11月24日南向资金成交活跃股 11月24日恒生指数上涨1.97%，南向资金全天合计成交金额为1027.23亿港元，其中，买入成交556.47亿 港元，卖出成交470.76亿港元，合计净买入金额85.71亿港元。具体来看，港股通（深）累计成交金额 437.54亿港元，买入成交251.24亿港元，卖出成交186.30亿港元，合计净买入金额64.94亿港元；港股通 （沪）累计成交金额589.69亿港元，买入成交305.23亿港元，卖出成交284.46亿港元，合计净买入金额 20.78亿港元。 成交活跃股方面，今日上榜个股中，南向资金成交金额最多的是阿里巴巴-W，合计成交额167.75亿港 元，中芯国际、华虹半导体成交额紧随其后，分别成交85.34亿港元、43.38亿港元。以净买卖金额统 计，净买入的个股共有9只，阿里巴巴-W净买入额为40.66亿港元，净买入金额居首，该股收盘股价上 涨4.67%，腾讯控股净买入额为11.67亿港元，快手-W净买入额为8.19亿港元。净卖出金额最多的是中芯 国际，净卖出10.24亿港元，该股收盘股价下跌1.09%，中国海洋石油、华虹半导体遭净卖出3.79亿港 元、3.38亿港元。 ...

从连续性进行统计， 有3只股获南向资金连续3天以上净买入，连续净买入天数较多的有小米集团-W、 华虹半导体、阿里巴巴-W，连续净买入天数分别为15天、4天、4天。以其间净买入金额统计，净买入 金额最多的是小米集团-W，合计净买入为106.60亿港元，其次是阿里巴巴-W合计净买入为89.99亿港 元，华虹半导体合计净买入为5.48亿港元。（数据宝） 11月18日南向资金成交活跃股 | 代码 | 简称 | 成交金额（万港元） | 成交净买入（万港元） | 今日涨跌幅（%） | | --- | --- | --- | --- | --- | | 09988 | 阿里巴巴-W | 927896.33 | 329665.50 | -0.19 | | 09868 | 小鹏汽车-W | 282759.05 | 115165.34 | -10.47 | | 01810 | 小米集团-W | 459249.26 | 85350.37 | -2.81 | | 01378 | 中国宏桥 | 241867.66 | 83227.44 | -5.88 | | 03033 | 南方恒生科技 | 159270.66 | 51581.48 ...

投资要点 阿里巴巴-W今日平收，短线资金仍以流出为主，前5日减持4096万股。 小米集团-W今日跌0.94%，短线资金保持流入，前5日加仓9056万股。 泡泡玛特今日涨0.46%，短线资金进一步流入，前5日加仓739万股。 赣锋锂业今日涨8.96%，短线资金趋势不明，前5日加仓10万股。 中芯国际今日跌0.75%，短线资金持续流出，前5日减持1311万股。 注：由于港交所T+2结算，实际为截至两日前的近5日数据 智通财经11月17日讯（编辑 冯轶）据Wind数据显示，南向资金今日成交约913.76亿港元，较前一日再度缩量约53亿；约为恒指成交总额的42%，占比跌至短 线低点。 港股今日延续调整，南向资金全天净买入约84.48亿港元。其中，沪港股通净流入约43.35亿港元，深港股通净流入约41.13亿港元。 值得关注的是，今日盈富基金(02800.HK)获资金重新抢筹，大幅净买入37.26亿港元。 个股方面，交易所数据显示，今日南向资金 大幅净买入：阿里巴巴-W(09988.HK)20.71亿港元；小米集团-W(01810.HK)2.80亿港元；泡泡玛特(09992.HK)2.19亿港元。 大幅净流出：赣锋锂业 ...

证券之星消息，11月14日南向资金减持42.0万股新濠国际发展（00200.HK）。近5个交易日中，获南向资金增持的有3天，累计净增持155.3万股。 近20个交易日中，获南向资金增持的有12天，累计净增持679.2万股。截至目前，南向资金持有新濠国际发展（00200.HK）1.35亿股，占公司已发 行普通股的5.94%。 ★ 跟踪：中证细分食品饮料产业主题指数 近五日涨跌: 2.99% 市盈率： 21.11倍 | 交易日 | 持股总数(股) | 持股变动(股) | 变动幅度 | | --- | --- | --- | --- | | 2025-11-14 | 1.35亿 | -42.00万 | -0.31% | | 2025-11-13 | 1.36亿 | -5.30万 | -0.04% | | 2025-11-12 | 1.36亿 | 29.90万 | 0.22% | | 2025-11-11 | 1.35亿 | 93.50万 | 0.69% | | 2025-11-10 | 1.35亿 | 79.20万 | 0.59% | 新濠国际发展有限公司是一家主要从事娱乐场及酒店业务的投资控股公司。该公司通过两个 ...

智通财经11月14日讯（编辑 冯轶）据Wind数据显示，本周南向资金累计净流入约247.73亿港元，较上周少流入约139亿。当周总成交5208.34亿港元，环比放 量约139亿，占本周恒指总成交的44.71%，资金近阶段对大市呈现托举操作。 | | | | plo | | | | | --- | --- | --- | --- | --- | --- | --- | | 排名 | 股票代码 | 股票简称 | 净买入 排名 | 股票代码 | 股票简称 | 净买入 | | 1 | 1810.HK | :小米集团-W | 59.61 1 | 2800.HK | 图富基金 | -55.76 | | 2 | 0883.HK | : 中国海洋石油 | 28.19 2 | 9988.HK | 阿里巴巴-W | -31.49 | | 3 | 3033.HK | 南方恒生科技 | 10.52 က | 2828.HK | 恒生中国企业 | -22.89 | | ব | 0700.HK | 腾讯控股 | 7.50 4 | 2338.HK | 潍柴动力 | -5.48 | | 5 | 9992.HK | 泡泡玛特 | 7.14 5 ...

来源：视频滚动新闻 南向资金今日净买入44.67亿元。港股通（沪）方面，中国移动、小米集团-W分别获净买入7.48亿港 元、5.95亿港元；阿里巴巴-W净卖出额居首，金额为14.5亿港元；港股通（深）方面，盈富基金、小米 集团-W分别获净买入6.51亿港元、5.81亿港元；小鹏汽车-W净卖出额居首，金额为10.53亿港元。 ...

- The report constructs quantitative factors based on Hong Kong Stock Connect holding data, categorized into "stock factors" and "flow factors" to reflect the characteristics of Southbound capital movements and holdings [3][6][7] - Stock factors include Holding, HoldingValue, H2Volume, H2Share, and HoldingStability(N), which measure holding quantity, holding value, holding proportion relative to trading volume, free float shares, and holding stability over N days respectively [41][42] - Flow factors include ΔHolding, Inflow, Inflow2HV, Inflow2Amt, Inflow2Cap, and ΔHolding%, which measure changes in holding quantity, net buying, net buying proportion relative to holding value, trading amount, free float market value, and holding growth rate respectively [43][44] - The report highlights the complementary nature of stock and flow factors, where stock factors capture long-term preferences and institutional holding behavior, while flow factors reflect short-term momentum effects [7][39][45] - Stock factors perform better in low-valuation stock pools, with HoldingStability(3) and HoldingStability(10) showing monthly IC values of 4.13% and 6.42%, ICIR values of 1.52 and 2.02, and IC win rates of 65.05% and 69.90% respectively [8][77][86] - Flow factors perform better in large-cap and high-net-profit stock pools, with Inflow2HV, Inflow2Amt, and Inflow2Cap achieving monthly IC values of approximately 3% in large-cap stocks and over 4% in high-net-profit stocks, with ICIR values exceeding 1.5 and IC win rates above 65% [8][95][114] - A composite factor named "Holding and Flow Factor" was constructed by combining seven individual factors, including HoldingStability(3), HoldingStability(10), Inflow2HV(3), Inflow2Amt(3), Inflow2Cap(3), ΔHolding, and Inflow, after neutralization and standardization [134][135] - The Hong Kong Stock Connect Flow Select Portfolio, based on these factors, achieved an annualized return of 27.01%, with an annualized excess return of 20.19% compared to the benchmark index, and a Sharpe ratio of 0.88 [9][137][151] - After optimizing the stock selection space to include only large-cap, high-net-profit, and actively traded stocks, the adjusted portfolio achieved an annualized return of 21.70%, with an annualized excess return of 14.88% and a Sharpe ratio of 0.83 [140][144][145]

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **Chinese equity market** and the positioning of **foreign institutional investors** in Chinese equities during **3Q25**. Core Insights and Arguments 1. **Increased Foreign Investment**: International investors increased their positions in Chinese equities, reducing their underweight from **-1.6% to -1.3%** during the quarter, marking the least underweight since **4Q22** [2][3] 2. **Sector Preferences**: The most significant additions by international investors were in the **healthcare, insurance, energy & materials, and internet sectors**, while positions in **auto and tech** were reduced [2][5] 3. **Stock Connect Activity**: Southbound inflows reached **US$56 billion**, matching the record level from **1Q25**, with net inflows across all sectors. The top sectors for southbound investment included **consumer discretionary, financials, and healthcare** [2][4] 4. **Northbound Outflows**: In contrast, northbound investments saw a net outflow of **US$18 billion** in **3Q25**, with significant sell-offs in **financials, staples, and utilities** [4][5] 5. **Active Fund Dynamics**: Approximately **800 active foreign funds** hold **US$270 billion** in Chinese stocks, with **145 funds** (AUM **US$212 billion**) not holding any Chinese equities as of **3Q25**, down from **167 funds** in **2Q25** [3][9] 6. **Crowding Observations**: Active foreign institutional investors favored growth sectors like **healthcare, insurance, and internet**, while selling off auto and tech stocks. The **crowding score** for sectors like **renewables and defensives** increased, while **banks, healthcare, and internet** saw declines [5][39] Additional Important Insights 1. **Top Bought Stocks**: Notable stocks with significant foreign inflows included **Alibaba Health Information Technology Ltd.** (7.5% increase), **Bilibili, Inc.** (4.7%), and **Zhongan Online P&C Insurance Co.** (4.3%) [17] 2. **Top Sold Stocks**: Stocks with the most significant outflows included **China Mengniu Dairy** (-2.0%), **Agile Group Holdings** (-2.1%), and **BYD Company** (-4.4%) [18] 3. **Risks Identified**: Potential risks for Chinese equities include a hard landing in the property market, capital outflows due to currency depreciation, and slow structural reforms. Inadequate government policies could exacerbate these risks [48] 4. **Valuation Methods**: Various valuation approaches are employed, including DCF models, Gordon growth model analysis, and relative valuation using multiples like PE, EV/EBITDA, and P/BV [47] This summary encapsulates the key points from the conference call, highlighting the dynamics of foreign investment in the Chinese equity market, sector preferences, and potential risks facing the market.

人民财讯11月5日电，南向资金今日净买入103.73亿港元。其中，阿里巴巴、小米集团分别获净买入8.91 亿港元、6.51亿港元；华虹半导体净卖出额居首，金额为6.41亿港元。 ...

Core Viewpoint - In October, southbound funds recorded a cumulative net inflow of 92.5 billion HKD, a decrease of approximately 50% compared to September, primarily due to the suspension of Hong Kong Stock Connect trading during the National Day holiday [2][4]. Fund Flow Summary - Overall, southbound funds remained predominantly inflow-oriented in October, but the intensity of inflows weakened as the Hang Seng Index experienced volatility [4]. - The cumulative transaction volume of southbound funds reached 2,310.835 billion HKD, accounting for only 42% of the Hang Seng Index's total transaction volume, marking a low point since the beginning of the year [7]. Industry Analysis - In October, there was increased attention on the financial and energy sectors, with net inflows of 20.811 billion HKD and 9.27 billion HKD, respectively. Conversely, interest in technology and healthcare sectors declined [6]. - The inflow to the information technology sector decreased by over 40% month-on-month, while the healthcare sector saw a net outflow exceeding 5 billion HKD, likely due to the high cumulative gains in the innovative drug sector this year [6]. Stock Performance - Notable net inflows were observed in: - Xiaomi Group-W (01810.HK): 6.728 billion HKD - Meituan-W (03690.HK): 5.409 billion HKD - China National Offshore Oil Corporation (00883.HK): 4.713 billion HKD - Pop Mart (09992.HK): 4.182 billion HKD [8][9] - Significant net outflows were recorded for: - SMIC (00981.HK): 6.480 billion HKD - Alibaba-W (09988.HK): 5.750 billion HKD - Tencent Holdings (00700.HK): 1.970 billion HKD [9]. Recent Trends - Xiaomi Group-W experienced a cumulative decline of 20% in October, with short-term fund inflows slowing down [10]. - Meituan-W saw a cumulative decline of 2.39%, with a similar trend of slowing short-term fund inflows [11]. - China National Offshore Oil Corporation recorded a cumulative increase of 3.83%, with accelerated short-term fund inflows [12]. - Alibaba-W faced a cumulative decline of 6.72%, with continuous outflows of short-term funds [13].