Group 1 - Alibaba-W received a net buy of HKD 6.02 billion through the Hong Kong Stock Connect (Shanghai) [1] - Pop Mart also saw a net buy of HKD 2.9 billion through the Hong Kong Stock Connect (Shanghai) [1] - Xiaomi Group-W had the highest net sell amount at HKD 5.37 billion through the Hong Kong Stock Connect (Shanghai) [1] Group 2 - Alibaba-W received a net buy of HKD 3.17 billion through the Hong Kong Stock Connect (Shenzhen) [1] - SMIC (Semiconductor Manufacturing International Corporation) received a net buy of HKD 1.98 billion through the Hong Kong Stock Connect (Shenzhen) [1] - Xiaomi Group-W again had the highest net sell amount at HKD 1.52 billion through the Hong Kong Stock Connect (Shenzhen) [1]

Group 1 - Southbound funds have significantly increased their investment in Hong Kong stocks, with a cumulative net purchase of 1.38 trillion HKD this year, marking a record high [1] - The Hang Seng Index has seen an annual increase of nearly 30%, while the Hang Seng Tech Index has risen over 25% this year, indicating a recovery in asset valuations driven by southbound capital [1] - The attractiveness of Hong Kong stock market valuations is becoming evident, as reflected in the positive flow of ETF funds, which have accelerated net purchases of Hong Kong assets despite market fluctuations in the second half of the year [1] Group 2 - The recent rise in Hong Kong stocks is attributed to expectations of a Federal Reserve interest rate cut, with several technology companies' stock prices boosting market risk appetite [1] - Lower U.S. interest rates are expected to drive capital outflows from the U.S., seeking investment opportunities in non-dollar assets, which typically increases demand for Asian stocks [1] - However, there are concerns regarding the lack of significant improvement in corporate earnings for Hong Kong stocks, alongside volatility in U.S. tech stocks and the potential for profit-taking as the year-end approaches [4]

值得注意的是，此前南向资金已经连续8日净买入港股，但在11月26日，南向资金净抛售港股39.52亿港 元。对此，基金经理认为，偶尔出现的净卖出，并不会影响资金不断涌入港股的大趋势，在低估值的吸 引之下，资金有望持续买入港股。 今年以来，南向资金不断抄底港股，累计净买入港股1.38万亿港元，为历年之最。在南向资金推动下， 港股资产估值迎来修复，恒生指数年内涨幅接近30%，恒生科技指数年内涨幅超过25%。 人民财讯11月27日电，近期，港股持续在高位震荡。11月26日，恒生指数冲高回落收涨0.13%，恒生科 技指数涨0.11%。医药股连续第三日反弹，恒瑞医药（600276）涨近5%，科技股走势分化。 相较于其他指标，ETF的资金流向能够更为精准且有力地印证资金对港股的积极买入态度。尤其是在今 年下半年港股开启震荡走势之后，ETF资金呈现越跌越买态势，加速净买入港股资产。 ...

今日上榜个股中，阿里巴巴-W、长飞光纤光缆、快手-W等9只股同时上榜港股通（深）、港股通 （沪）成交活跃股， 阿里巴巴-W合计成交额133.16亿港元，成交净买入15.28亿港元，长飞光纤光缆合 计成交额17.35亿港元，成交净买入1.78亿港元。盈富基金合计成交额24.08亿港元，成交净卖出22.59亿 港元，腾讯控股合计成交额37.29亿港元，成交净卖出11.80亿港元。 11月26日恒生指数上涨0.13%，南向资金全天合计成交金额为917.88亿港元，其中，买入成交439.18亿 港元，卖出成交478.70亿港元，合计净卖出金额39.52亿港元。具体来看，港股通（深）累计成交金额 369.40亿港元，买入成交172.11亿港元，卖出成交197.29亿港元，合计净卖出金额25.18亿港元；港股通 （沪）累计成交金额548.48亿港元，买入成交267.07亿港元，卖出成交281.41亿港元，合计净卖出金额 14.33亿港元。 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133.16亿港 元，美团-W、小米集团-W成交额紧随其后，分别成交58.20亿港元、44.77亿港元。 ...

（亿港元） 成交净买入 （亿港元） 港股通（深） 172.11 197.29 -25.18 港股通（沪） 267.07 281.41 -14.34 合计 439.18 478.70 -39.52 南向资金今日成交概况 买入成交额 （亿港元） 卖出成交额 11月26日南向资金全天成交额917.88亿港元，成交净卖出39.52亿港元。 证券时报•数据宝统计显示，11月26日恒生指数上涨0.13%，南向资金合计买入成交439.18亿港元，卖出 成交478.70亿港元，合计成交额917.88亿港元。 具体看，港股通（沪）买入成交267.07亿港元，卖出成交281.41亿港元，合计成交额548.48亿港元，成 交净卖出14.34亿港元；港股通（深）买入成交172.11亿港元，卖出成交197.29亿港元，合计成交369.40 亿港元，成交净卖出25.18亿港元。（数据宝） 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 ...

来源：滚动播报 （来源：北京商报） 北京商报讯（记者 马换换）11月25日，在"把握发展确定性："十五五"规划下的企业增长路径"分享会 上，致同上海审计合伙人林晓玲在会上分享了"十五五"开放新机遇下企业赴港上市"A+H"的落地实践。 今年以来，企业赴港上市热潮不断，截至目前，港股IPO募资总额已超2000亿港元，居全球交易所首 位，宁德时代、恒瑞医药、海天味业等一批A股龙头公司相继登陆港交所，成为"A+H"上市队伍中的主 力军。对于赴港上市与"A+H"的机遇与挑战，林晓玲表示，"A+H"不仅仅是融资手段，更主要的是一种 战略配置。可以完美契合企业两个需求，一个是走出去，一个是引进来，能够为企业构建一个对冲单一 市场风险的双资本平台。通过A股保持比较高估值的融资，H股对接国际资本，同时也可以优化国际化 的程度，优化企业的治理结构。 二是南向资金驱动溢价收窄。随着沪深港通机制的不断深化，内地南向资金持续流入港服市场，逐渐成 为影响港股定价权的重要力量。这种资金流动有助于推动"A+H"股价差的收敛，为投资者提供新的投资 机会。 三是互联互通机制持续深化。互联互通机制不仅限于股票市场，未来可能拓展至债券、基金等更多金 ...

（原标题：今日南向资金ETF买入及卖出成交额为16.09亿港元） 今日（11月25日）南向资金ETF买入及卖出成交额为16.09亿港元，较前一日减少4.29亿港元，占南向资 金今日成交额的1.59%。 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 具体来看，港股通（沪）ETF买入及卖出成交额9.09亿港元，港股通（深）ETF买入及卖出成交额7.00 亿港元。（数据宝） 南向资金ETF买入及卖出成交额 | 港股通（沪）（亿港元） | 9.09 | | --- | --- | | 港股通（深）（亿港元） | 7.00 | | 港股通合计（亿港元） | 16.09 | ...

Group 1 - The core concept of "Southbound Capital" refers to mainland investors using the Stock Connect mechanisms to invest in stocks listed on the Hong Kong Stock Exchange, serving as a key source of liquidity for the Hong Kong market [1] Group 2 - As of November 20, 2023, the cumulative net inflow of Southbound capital has exceeded HKD 1.36 trillion, representing a growth of over 68% compared to the total inflow of HKD 807.8 billion for the entire year of 2024, and is 1.7 times the net buying amount for 2024 [2] - The cumulative trading volume of Southbound capital has surpassed HKD 26.37 trillion, which is an increase of over 135% compared to the cumulative trading volume of HKD 11.22 billion for the entire year of 2024, making it 2.35 times the total for 2024 [2] - Since the launch of the Stock Connect, the cumulative net inflow has exceeded HKD 5 trillion, setting a historical record since the mechanism's inception [2] Group 3 - As of November 19, 2023, the top five sectors for Southbound capital holdings are: banking, retail, non-bank financials, pharmaceuticals, and media, with the banking sector receiving the most significant net buying across various time frames [3] - The monthly frequency of net buying in the banking sector accounts for 1.54% of the total market capitalization, indicating a substantial increase in investment in this sector [3] - Other sectors that have seen significant increases in investment over the past month include non-bank financials, real estate, oil and petrochemicals, and transportation [3] Group 4 - The primary drivers for the recent Southbound capital flows are institutional funds such as insurance capital and public funds, attracted by the high dividend yield of Hong Kong stocks (average yield of 5.57%) in a low-interest-rate environment [5] - The banking, non-bank financials, real estate, oil and petrochemicals, and transportation sectors have seen increased investment due to their valuation advantages, particularly in the context of Hong Kong's market being perceived as undervalued globally [6] - The price-to-book ratio (PB) of the Hong Kong banking sector is currently at 0.52, representing a discount of over 40% compared to similar sectors in A-shares, which attracts funds seeking value [6] Group 5 - For individual investors, participating directly in Hong Kong stocks may involve risks such as exchange rate fluctuations and differences in trading rules, making ETFs a preferable option for exposure [6] - Recent trends indicate that Southbound capital is increasingly focused on high-dividend, low-volatility ETFs, which cater to investors with moderate risk preferences [6] - The Hong Kong Central State-Owned Enterprises Dividend ETF and other similar products allow investors to benefit from the inflow of Southbound capital while diversifying their investment risks [6]

11月24日南向资金全天成交额1027.23亿港元，成交净买入85.71亿港元。 证券时报•数据宝统计显示，11月24日恒生指数上涨1.97%，南向资金合计买入成交556.47亿港元，卖出 成交470.76亿港元，合计成交额1027.23亿港元，全天成交净买入85.71亿港元，连续7日净买入。 具体看，港股通（沪）买入成交305.23亿港元，卖出成交284.46亿港元，合计成交额589.69亿港元，成 交净买入20.77亿港元；港股通（深）买入成交251.24亿港元，卖出成交186.30亿港元，合计成交437.54 亿港元，成交净买入64.94亿港元。（数据宝） （亿港元） 港股通（深） 251.24 186.30 64.94 港股通（沪） 305.23 284.46 20.77 合计 556.47 470.76 85.71 南向资金今日成交概况 买入成交额 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （亿港元） 卖出成交额 （亿港元） 成交净买入 ...

核心观点 金融工程周报 港股精选组合绩效回顾 本周，港股精选组合绝对收益-7.53%，相对恒生指数超额收益-2.44%。 本年，港股精选组合绝对收益 56.87%，相对恒生指数超额收益 31.15%。 港股市场创新高热点板块跟踪 证券研究报告 | 2025年11月22日 港股投资周报 医药科技板块大跌，港股精选组合年内上涨 56.87% 我们根据分析师关注度、股价相对强弱、股价路径平稳性、创新高连续性等 角度在过去 20 个交易日创出过 250 日新高的股票池中筛选出平稳创新高股 票。 近期，中国东方航空股份等股票平稳创出新高。 按照板块来看，创新高股票数量最多的是周期板块，其次为消费、制造、医 药、大金融和科技板块，具体个股信息可参照正文。 港股市场一周回顾 宽基指数方面，本周港股通 50 指数收益最高，累计收益-4.80%；恒生科技 指数收益最低，累计收益-7.18%。 行业指数方面，本周电讯业行业收益最高，累计收益-1.58%；原材料业行业 收益最低，累计收益-8.65%。 概念板块方面，本周安防监控概念板块收益最高，累计收益 1.43%；钢铁概 念板块收益最低，累计收益-14.53%。 南向资金监控 ...