Market Performance - The Hang Seng Index closed at 26,027.55 points, up by 168.72 points, representing a gain of 0.65% [1][2] - The State-Owned Enterprises Index closed at 9,302.66 points, increasing by 69.99 points, with a rise of 0.76% [1][2] - The Red Chip Index finished at 4,087.58 points, up by 18.25 points, reflecting a growth of 0.45% [1][2] Capital Flow - Southbound capital recorded a net inflow of 1.171 billion Hong Kong dollars on the day [1]

打开百度APP畅享高清图片 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。 南向资金ETF买入及卖出成交额 | 港股通(沪) (亿港元) | 12.61 | | --- | --- | | 港股通(深) (亿港元) | 14.99 | | OFFICE AND CONSULTION COLLECTION | | | 港股通合计(亿港元) | 27.60 | 今日（10月20日）南向资金ETF买入及卖出成交额为27.60亿港元，较前一日减少8.05亿港元，占南向资 金今日成交额的2.51%。 具体来看，港股通（沪）ETF买入及卖出成交额12.61亿港元，港股通（深）ETF买入及卖出成交额 14.99亿港元。（数据宝） ...

10月20日南向资金全天成交额1098.67亿港元，成交净卖出26.71亿港元。 证券时报•数据宝统计显示，10月20日恒生指数上涨2.42%，南向资金合计买入成交535.98亿港元，卖出 成交562.69亿港元，合计成交额1098.67亿港元。 具体看，港股通（沪）买入成交322.64亿港元，卖出成交345.51亿港元，合计成交额668.15亿港元，成 交净卖出22.87亿港元；港股通（深）买入成交213.34亿港元，卖出成交217.18亿港元，合计成交430.52 亿港元，成交净卖出3.84亿港元。（数据宝） 买入成交额 （亿港元） 卖出成交额 （亿港元） 成交净买入 （亿港元） 港股通（深） 213.34 217.18 -3.84 港股通（沪） 322.64 345.51 -22.87 合计 535.98 562.69 -26.71 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。 南向资金今日成交概况 ...

Group 1 - The Hang Seng Index closed at 25,858.83 points, up by 611.73 points, representing a 2.42% increase [1][2] - The State-Owned Enterprises Index closed at 9,232.67 points, up by 220.7 points, with a 2.45% increase [1][2] - The Red Chip Index closed at 4,069.33 points, up by 59.77 points, showing a 1.49% increase [1][2] Group 2 - Southbound capital experienced a net outflow of 2.67 billion Hong Kong dollars on the same day [1]

Group 1: Market Performance Review - The Hong Kong stock market experienced a significant decline due to renewed US-China trade tensions and profit-taking after previous gains, with the Hang Seng Index, Hang Seng Tech Index, and Hang Seng Composite Index dropping by -4.11%, -3.97%, and -7.98% respectively [3][10][13] - Defensive sectors such as utilities and telecommunications showed resilience, while previously high-performing sectors like technology and healthcare faced substantial corrections [3][10][13] Group 2: Market Valuation Levels - As of the end of the week, the 5-year PE (TTM) valuation percentile for the Hang Seng Composite Index stood at 81.45%, indicating that the valuation level is close to one standard deviation above the 5-year average [3] Group 3: Market Macro Environment - The macroeconomic environment shows weak inflation in September, with CPI down by 0.3% year-on-year, while PPI decreased by 2.3% [37][43] - The central bank's monetary policy remains supportive, with a focus on enhancing domestic demand and stabilizing growth through proactive measures [37][43] Group 4: Fund Flow Analysis - Southbound capital showed strong buying interest, with a net inflow of 45.089 billion HKD, marking a new high in five weeks and maintaining a streak of 22 consecutive weeks of net inflows [43] - The top net buying companies included Pop Mart, Xiaomi, and China Mobile, indicating a preference for consumer discretionary and technology sectors [32] Group 5: Sector Allocation Outlook - The report favors sectors that are relatively prosperous and benefit from policy support, such as automotive, new consumption, innovative pharmaceuticals, and technology [3][43] - Low-valuation state-owned enterprises and local Hong Kong banks, telecommunications, and utility stocks are also highlighted as stable performers benefiting from the interest rate cut cycle [3][43]

Group 1 - The core viewpoint is that the Hong Kong stock market is experiencing a recovery, with significant inflows from southbound funds and a positive outlook for the fourth quarter [1][2] - The Hang Seng Technology Index rose by 3.21%, while the Hang Seng Index and the National Enterprises Index increased by 2.41% and 2.46%, respectively, with the Hang Seng Index gaining over 600 points to reach 25,855 points [1] - Southbound funds have seen a net inflow exceeding 1.1 trillion yuan this year, marking the highest level for the same period in history, indicating strong interest in the Hong Kong stock market [1] Group 2 - Cathay Pacific Securities believes that the bullish trend in the Hong Kong stock market will continue in the fourth quarter, driven by the benefits of AI narratives for internet giants and the potential return of foreign capital due to the Federal Reserve's interest rate cuts [2] - The Hong Kong Consumption ETF (513230) tracks the CSI Hong Kong Stock Connect Consumption Theme Index, encompassing leading companies in both internet e-commerce and new consumption sectors, highlighting a strong tech and consumption attribute [2]

========= - The "Guosen JinGong Hong Kong Stock Selection Portfolio" aims to select stocks with both fundamental support and technical resonance from an analyst-recommended stock pool[14][15] - The portfolio's backtesting period is from January 1, 2010, to June 30, 2025, with an annualized return of 19.11% and an excess return of 18.48% relative to the Hang Seng Index[15] - The portfolio construction involves selecting stocks based on analysts' upward earnings forecasts, initial coverage, and unexpected events in analyst reports[15] Portfolio Backtesting Results - Annualized return: 19.11%[15] - Excess return relative to the Hang Seng Index: 18.48%[15] - Maximum drawdown: 23.73%[20] - Information ratio (IR): 1.22[20] - Tracking error: 14.55%[20] - Return-to-drawdown ratio: 0.78[20] Stable New High Stock Screening Method - The method screens stocks that have reached a 250-day new high in the past 20 trading days based on analyst attention, relative stock strength, stock price stability, and continuity of new highs[23][24] - The formula for the 250-day new high distance is: $$ 250 \text{ day new high distance} = 1 - \frac{Closet}{ts\_max(Close, 250)} $$ where $Closet$ is the latest closing price and $ts\_max(Close, 250)$ is the maximum closing price in the past 250 trading days[23] - Stocks are selected based on the absolute value of the past 120-day price change and the sum of the absolute values of the past 120-day price changes[23] Stable New High Stock Screening Results - The sector with the most new high stocks is the cyclical sector, followed by technology, consumer, financial, manufacturing, and pharmaceutical sectors[23] - Specific stocks that have reached stable new highs include China National Building Material, Hansoh Pharmaceutical, and others[23][29] - The screening criteria include analyst attention (at least 5 buy or hold ratings in the past 6 months), relative stock strength (top 20% in the past 250 days), and stock price stability (top 50% based on price path smoothness and new high continuity)[24] Performance of Hong Kong Stock Connect and Active Funds Investing in Hong Kong Stocks - Median return of Hong Kong Stock Connect stocks this week: -3.44%[44] - Median return of active funds investing in Hong Kong stocks this week: -3.79%[44] - Median return of Hong Kong Stock Connect stocks this year: 25.14%[44] - Median return of active funds investing in Hong Kong stocks this year: 34.50%[44] Top Performing Funds - This week: Ping An Hong Kong Stock Connect Dividend Select A (2.29%), China Merchants Bank Hong Kong and Shanghai Multi-Strategy (1.90%), Ping An Hong Kong Stock Connect Dividend Select A (1.88%)[45] - This year: China Universal Hong Kong Advantage Select A (140.23%), Bank of China Hong Kong Stock Connect Medical A (104.90%), E Fund Global Pharmaceutical Industry RMB A (93.97%)[45] =========

Core Viewpoint - On October 17, southbound funds recorded a total trading volume of 153.005 billion HKD, with a net buying amount of 6.303 billion HKD despite the Hang Seng Index declining by 2.48% [1] Summary by Category Southbound Fund Trading Overview - Total buy transactions amounted to 79.654 billion HKD, while total sell transactions were 73.351 billion HKD, resulting in a net buying of 6.303 billion HKD [1] - Breakdown of trading through Stock Connect: - Shanghai Stock Connect: Buy transactions were 49.973 billion HKD, sell transactions were 44.317 billion HKD, leading to a net buying of 5.656 billion HKD [1] - Shenzhen Stock Connect: Buy transactions were 29.681 billion HKD, sell transactions were 29.034 billion HKD, resulting in a net buying of 0.647 billion HKD [1]

Core Points - On October 16, the total trading volume of southbound funds reached 136.33 billion HKD, with a net buy of 15.82 billion HKD [1] - The Hang Seng Index decreased by 0.09% on the same day [1] Southbound Fund Trading Overview - Total buy transactions amounted to 76.07 billion HKD, while total sell transactions were 60.25 billion HKD, resulting in a net buy of 15.82 billion HKD [1] - Under the Hong Kong Stock Connect (Shanghai), buy transactions were 46.53 billion HKD and sell transactions were 37.86 billion HKD, leading to a net buy of 8.67 billion HKD [1] - Under the Hong Kong Stock Connect (Shenzhen), buy transactions totaled 29.55 billion HKD and sell transactions were 22.40 billion HKD, resulting in a net buy of 7.15 billion HKD [1]

Group 1 - The Hang Seng Index closed down by 22.09 points, a decrease of 0.09%, ending at 25888.51 points [1][2] - The State-Owned Enterprises Index closed up by 8.55 points, an increase of 0.09%, ending at 9259.46 points [1][2] - The Red Chip Index closed up by 26.13 points, an increase of 0.65%, ending at 4071.63 points [1][2] - Southbound capital recorded a net inflow of 158.22 billion Hong Kong dollars on the same day [1]