港股多个指数成份股进行调整。 11月21日，恒生指数公司宣布截至2025年9月30日的恒生指数系列季度检讨结果，相关变动将于2025年12月5日（星期五）收市后实施，并于2025年12月8日（星期 一）起生效。 根据相关调整，恒生指数成份股数目将进一步增加，由88只增加至89只。 港股市场多个指数调整成份股 11月21日，恒生指数公司宣布截至2025年9月30日的恒生指数系列季度检讨结果，恒生指数成份股数目将由88只增加至89只，加入信达生物。 | 代号 | 公司 | 恒指分类指数 | | --- | --- | --- | | 1801 | 信达生物制药 | 恒生工商业分类指数 | 恒生中国企业指数成份股数目维持50只，加入中国宏桥、信达生物、百胜中国3只股票，同时剔除新奥能源、海底捞、新东方-S。恒生中国企业指数成份股公司的变 动亦适用于恒生中国企业精明指数。 | · · · HE | | | --- | --- | | 代号 | 公司 | | 9863 | 浙江零跑科技股份有限公司 - H 股 | | 代号 | 公司 | | --- | --- | | 1378 | 中国宏桥集团有限公司 | | 180 ...

11月21日南向资金全天成交额1181.47亿港元，成交净买入1.05亿港元。 证券时报·数据宝统计显示，11月21日恒生指数下跌2.38%，南向资金合计买入成交591.26亿港元，卖出 成交590.21亿港元，合计成交额1181.47亿港元，全天成交净买入1.05亿港元，连续6日净买入。 具体看，港股通（沪）买入成交364.65亿港元，卖出成交359.67亿港元，合计成交额724.32亿港元，成 交净买入4.98亿港元；港股通（深）买入成交226.61亿港元，卖出成交230.54亿港元，合计成交457.15亿 港元，成交净卖出3.93亿港元。（数据宝） （文章来源：证券时报网） 南向资金今日成交概况 | | 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） | 226.61 | 230.54 | -3.93 | | 港股通（沪） | 364.65 | 359.67 | 4.98 | | 合计 | 591.26 | 590.21 | 1.05 | ...

11月21日恒生指数下跌2.38%，南向资金全天合计成交金额为1181.47亿港元，其中，买入成交591.26亿 港元，卖出成交590.21亿港元，合计净买入金额1.05亿港元。具体来看，港股通（深）累计成交金额 457.15亿港元，买入成交226.61亿港元，卖出成交230.54亿港元，合计净卖出金额3.93亿港元；港股通 （沪）累计成交金额724.32亿港元，买入成交364.65亿港元，卖出成交359.67亿港元，合计净买入金额 4.98亿港元。 （文章来源：证券时报网） | 代码 | 简称 | 成交金额（万港元） | 成交净买入（万港元） | 今日涨跌幅（%） | | --- | --- | --- | --- | --- | | 00700 | 腾讯控股 | 605317.89 | 173605.70 | -1.77 | | 01810 | 小米集团-W | 766459.86 | 126775.46 | 1.01 | | 09988 | 阿里巴巴-W | 1346438.63 | 115764.66 | -4.65 | | 01024 | 快手-W | 66256.06 | 23647.11 | - ...

Core Viewpoint - Southbound funds recorded a net purchase of approximately 1.05 billion HKD today, indicating a positive sentiment towards certain stocks while showing significant selling pressure on others [1] Group 1: Southbound Fund Activity - Southbound funds had a net purchase of about 1.05 billion HKD today [1] - Tencent Holdings and Xiaomi Group-W received net purchases of approximately 17.36 billion HKD and 12.68 billion HKD, respectively [1] - The Yingfu Fund experienced a net sell-off of 51.43 billion HKD, highlighting a significant outflow from this investment vehicle [1]

南向资金ETF买入及卖出成交额 港股通（沪）（亿港元） 68.30 港股通（深）（亿港元） 44.15 港股通合计（亿港元） 112.44 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。 11月20日南向资金ETF买入及卖出成交额为112.44亿港元，较前一日增加74.23亿港元，占南向资金今日 成交额的11.70%。 具体来看，港股通（沪）ETF买入及卖出成交额68.30亿港元，港股通（深）ETF买入及卖出成交额 44.15亿港元。（数据宝） ...

（记者 陈鹏程） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 南向资金成交活跃个股榜单中，净买入个股共4只，金额最多的是阿里巴巴-W（9988.HK，收盘价： 154.8港元），净买入10.671亿港元；净卖出个股共4只，金额最多的是小米集团-W（1810.HK，收盘 价：37.7港元），净卖出6.058亿港元。 | 代码 | 简称 | 南向资金今日成交活跃个股榜单 收盘价 | 涨跌幅 | 净买入金额 | 版其 | | --- | --- | --- | --- | --- | --- | | | | (港元) | (%) | (亿港元) | | | 9988.HK | 阿里巴巴-W | 154.8 | -1.02 | 10.67 | = | | 9868.HK | 小鹏汽车-W | 81.85 | -4.49 | 4.39 | . | | 1347.HK | 华虹半导体 | 78.0 | -3.05 | 2.97 | = | | 0700.HK | 腾讯控股 | 621.0 | -0.24 | 0.84 | | | 0981.HK | 中芯国际 | 73.5 | 0 ...

（原标题：今日南向资金ETF买入及卖出成交额为38.22亿港元） 南向资金ETF买入及卖出成交额 | 港股通（沪）（亿港元） | 15.34 | | --- | --- | | 港股通（深）（亿港元） | 22.87 | | 港股通合计（亿港元） | 38.22 | 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。 今日（11月19日）南向资金ETF买入及卖出成交额为38.22亿港元，较前一日增加13.69亿港元，占南向 资金今日成交额的4.55%。 具体来看，港股通（沪）ETF买入及卖出成交额15.34亿港元，港股通（深）ETF买入及卖出成交额 22.87亿港元。（数据宝） ...

今日上榜个股中，小米集团-W、阿里巴巴-W、华虹半导体等7只股同时上榜港股通（深）、港股通（沪）成交活跃股， 小米集团-W合计成交额 105.78亿港元，成交净买入23.94亿港元，阿里巴巴-W合计成交额71.92亿港元，成交净买入20.96亿港元。盈富基金合计成交额14.98亿港元，成交 净卖出14.84亿港元，腾讯控股合计成交额37.84亿港元，成交净卖出1.04亿港元。 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16天、5天、5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130.55亿港元，其次是阿里巴巴-W合计净买 入为110.95亿港元，华虹半导体合计净买入为9.10亿港元。（数据宝） 11月19日南向资金成交活跃股 （原标题：南向资金今日净买入65.91亿港元，小米集团-W净买入23.94亿港元） 11月19日恒生指数下跌0.38%，南向资金全天合计成交金额为839.46亿港元，其中，买入成交452.68亿港元，卖出成交386.77亿港元，合计净买入 金额65.91亿港元。 ...

Core Viewpoint - The article highlights the significant inflow of southbound capital into the Hong Kong stock market, driven by the increasing presence of high-quality Chinese companies and the attractiveness of valuations, which is expected to support a long-term "slow bull" market trend in Hong Kong stocks [3][10][16]. Group 1: Southbound Capital Inflow - As of November 10, southbound capital's cumulative net purchase of Hong Kong stocks exceeded 5 trillion HKD, continuing to grow [3]. - By November 19, southbound capital net inflow through the Stock Connect reached 65.91 million HKD, bringing the total net purchase for the year to over 1.34 trillion HKD, a 66% increase compared to the total inflow of 807.8 billion HKD in 2024 [5][6]. - The proportion of southbound capital in the total trading volume of the Hong Kong market has steadily increased from 15.6% at the beginning of 2024 to 23.6% in the third quarter of 2025 [6]. Group 2: Investment Trends and Sector Focus - The composition of southbound capital has shifted significantly, with technology and dividend-paying stocks becoming the primary focus, moving away from the banking sector, which previously dominated [7][8]. - The top ten holdings of southbound capital are now split between technology and high-dividend stocks, with Tencent Holdings and Alibaba being major players [8]. - Insurance funds and public funds are the main contributors to southbound capital, with insurance holdings surpassing 1 trillion RMB by the end of the third quarter [9]. Group 3: Future Growth Potential - Analysts predict that the southbound capital inflow could increase by 1.4 trillion RMB (approximately 1.54 trillion HKD) by the end of next year, with a potential growth of 10 trillion RMB (about 11 trillion HKD) over the next five years [11][13]. - The continuous inflow of long-term capital is expected to enhance market liquidity and optimize the capital market structure, supporting a sustainable "slow bull" market [13][14]. Group 4: Quality of Listed Companies - The article notes that more high-quality Chinese companies are choosing to list in Hong Kong, which enhances the market's attractiveness to both domestic and foreign investors [15][17]. - As of November 19, 2025, 88 companies have gone public in Hong Kong, raising a total of 250.5 billion HKD, a 172.44% increase from the previous year [17]. - The increasing number of globally competitive companies listed in Hong Kong is expected to attract more capital inflow, creating a positive feedback loop [18].

Core Insights - The Hong Kong stock market is becoming a crucial platform for global investors to share in the growth dividends of China's core assets, with significant inflows of southbound capital [1][12] - As of November 10, southbound capital's cumulative net purchases of Hong Kong stocks exceeded 5 trillion HKD, continuing to grow [1] - The influx of long-term mainland funds, primarily from insurance and public offerings, is expected to support a "slow bull" market in Hong Kong [1][8] Southbound Capital Inflows - As of November 19, southbound capital net inflows through the Stock Connect reached 65.91 million HKD, bringing the total for the year to over 1.34 trillion HKD, a 66% increase compared to the total inflow of 807.8 billion HKD in 2024 [2] - Cumulative net inflows since the launch of the Stock Connect have surpassed 5 trillion HKD [2][3] Market Dynamics - Southbound capital has become a core driver of liquidity in the Hong Kong stock market, with its share of total market turnover rising from 15.6% at the beginning of 2024 to 23.6% by the third quarter of 2025 [3] - The total market value of southbound capital holdings exceeded 6.3 trillion HKD by the end of the third quarter, representing a year-on-year increase of over 90% [3] Sector and Stock Preferences - The allocation of southbound capital has shifted significantly, with the banking sector previously dominating but now more evenly distributed across industries, including media, pharmaceuticals, and technology [3][4] - The top ten holdings of southbound capital are now characterized by a "technology + dividend" strategy, with Tencent Holdings and Alibaba being major beneficiaries [4] Fund Composition - Insurance funds and public funds constitute the majority of southbound capital, with insurance holdings surpassing 1 trillion RMB (approximately 1.4 trillion HKD) by the end of the third quarter [7] - Public fund holdings reached 1.01 trillion RMB, accounting for about 18% of total southbound capital [7] Future Projections - Predictions indicate that southbound capital could see an additional inflow of 1.4 trillion RMB (approximately 1.54 trillion HKD) by the end of next year, with a potential total increase of 10 trillion RMB (approximately 11 trillion HKD) over the next five years [8] - The continuous inflow of long-term capital is expected to enhance market fundamentals and support a "slow bull" market [8][9] Market Valuation and Asset Supply - The Hong Kong stock market is viewed as having significant allocation value, with lower valuation levels compared to other major global markets [11] - The influx of quality companies listing in Hong Kong is creating a virtuous cycle, enhancing market liquidity and attracting more capital [12][13] Historical Context - Historical analysis indicates that periods of outperformance in the Hong Kong stock market have been driven by the scarcity of assets, with current trends reflecting similar dynamics as seen in previous advantageous periods [14]