Group 1: Top Net Buy/Sell Companies - The top net buy company is China Construction Bank (0939.HK) with a net buy amount of 34.80 billion CNY, increasing holdings by 450,164,470 shares[8] - Meituan-W (3690.HK) ranks second with a net buy of 24.87 billion CNY, with 19,338,868 shares added[8] - Tencent Holdings (0700.HK) is the top net sell company, with a net sell amount of -48.10 billion CNY, reducing holdings by 9,515,111 shares[9] Group 2: Industry Distribution of Net Buy/Sell - Financial sector shows significant net buying, led by China Construction Bank and China Life Insurance, indicating strong investor confidence in financial stocks[8][9] - The technology sector, represented by Tencent and Xiaomi, experienced substantial net selling, reflecting potential investor concerns about growth prospects in this industry[9] - The consumer discretionary sector, including Meituan and BYD, also saw mixed results with both net buying and selling activities, suggesting varied investor sentiment[8][9] Group 3: Active Stocks - The most active stock in the Shanghai-Hong Kong Stock Connect is Pop Mart (9992.HK) with a total trading volume of 40.19 billion CNY and a net sell of -6.40 billion CNY[18] - In the Shenzhen-Hong Kong Stock Connect, Meituan (3690.HK) had a trading volume of 34.09 billion CNY with a net sell of -4.31 billion CNY[19] - The trading activity indicates high volatility in these stocks, with significant fluctuations in net buying and selling over the week[18][19]

Summary of Conference Call Records Industry or Company Involved - The records focus on the Hong Kong stock market, specifically the new consumption and innovative pharmaceutical sectors. Core Points and Arguments - **Capital Inflows**: Southbound funds have been the primary driver of the rise in the new consumption and innovative pharmaceutical sectors. From April 8 to June 9, net inflows into the innovative pharmaceutical sector exceeded 28.8 billion HKD, while the new consumption sector saw net inflows of over 6.3 billion HKD. In contrast, international intermediaries (foreign capital) experienced a net outflow of 22.6 billion HKD during the same period [1][3]. - **Year-to-Date Performance**: As of mid-June, southbound funds have contributed over 55 billion HKD to the innovative pharmaceutical sector and over 18 billion HKD to the new consumption sector. Cumulatively, over 660 billion HKD has flowed into the Hong Kong stock market through southbound trading, marking it as a significant support for the market [5][7]. - **Market Trends**: The Hong Kong stock market has entered a technical bull market since the low on April 7, with the new consumption and innovative pharmaceutical sectors averaging over a 50% increase from April 7 to June 11, outperforming other sectors [2][9]. - **Investment Strategies**: Southbound funds typically follow a right-side trend-following strategy, while foreign capital tends to buy in early and take profits at market peaks. For instance, during the period from February 20 to March 7, the new consumption sector rose over 20%, with foreign capital buying 3.6 billion HKD while southbound funds reduced their positions by 300 million HKD [6][11]. Other Important but Possibly Overlooked Content - **Sector Performance**: The sectors with the most significant capital increases included software services, pharmaceutical research and biotechnology, automotive, professional retail, and industrial engineering. Conversely, sectors that saw the most reductions included banking, other financial services, oil and gas, insurance, and general metals and minerals [4][10]. - **Differentiation of Capital Types**: The most impactful capital this year has been from southbound funds, which have consistently shown net inflows, contrasting with the lack of significant foreign capital return. Despite some inflows earlier in the year, foreign capital has generally been in a state of outflow since March [8][9]. - **Individual Stock Strategies**: Southbound funds have adopted a "barbell" strategy, significantly increasing positions in growth stocks like Meituan and Alibaba while also investing in high-dividend stocks such as China Construction Bank and China Mobile. They have reduced holdings in Tencent, Xiaomi, and other stocks [11][12][13].

Group 1 - The total trading volume of southbound funds has reached 11.52 trillion HKD this year, surpassing the total for the entire year of 2024, which was 11.23 trillion HKD [1] - The trading volume for Shanghai Stock Connect is 7.13 trillion HKD, while Shenzhen Stock Connect is 4.39 trillion HKD, contributing to the overall total [1] - The net buying amount for Shanghai Stock Connect is 493.1 billion HKD, and for Shenzhen Stock Connect, it is 193.9 billion HKD, both significantly exceeding the levels from the same period last year [1]

金融工程研究团队 魏建榕（首席分析师） 证书编号：S0790519120001 张 翔（分析师） 证书编号：S0790520110001 傅开波（分析师） 证书编号：S0790520090003 2025 年 05 月 07 日 高 鹏（分析师） 证书编号：S0790520090002 苏俊豪（分析师） 证书编号：S0790522020001 胡亮勇（分析师） 证书编号：S0790522030001 王志豪（分析师） 证书编号：S0790522070003 盛少成（分析师） 证书编号：S0790523060003 苏 良（分析师） 证书编号：S0790523060004 何申昊（分析师） 证书编号：S0790524070009 陈 威（研究员） 证书编号：S0790123070027 蒋 韬（研究员） 证书编号：S0790123070037 《开源量化评论（49）-对近期北向持 续撤离，南下持续抄底的几点思考》 -2022.3.15 开源量化评论（50）-港股优选：技术 面、资金面、基本面》-2022.3.22 《开源量化评论（96）-公募港股投资 变化及港股通优选组合构建》 -2024.7.15 港股量化： ...

1 目录 2 l 港股通前十大净买入/卖出公司 l 港股通净买入/卖出行业分布 l 港股通前十大活跃个股 l 港股通与南下资金介绍 港股通数据统计周报 2025.4.28-2025.5.4 | 分析师： | 沈凡超 | | --- | --- | | 中央编号： | BTT231 | | 联系电话： | 852-4623 5564 | | 邮箱： | hector@cnzsqh.hk | 港股通前十大净买入/卖出公司 3 港股通本周前十大净买入公司（2025.4.28-2025.5.4） | 序号 | 证券代码 | 证券简称 | 行业 | 港股通持股变动数 | 净买入金额（亿元） | | --- | --- | --- | --- | --- | --- | | 1 | 3690.HK | 美团-W | 可选消费 | 29862986 | 39.57 | | 2 | 1088.HK | 中国神华 | 能源 | 21482000 | 6.29 | | 3 | 2388.HK | 中银香港 | 金融 | 18780500 | 5.97 | | 4 | 2367.HK | 巨子生物 | 日常消费 | 6702768 ...

港股通数据统计周报 2025.4.21-2025.4.27 | 分析师： | 沈凡超 | | --- | --- | | 中央编号： | BTT231 | | 联系电话： | 852-4623 5564 | | 邮箱： | hector@cnzsqh.hk | 1 目录 2 l 港股通前十大净买入/卖出公司 l 港股通净买入/卖出行业分布 l 港股通前十大活跃个股 l 港股通与南下资金介绍 3 港股通本周前十大净买入公司（2025.4.21-2025.4.27） | 序号 | 证券代码 | 证券简称 | 行业 | 港股通持股变动数 | 净买入金额（亿元） | | --- | --- | --- | --- | --- | --- | | 1 | 9988.HK | 阿里巴巴-W | 可选消费 | 36308762 | 41.97 | | 2 | 0700.HK | 腾讯控股 | 信息技术 | 4657084 | 22.27 | | 3 | 3690.HK | 美团-W | 可选消费 | 11177084 | 14.26 | | 4 | 2367.HK | 巨子生物 | 日常消费 | 15718400 | 12 ...

承蒙大家厚爱，这次我也获得了2025年嵩岳之巅你卓越分析师奖项，希望接下来与大家继续携手前行，创造更为辉煌的佳绩！ 晚上的直播课，我分别从"下一个百日行动与商品涨价"，"印巴冲突与OPEC+增产"，"金价定价权与重要会议"，"重要表态与南下资金"四个方面解读了基 本面的一些信息，并结合百日维新，商品涨价，印巴，金银油，保险入局，增量政策，稳就业，人民币，A股，港股等给出了接下来的布局思路。 点击下方关注许亚鑫，加★星标★，充值鑫仰！ 2025年郑州理财博览会顺利落幕，感谢敦兰财经的邀请，这次会场见到了许多老师和老朋友，希望这次主持的圆桌论坛给大家带去一些启发和思考。 当然，在如今的白宫赢学叙事逻辑中，也许又是另外一番景象。 上周一，由于特朗普对鲍威尔的炮轰损害了投资者对美国资产的信心，美元指数暴跌至2022年3月以来的最低水平；但随着特朗普表达了对谈判的乐观情 绪，而且软化了对鲍威尔的态度，美元开始回升，上周终于出现了五周来首度收涨，收于99.61。 美国总统特朗普第二个任期执政将满百日。 当地时间4月27日，美国广播公司、《华盛顿邮报》以及益普索集团联合进行的一项最新民意调查结果显示，特朗普的执政百日支持率 ...

Group 1: Central Huijin's Role and Holdings - As of December 31, 2024, Central Huijin's total ETF holdings reached CNY 1.05 trillion, an increase of approximately 80% from CNY 584.2 billion on June 30, 2024, and a staggering 744% increase from CNY 124.7 billion on December 31, 2023[20]. - The majority of Central Huijin's holdings are in broad-based index ETFs, with the CSI 300 ETF accounting for CNY 690.5 billion, representing 65.6% of its total holdings[7]. - Central Huijin's investment strategy has expanded to include industry-themed and style-based ETFs since the second half of 2024[7]. Group 2: Market Dynamics and Fund Flows - From April 7 to April 12, 2025, 213 companies in the Shenzhen market announced share buybacks, with 73 companies planning to repurchase between CNY 18.1 billion and CNY 32.8 billion[9]. - During the same period, 24 companies announced plans to increase their holdings, with intended amounts ranging from CNY 6.6 billion to CNY 9.4 billion[9]. - Southbound funds accounted for over 40% of the trading volume in Hong Kong stocks in 2025, indicating their significant pricing power in the market[14]. Group 3: Comparison with International Practices - Japan's ETF market, which began in the early 2000s, saw the Bank of Japan hold approximately JPY 37 trillion in ETFs by March 2023, making it the largest shareholder in the Japanese stock market[8]. - The operational model of Japan's stabilization fund serves as a reference for China's "similar stabilization fund" approach, particularly in terms of direct market intervention[8].