Group 1 - The core viewpoint of the report indicates that from September 22 to 25, 2025, southbound funds recorded a net inflow of 14.493 billion HKD, primarily flowing into sectors such as consumer discretionary retail, non-ferrous metals, semiconductors, hardware equipment, and software services, with the top five sectors accounting for a total net inflow of 12.234 billion HKD [2][6][34] - The five sectors with the highest net inflow were: consumer discretionary retail (6.964 billion HKD), non-ferrous metals (1.992 billion HKD), semiconductors (1.198 billion HKD), hardware equipment (1.092 billion HKD), and software services (0.989 billion HKD) [2][6][34] - Conversely, the sectors with the most significant outflows included pharmaceuticals and biotechnology (-1.492 billion HKD), durable consumer goods (-0.255 billion HKD), consumer services (-0.225 billion HKD), automotive and parts (-0.216 billion HKD), and chemicals (-0.137 billion HKD) [2][6][34] Group 2 - During the same period, foreign intermediary funds experienced a net outflow of 19.015 billion HKD, with notable inflows into consumer services, non-bank financials, electrical equipment, pharmaceuticals and biotechnology, and real estate II, totaling a net inflow of 6.005 billion HKD across the top five sectors [7][41] - The sectors with the highest net inflow from foreign intermediaries were: consumer services (2.836 billion HKD), non-bank financials (1.419 billion HKD), electrical equipment (0.837 billion HKD), pharmaceuticals and biotechnology (0.683 billion HKD), and real estate II (0.231 billion HKD) [7][41] - The sectors that saw the most significant outflows included consumer discretionary retail (-8.9 billion HKD), medical equipment and services (-4.081 billion HKD), banking (-3.612 billion HKD), semiconductors (-1.356 billion HKD), and transportation (-1.283 billion HKD) [7][41]

Market Overview - On September 26, the Hang Seng Index fell by 1.35%, with southbound trading totaling HKD 160.92 billion, comprising HKD 85.73 billion in buying and HKD 75.19 billion in selling, resulting in a net buying amount of HKD 10.54 billion [2][3]. Southbound Trading Details - The southbound trading through Stock Connect (Shenzhen) had a total trading amount of HKD 59.81 billion, with buying at HKD 31.49 billion and selling at HKD 28.32 billion, leading to a net buying of HKD 3.17 billion [2]. - The southbound trading through Stock Connect (Shanghai) recorded a total trading amount of HKD 101.11 billion, with buying at HKD 54.24 billion and selling at HKD 46.87 billion, resulting in a net buying of HKD 7.37 billion [2]. Active Stocks - Alibaba-W was the most actively traded stock with a total trading amount of HKD 175.01 billion and a net buying of HKD 24.12 billion, despite a closing price drop of 3.20% [2][3]. - Other notable stocks included Xiaomi Group-W with a trading amount of HKD 139.46 billion and a net buying of HKD 60.52 billion, and SMIC with a trading amount of HKD 89.14 billion [2][3]. - The stock with the highest net selling was Xpeng Motors-W, with a net selling amount of HKD 29.14 million, while its closing price increased by 5.03% [2][3]. Continuous Net Buying - Three stocks have seen continuous net buying for more than three days, with Alibaba-W leading at 26 consecutive days, followed by Shankai Holdings and Tencent Holdings at three days each [3]. - The total net buying amounts during this period were HKD 744.98 billion for Alibaba-W, HKD 45.55 billion for Tencent Holdings, and HKD 10.17 billion for Shankai Holdings [3].

Summary of Key Points Core Viewpoint - On September 26, the southbound capital recorded a total transaction amount of 160.92 billion HKD, with a net buy of 10.54 billion HKD, indicating strong buying interest despite a decline in the Hang Seng Index by 1.35% [1]. Transaction Overview - The total buy transaction amount for southbound capital was 85.73 billion HKD, while the total sell transaction amount was 75.19 billion HKD, leading to a net buy of 10.54 billion HKD [1]. - Under the Hong Kong Stock Connect (Shanghai), the buy transaction amount was 54.24 billion HKD and the sell transaction amount was 46.87 billion HKD, resulting in a net buy of 7.37 billion HKD [1]. - Under the Hong Kong Stock Connect (Shenzhen), the buy transaction amount was 31.49 billion HKD and the sell transaction amount was 28.32 billion HKD, leading to a net buy of 3.17 billion HKD [1].

Group 1 - The Hong Kong technology sector is experiencing increased activity, with southbound funds continuing to accumulate positions, as evidenced by a net purchase of approximately 110.46 billion HKD on September 25, including significant investments in Alibaba and Tencent [1] - The Hang Seng Technology ETF (520920) was established on September 22 and is set to be listed on September 30, tracking the Hang Seng Technology Index, which consists of the top 30 technology-related stocks in Hong Kong [1] - The current valuation of the Hang Seng Technology Index is at a historical low, with a PE ratio of 24.29, positioned at the 36.54% percentile over the past five years [1] Group 2 - The Hang Seng Technology Index shows leading growth in revenue and net profit compared to other major Hong Kong indices, with a revenue growth rate of 14.43% and a net profit growth rate of 16.18% in Q2 2025 [2] - The potential for liquidity improvement is highlighted by the Federal Reserve's recent interest rate cuts, which historically have benefited the Hang Seng Technology sector [2] - Alibaba has announced a partnership with NVIDIA in the Physical AI field, enhancing its AI capabilities and indicating a significant increase in data center energy consumption by 2032 [2] Group 3 - There is an expectation that the Hang Seng Technology sector will transition from being driven solely by southbound funds to a dual-driver model, incorporating both southbound and foreign capital, potentially leading to a major upward trend [3] - The influx of southbound funds, combined with the anticipated return of foreign capital due to the Federal Reserve's actions, is expected to drive the Hang Seng Technology sector into a "main rising wave" [3]

每经AI快讯，9月26日，截至发稿时，南向资金净买入额超10亿港元。 ...

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。 （文章来源：证券时报网） 今日（9月25日）南向资金ETF买入及卖出成交额为7.72亿港元，较前一日减少15.49亿港元，占南向资 金今日成交额的0.49%。 具体来看，港股通（沪）ETF买入及卖出成交额5.29亿港元，港股通（深）ETF买入及卖出成交额2.43 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） 5.29 港股通（深）（亿港元） 2.43 港股通合计（亿港元） 7.72 ...

Summary of Key Points Core Viewpoint - The Hang Seng Index experienced a slight decline of 0.13% on September 25, with southbound capital transactions totaling HKD 156.31 billion, indicating a net inflow of HKD 11.046 billion [1][2]. Southbound Capital Transactions - Total southbound capital transactions amounted to HKD 1,563.10 million, with buy transactions at HKD 836.78 million and sell transactions at HKD 726.32 million, resulting in a net buy of HKD 110.46 million [1]. - The breakdown of transactions shows that the Shenzhen Stock Connect had a total transaction amount of HKD 577.51 million, with net buying of HKD 62.16 million, while the Shanghai Stock Connect had a total transaction amount of HKD 985.59 million, with net buying of HKD 48.30 million [1]. Active Stocks - Alibaba-W led the southbound capital transactions with a total transaction amount of HKD 182.84 million and a net buy of HKD 46.32 million, despite a closing price drop of 1.15% [1][2]. - Other notable stocks included Xiaomi Group-W with a total transaction amount of HKD 114.02 million and a net sell of HKD 8.02 million, and SMIC with a total transaction amount of HKD 77.63 million and a net buy of HKD 9.59 million [1][2]. Continuous Net Buying - Alibaba-W and SMIC were highlighted for their continuous net buying, with Alibaba-W experiencing 25 consecutive days of net buying totaling HKD 720.86 million, while SMIC had 5 consecutive days with a total net buy of HKD 25.60 million [2].

Core Points - On September 25, southbound funds recorded a total transaction amount of 156.31 billion HKD, with a net buy of 11.046 billion HKD [1] - The Hang Seng Index fell by 0.13% on the same day, while southbound funds had a total buy transaction of 83.68 billion HKD and a sell transaction of 72.63 billion HKD [1] - The breakdown of transactions shows that the Shanghai-Hong Kong Stock Connect had a buy transaction of 51.69 billion HKD and a sell transaction of 46.87 billion HKD, resulting in a net buy of 4.83 billion HKD [1] - The Shenzhen-Hong Kong Stock Connect had a buy transaction of 31.98 billion HKD and a sell transaction of 25.77 billion HKD, leading to a net buy of 6.22 billion HKD [1] Transaction Overview - Total buy transaction amount: 83.68 billion HKD [1] - Total sell transaction amount: 72.63 billion HKD [1] - Total net buy amount: 11.046 billion HKD [1] - Breakdown of southbound funds transactions: - Shanghai-Hong Kong Stock Connect: - Buy: 51.69 billion HKD - Sell: 46.87 billion HKD - Net Buy: 4.83 billion HKD [1] - Shenzhen-Hong Kong Stock Connect: - Buy: 31.98 billion HKD - Sell: 25.77 billion HKD - Net Buy: 6.22 billion HKD [1]

证券时报•数据宝统计显示，9月24日恒生指数上涨1.37%，南向资金合计买入成交835.31亿港元，卖出 成交698.27亿港元，合计成交额1533.58亿港元。 （原标题：南向资金今日净买入137.04亿港元） 9月24日南向资金全天成交额1533.58亿港元，成交净买入137.04亿港元。 具体看，港股通（沪）买入成交520.12亿港元，卖出成交467.87亿港元，合计成交额987.99亿港元，成 交净买入52.25亿港元；港股通（深）买入成交315.19亿港元，卖出成交230.40亿港元，合计成交545.59 亿港元，成交净买入84.79亿港元。（数据宝） 南向资金今日成交概况 | | 买入成交额 | 卖出成交额 | 成交净买入 | | --- | --- | --- | --- | | | （亿港元） | （亿港元） | （亿港元） | | 港股通（深） | 315.19 | 230.40 | 84.79 | | 港股通（沪） | 520.12 | 467.87 | 52.25 | | 合计 | 835.31 | 698.27 | 137.04 | 注：本文系新闻报道，不构成投资建议，股市有风险，投资 ...

Group 1 - The total trading volume of southbound funds in ETFs today is 2.322 billion HKD, a decrease of 4.922 billion HKD compared to the previous day, accounting for 1.51% of the total trading volume of southbound funds today [1] - The trading volume for Hong Kong Stock Connect (Shanghai) ETFs is 1.525 billion HKD, while for Hong Kong Stock Connect (Shenzhen) ETFs it is 0.797 billion HKD [1] - The combined trading volume for both Hong Kong Stock Connects is 2.322 billion HKD [1]