Qian's case illustrates the use of new forms of corruption, including the acceptance of virtual currency as bribes, with significant amounts traced back to his control through "shell accounts" [8][9] - The investigation into Yao Qian's financial activities led to the discovery of substantial funds linked to a real estate purchase, further emphasizing the role of technology in uncovering hidden corruption [8][9] Group 3 - The article also covers the case of Feng Jiang, a former official in the asset management sector, who was implicated in corrupt practices revealed through a smart regulatory system that analyzed bidding data [10][11] - The smart regulatory system identified irregularities in project bids, leading to the discovery of collusion and bribery, showcasing the power of big data and AI in enhancing oversight [11][12] - Feng Jiang's case resulted in a conviction for bribery, demonstrating the effectiveness of technology in identifying and prosecuting corrupt activities within public projects [10][11]

中资金融股方面，中国银行涨0.89%，收报4.52港元；建设银行涨1.03%，收报7.85港元；工商银行涨 1.6%，收报6.34港元；中国平安涨1.24%，收报69.55港元；中国人寿跌2.87%，收报31.76港元。 国企指数跌48.7点，收报9266.86点，跌幅0.52%。恒生科技指数跌79.91点，收报5828.35点，跌幅 1.35%。 蓝筹股方面，腾讯控股跌1.74%，收报622港元；香港交易所涨0.87%，收报438.6港元；中国移动跌 0.25%，收报80.6港元；汇丰控股涨0.94%，收报128.2港元。 香港本地股方面，长实集团涨1.89%，收报43.08港元；新鸿基地产涨2.21%，收报111.1港元；恒基地产 涨1.8%，收报31.68港元。 新华社香港1月15日电 香港恒生指数15日跌76.19点，跌幅0.28%，收报26923.62点。全日主板成交 2904.55亿港元。 石油石化股方面，中国石油化工股份涨0.21%，收报4.83港元；中国石油股份涨0.48%，收报8.3港元； 中国海洋石油涨2.49%，收报22.2港元。 【纠错】 【责任编辑:薛涛】 ...

Group 1 - Northbound trading recorded a net sell of 15.15 billion HKD, with a net buy of 19.3 billion HKD from the Shanghai Stock Connect and a net sell of 34.46 billion HKD from the Shenzhen Stock Connect [1] - Alibaba (09988) received a net buy of 19.76 billion HKD, driven by the launch of the Qianwen App, which integrates various services like Taobao and Alipay, creating a comprehensive AI shopping experience [3] - Tencent (00700) saw a net buy of 6.42 billion HKD, supported by positive growth forecasts in gaming, advertising, and financial services, with an expected 10% year-on-year growth in financial technology and enterprise services revenue for Q4 [3] Group 2 - Semiconductor stocks were favored, with SMIC (00981) and Hua Hong Semiconductor (01347) receiving net buys of 1.8 billion HKD and 1.14 billion HKD respectively, following TSMC's strong Q4 earnings report showing a 35% profit increase [4] - Meituan-W (03690) had a net buy of 1.28 billion HKD, as regulatory actions against the food delivery sector may reshape competition and improve profitability [4] - China Mobile (00941) faced a net sell of 7.91 billion HKD, influenced by a drop in international oil prices following comments from President Trump regarding the situation in Iran [5]

Core Viewpoint - The Invesco Great Wall CSI Hong Kong Stock Connect Dividend Low Volatility ETF (159569) has shown stable performance with a slight increase in scale and consistent trading activity since its inception in August 2024 [1][2]. Fund Overview - The fund was established on August 14, 2024, with an annual management fee of 0.50% and a custody fee of 0.08% [1]. - As of January 14, 2025, the fund's total shares stood at 349 million, with a total scale of 471 million yuan, reflecting a 1.10% increase in scale since the end of December 2024 [1]. Trading Activity - The ETF recorded a total trading volume of 553 million yuan over the last 20 trading days, averaging 27.67 million yuan per day [1]. - Year-to-date, the ETF has seen a total trading volume of 298 million yuan over 9 trading days, with an average daily trading volume of 33.17 million yuan [1]. Fund Management - The current fund managers are Gong Lili and Wang Yang, with Gong Lili managing the fund since August 29, 2024, achieving a return of 40.03%, while Wang Yang has managed it since August 13, 2025, with a return of -0.32% [2]. Top Holdings - The ETF's major holdings include: - Orient Overseas International: 9.08% of the portfolio - China COSCO Shipping: 6.30% - Yanzhou Coal Mining: 6.13% - Seaspan Corporation: 5.16% - Yancoal Australia: 4.92% - China Hongqiao: 4.51% - China Shenhua Energy: 3.47% - CNOOC: 3.25% - Anhui Conch Cement: 3.15% - Sinopec: 3.01% [2][3].

Report Title - 2026 Annual Hong Kong Stock Fund Investment Strategy [5] 1. 2025 Review of the Hong Kong Stock Market 1.1 Index Performance - The Hang Seng Index rose 27.77% in 2025, with monthly fluctuations including a 13.43% increase in February and a 4.33% decrease in April [11]. - The Hang Seng Tech Index increased by 23.45% in 2025, with significant gains in February (17.88%) and September (13.95%) [11]. - Among industries, the raw materials industry had the highest annual increase of 161.34%, followed by the healthcare industry at 57.24% [11]. 1.2 Capital Flows - The report presents data on southbound capital inflows by year and week in 2025, but specific numerical summaries are not provided in the text [14]. 1.3 Stock Performance - Top 10 net - bought stocks through the Hong Kong Stock Connect in 2025 include Alibaba - W (177.87 billion), Meituan - W (73.30 billion), etc., while top 10 net - sold stocks include Sunny Optical Technology Group Co., Ltd. (- 6.06 billion) [16]. 2. Technology Index - Type Hong Kong Stock Funds 2.1 Fund Performance - In 2025, the annual returns of technology - themed Hong Kong stock funds varied. For example, Invesco Great Wall CSI Hong Kong Stock Connect Technology ETF had an annual return of 30.63%, while China Southern Asset Management Co., Ltd. Hang Seng Tech Index A had an annual return of 17.75% [24][26]. 2.2 Index Details - Different technology indices such as CSI Hong Kong Stock Connect Technology, Guozheng Hong Kong Stock Connect Technology, etc., have different selection methods, sample spaces, and weighting methods. For example, CSI Hong Kong Stock Connect Technology selects 50 components from the CSI Hong Kong Stock Connect Composite Index [30]. 2.3 Industry Allocation and Valuation - Technology indices have different industry allocations, with software + internet accounting for a relatively high proportion. For example, the CSI Hong Kong Stock Connect Technology index has a software + internet allocation of 43% [33]. - The PE - TTM and historical percentile valuations of technology indices are provided. For example, the CSI Hong Kong Stock Connect Technology index has a PE - TTM of 24.53 and a historical percentile of 47.12% [38]. 3. Internet Index - Type Hong Kong Stock Funds 3.1 Fund Performance - Internet - themed Hong Kong stock funds also showed different performance in 2025. For example, E Fund CSI Overseas China Internet 50 ETF had an annual return of 28.44%, while China Asset Management Co., Ltd. Hang Seng Internet Technology Industry ETF had an annual return of 24.51% [42]. 3.2 Index Details - Internet indices have different sample spaces and selection methods. For example, the CSI Hong Kong Stock Connect Internet index selects 30 components from the CSI Hong Kong Stock Connect Composite Index [45]. 3.3 Industry Comparison and Valuation - Internet indices have different industry allocations, with media and retail trade accounting for a relatively high proportion. For example, the CSI Hong Kong Stock Connect Internet index has a media allocation of 30.11% [46]. - The PE - TTM and historical percentile valuations of internet indices are presented. For example, the CSI Hong Kong Stock Connect Internet index has a PE - TTM of 24.43 and a historical percentile of 24.61% [50]. 4. Hong Kong Stock Dividend Index - Type Funds 4.1 Fund Performance - Dividend - themed Hong Kong stock funds had different returns in 2025. For example, GF CSI Hong Kong Stock Connect Non - Bank Financial Theme ETF had an annual return of 45.82%, while China Southern Asset Management Co., Ltd. Hang Seng Hong Kong Stock Connect High - Dividend - Yield ETF had an annual return of 22.27% [58]. 4.2 Index Details - Dividend indices have different selection methods and industry allocations. For example, the CSI Hong Kong Stock Connect High - Dividend index has a bank allocation of 29.40% [62]. 4.3 Dividend Yield and Valuation - The dividend yields of dividend indices are provided. For example, the Hang Seng Hong Kong Stock Connect China Central - State - Owned Enterprises Dividend index has a dividend yield of 6.94% [65]. 5. Actively Managed Hong Kong Stock Funds 5.1 Fund Performance - Actively managed Hong Kong stock funds showed different performance in 2025. For example, China Southern Hong Kong Stock Connect Advantage Enterprises A had an annual return of 51.75%, while Great Wall Hong Kong Stock Connect Value Selective Multi - Strategy A had an annual return of 31.46% [78]. 5.2 Investment Style and Industry Allocation - Different fund managers have different investment styles and industry allocations. For example, the investment style of China Southern's fund manager Luai focuses on technology and resources, with a high allocation to industries such as non - ferrous metals and media [85].

Market Overview - The Hong Kong stock market experienced a pullback, with the Hang Seng Index closing down 0.28% at 26,923.62 points, and a total trading volume of 290.45 billion HKD [1] - The Hang Seng Tech Index fell by 1.35%, closing at 5,828.35 points, indicating a challenging environment for tech stocks [1] Blue-Chip Stocks Performance - Ctrip Group-S (09961) led the decline among blue-chip stocks, dropping 19.23% to 460 HKD, influenced by an antitrust investigation by the market regulator [2] - BYD Electronics (00285) rose by 3.26%, contributing 1.41 points to the Hang Seng Index, while China Life (02628) fell by 2.87%, detracting 11.17 points from the index [2] Sector Highlights - The technology sector showed mixed results, with Alibaba's stock declining by 2.6% following the launch of its Q&A app, while Baidu gained 0.76% [3] - TSMC announced a significant increase in capital expenditure, projected to reach 56 billion USD in 2026, a 37% increase from 2025, which is expected to benefit the semiconductor industry [4] - The real estate sector saw strong performance, with Vanke Enterprises (02202) rising by 6.85% amid upcoming debt meetings [4] Nickel and Lithium Battery Stocks - Nickel stocks performed well, with LME nickel prices rising by 6.73% to 18,785 USD/ton, driven by potential production quota adjustments in Indonesia [5][6] - Lithium battery stocks also saw gains, with Ganfeng Lithium (01772) increasing by 7.66% as the industry anticipates price increases due to new export tax policies [6] Notable Stock Movements - Dongyao Pharmaceutical-B (01875) surged by 67.6% after a voluntary takeover offer was announced, significantly above its previous closing price [7] - Zhizhu (02513) climbed 11.57% following the announcement of a new AI model in collaboration with Huawei [8] - Jinju Group (02009) issued a profit warning, predicting a net loss of 900 to 1,200 million CNY for 2025, leading to a 6.9% drop in its stock price [9]

Group 1 - The city of Zhanjiang has implemented 2,367 major provincial and municipal projects over the past five years, with a total investment of 440 billion yuan, ranking first in the Guangdong East-West North region [1] - By 2025, Zhanjiang's industrial added value is expected to exceed 100 billion yuan [1] - During the "14th Five-Year Plan" period, Zhanjiang has established a leading industrial system focused on "four greens and one blue," including green steel, green petrochemicals, green energy, green food, and blue ocean economy [1] Group 2 - The green steel industry, led by Baosteel Zhanjiang Iron and Steel Company, has an annual output value exceeding 60 billion yuan, making it the largest steel production base in Guangdong Province [2] - The green petrochemical industry has developed a complete industrial chain including crude oil extraction, refining, and both basic and fine chemicals, with an annual output value exceeding 120 billion yuan, positioning it among the top five petrochemical bases in the province [2]