来源：滚动播报 数据显示，南向资金今年净买入港股金额达到逾1.4万亿港元，创下纪录新高。不过南向资金年末流入 港股势能有所放缓，本月下旬曾连续三日净卖出。2024年南向资金净买入港股约8079亿港元。恒生指数 今年以来上涨近28%，为2017年来最佳年度表现。 ...

来源：滚动播报 南向资金净买入额达20亿港元。 ...

12月30日南向资金全天成交额923.01亿港元，成交净卖出38.45亿港元。 （亿港元） 卖出成交额 （亿港元） 成交净买入 （亿港元） 港股通（深） 153.22 178.40 -25.18 港股通（沪） 289.06 302.33 -13.27 合计 442.28 480.73 -38.45 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。 证券时报•数据宝统计显示，12月30日恒生指数上涨0.86%，南向资金合计买入成交442.28亿港元，卖出 成交480.73亿港元，合计成交额923.01亿港元。 具体看，港股通（沪）买入成交289.06亿港元，卖出成交302.33亿港元，合计成交额591.39亿港元，成 交净卖出13.27亿港元；港股通（深）买入成交153.22亿港元，卖出成交178.40亿港元，合计成交331.62 亿港元，成交净卖出25.18亿港元。（数据宝） 南向资金今日成交概况 买入成交额 ...

南向资金净卖出额达20亿港元。 来源：滚动播报 ...

南向资金ETF买入及卖出成交额 （文章来源：证券时报网） 今日（12月29日）南向资金ETF买入及卖出成交额为5.71亿港元，较前一日增加4.85亿港元，占南向资 金今日成交额的0.50%。 具体来看，港股通（沪）ETF买入及卖出成交额3.90亿港元，港股通（深）ETF买入及卖出成交额1.81 亿港元。（数据宝） 港股通（沪）（亿港元） 3.90 港股通（深）（亿港元） 1.81 港股通合计（亿港元） 5.71 ...

12月29日恒生指数下跌0.71%，南向资金全天合计成交金额为1151.58亿港元，其中，买入成交558.72亿 港元，卖出成交592.86亿港元，合计净卖出金额34.14亿港元。具体来看，港股通（深）累计成交金额 442.12亿港元，买入成交205.64亿港元，卖出成交236.48亿港元，合计净卖出金额30.84亿港元；港股通 （沪）累计成交金额709.46亿港元，买入成交353.08亿港元，卖出成交356.38亿港元，合计净卖出金额 3.31亿港元。 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66.55亿港 元，腾讯控股、中芯国际成交额紧随其后，分别成交60.71亿港元、51.50亿港元。以净买卖金额统计， 净买入的个股共有3只，招商银行净买入额为9.71亿港元，净买入金额居首，该股收盘股价上涨1.07%， 华虹半导体净买入额为2.62亿港元，江西铜业股份净买入额为2259.48万港元。净卖出金额最多的是中国 移动，净卖出14.50亿港元，该股收盘股价下跌1.21%，阿里巴巴-W、紫金矿业遭净卖出10.24亿港元、 6.22亿港元。 今日上榜个股中，中芯国际、优必选、 ...

南向资金今日净卖出34.14亿港元，中国移动、阿里巴巴-W、紫金矿业分别遭净卖出14.50亿港元、 10.24亿港元、6.22亿港元。净买入方面，招商银行、华虹半导体、江西铜业股份净买入额位列前三，分 别获净买入9.71亿港元、2.62亿港元、0.23亿港元。 (本文来自第一财经) ...

（文章来源：证券时报网） 南向资金今日成交概况 12月29日南向资金全天成交额1151.58亿港元，成交净卖出34.14亿港元。 | | 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） | 205.64 | 236.48 | -30.84 | | 港股通（沪） | 353.08 | 356.38 | -3.30 | | 合计 | 558.72 | 592.86 | -34.14 | 证券时报·数据宝统计显示，12月29日恒生指数下跌0.71%，南向资金合计买入成交558.72亿港元，卖出 成交592.86亿港元，合计成交额1151.58亿港元。 具体看，港股通（沪）买入成交353.08亿港元，卖出成交356.38亿港元，合计成交额709.46亿港元，成 交净卖出3.30亿港元；港股通（深）买入成交205.64亿港元，卖出成交236.48亿港元，合计成交442.12亿 港元，成交净卖出30.84亿港元。（数据宝） ...

1. Report Industry Investment Rating - Not provided in the document 2. Core Views of the Report - This week, both the US and Chinese stock markets performed well, with the US three major stock indices rising over 1% and the Shanghai Composite Index rising 1.9%. The growth is due to the resonance of the global technology sector and year - end pre - positioning [4]. - Market risk preference is on the rise. Since mid - December, the S&P 500 volatility has generally declined, and the basis discount of stock index futures has narrowed since December [4]. - Leverage funds' activity significantly increased this week, becoming a major driving factor for the market. The proportion of margin trading turnover in A - share turnover rebounded, and leverage funds flowed into major broad - based indices [5]. - In 2026, the incremental funds flowing into the stock market are estimated to be 3.1 trillion yuan, and the scale of "fixed income +" products will double. If the market adjusts in December, incremental funds may pre - position. Next year, technology will still be the most promising direction for the spring rally [7]. 3. Summary by Relevant Catalogs 3.1 Asset Price Performance 3.1.1 Global Asset Performance - Global stocks: Most global stock indices rose, with the Korean Composite Index rising 2.7% and the Nikkei 225 rising 2.5%. The French CAC40 and the British FTSE 100 declined [12]. - Global bonds: US Treasury yields declined, while Japanese and Chinese government bond yields rose [12]. - Global commodities: Precious metals performed well, with COMEX silver rising 18.2% and lithium carbonate rising 16.5%. The US dollar index declined [12]. 3.1.2 A - share Market Performance - Broad - based indices: A - shares generally rose, with the ChiNext and STAR 50 indices rising 3.9% and 2.8% respectively. The CSI 500 and CSI 1000 also had significant gains [21][23]. - Trading volume: Except for the dividend index, the average daily trading volume of broad - based indices increased, returning to the level around mid - August [25]. - Industry performance: The top five rising industries were non - ferrous metals (8.47%), national defense and military industry (7.51%), power equipment (6.27%), machinery and equipment (5.74%), and basic chemicals (5.70%). Most cyclical sectors performed well, except for banks and coal [31]. - Technology sector: Since December, optical modules and optical communications have led the way, and on Monday, most technology sub - sectors rose and many had increased trading volume [35][39]. 3.2 Capital Behavior Tracking 3.2.1 Leverage Funds - Margin trading turnover ratio: The proportion of margin trading turnover in A - share turnover rose from 10.24% to 11.20%. The margin trading balance increased to about 2.53 trillion yuan, and the ratio of margin trading balance to A - share free - float market capitalization slightly decreased [49]. - Inflow into broad - based indices: From Monday to Thursday, leverage funds flowed into major broad - based indices, with the Shanghai Composite Index, CSI 1000, and CSI 300 having daily net inflows of over 2.5 billion yuan. Most broad - based ETFs had net outflows on Monday - Thursday, and on Friday, most broad - based indices had inflows except for the Shanghai Composite Index ETF and ChiNext Index ETF [54]. - Market - cap gradient: Stocks of all market - cap gradients increased leverage, with large - cap stocks above 50 billion yuan having a larger increase. Stocks like Zhongji Innolight, Industrial Fulin, Cambricon, and Zijin Mining had large net margin purchases [58]. - Industry perspective: Industries with large margin net purchases as a proportion of turnover included communications, real estate, machinery and equipment, etc. The national defense and military industry increased leverage for six consecutive weeks, and agriculture, forestry, animal husbandry, and fishery increased leverage for nine consecutive weeks [62]. - Hot stocks: Some hot stocks in the national defense and military industry and electronics added leverage. Stocks like Zhaoyi Innovation, Zhongji Innolight, and others had a margin net purchase as a proportion of turnover exceeding 10% [70]. 3.2.2 Quantitative Funds - Excess return: Since December, the median excess returns of CSI 500 and CSI 1000 quantitative index - enhanced strategies have been - 1.15% and 0.61% respectively [72]. - Futures basis: This week, the near - month stock index futures basis changed from premium to discount, and the far - month contract basis discount narrowed. Excluding the futures delivery week, the basis discount has been narrowing since December [78]. 3.2.3 Main Force Funds - Sector net flows: The main force funds in the CSI 300 and ChiNext continued to have net outflows, but the outflows slowed down. The main force funds in the STAR Market had net outflows for five consecutive trading days, accelerating compared to last week [80]. - Industry flows: Main force funds flowed into the power equipment industry and out of industries such as national defense and military industry, computers, electronics, and non - bank finance [88]. 3.2.4 Northbound Funds - Trading volume and proportion: The total trading volume of northbound funds decreased, with the average daily trading volume dropping from 203 billion yuan to 176.6 billion yuan, and the proportion in A - share trading volume dropping from 11.52% to 9.29% [92]. - Performance of heavy - holding stocks: The heavy - holding stocks of the Northbound Connect changed from rising to falling, and the Northbound Connect 50 index underperformed the CSI 300 [94]. 3.2.5 Southbound Funds - Trading volume and net purchases: The average daily trading volume of southbound funds decreased from 144.2 billion yuan to 110.2 billion yuan, and the proportion increased from 52.3% to 58.9%. The average daily net purchase amount decreased from 2.9 billion yuan to 0.8 billion yuan [99]. - Industry allocation: Southbound funds still had a balanced allocation, flowing into industries such as media, electronics, and non - bank finance, and flowing out of industries such as communications, petroleum and petrochemicals, and non - ferrous metals [102].

2025年，是港股市场全面回暖的一年。回望2021年至2024年，港股市场堪称历经"寒冬"，其间恒生指数 一度下跌超50%，持续的"杀估值"行情让市场悲观情绪蔓延。 经过2024年下半年的蓄势，"9·24"行情火爆启动，2025年初DeepSeek的横空出世更是瞬间激活了港股市 场，让全球重新审视中国科技资产的价值。这种由技术突破引发的产业景气预期，迅速传导至资本市场 各环节，为港股的全面反攻奠定了坚实基础。这一轮反攻不仅推动港股市场估值重构，更在IPO、再融 资、二级市场、互联互通等多个维度创下历史纪录。 尤其是在香港交易所的交易大堂中，2025年以来锣声不断。香港交易所集团行政总裁陈翊庭评价称， 2025年是全球投资者纷纷重返香港市场的一年，中国内地和亚洲的创新发展为市场注入源源不绝的活 力。一系列上市改革以及"科企专线"吸引了不少创新公司来港上市，互联互通机制则继续为连接中国内 地与国际资本市场发挥着独特的桥梁作用。 | | | 2025年全球IPO融资额前五大交易所 | | | --- | --- | --- | --- | | 排名 | 交易所 | 融资额(亿港元) | IPO家数 | | | 香港 ...