来源：滚动播报 南向资金净买入额达50亿港元。 ...

Summary of Conference Call Notes Industry Overview - The Hang Seng Index (HSI) declined by 2.23%, primarily dragged down by resource stocks and weak performance in precious metals during the Asian trading session [1][1] - The Hang Seng Technology Index (HSTECH) fell by 3.4%, indicating significant pressure on the technology sector [2][2] Key Company Insights - **Sands China (1926)**: - Stock increased by 4.1% following a report that Macau's gross gaming revenue for January reached 22.63 billion MOP, representing a year-on-year growth of 24% and a month-on-month increase of 8% [2][2] - **China Mengniu Dairy (2319)**: - Stock rose by 1.2%, supported by southbound capital, which accounted for approximately 10% of its trading volume [2][2] - **BYD (1211)**: - Stock decreased by 6.9% due to disappointing electric vehicle sales, indicating a slowdown in the growth of the Chinese electric vehicle market [3][3] - **NIO (9866)**: - Stock fell by 4.5% as part of the broader decline in electric vehicle manufacturers [3][3] - **Xpeng Motors (9868)**: - Stock dropped by 6.8%, reflecting the same market pressures as other EV companies [3][3] - **Li Auto (2015)**: - Stock decreased by 2.3%, also impacted by the disappointing sales figures [3][3] Additional Insights - The technology sector is viewed as a lagging segment this year, but there are signs of recovery following the optimistic January data release [2][2] - Weak metal prices contributed to declines in mining companies, with Zijin Mining (2899) down by 5.6% and Zijin Gold (2259) down by 7.9% [3][3]

Group 1 - Southbound funds recorded a net purchase of approximately 19.07 billion HKD today [1] - Tencent Holdings received the highest net purchase of about 13.04 billion HKD [1] - Xiaomi Group-W also saw a net purchase of approximately 2.78 billion HKD [1] Group 2 - Hua Hong Semiconductor experienced a net sell-off of 6.15 billion HKD [1]

Core Insights - The report highlights a significant increase in the proportion of southbound capital transactions, which has risen to 20%-30% since September 2024, nearly doubling compared to before 2024. This trend indicates that both active and passive foreign capital are closely aligned with the Hong Kong stock market, lacking any leading indicators [3]. - The report discusses the recent implementation of a capacity pricing mechanism for power generation by the National Development and Reform Commission and the National Energy Administration, which aims to enhance the marketization of electricity pricing and support the development of the electricity market [3]. - The macroeconomic outlook suggests potential shifts in the Federal Reserve's policy framework under the nomination of Walsh, focusing on supply-side analysis and price stability, which could impact market dynamics significantly [3]. Southbound Capital Strategy - Since September 2024, the share of southbound capital transactions has rapidly increased to 20%-30%, indicating a strong inflow of medium to long-term funds into the Hong Kong stock market [3]. - The report notes that southbound capital tends to react to market conditions, with a tendency for reverse buying during market downturns, reflecting a growing influence in sectors like semiconductors and dividends [3]. - The report anticipates that the fourth quarter will see significant inflows into Hong Kong stocks primarily from passive ETFs and insurance funds, suggesting a shift in investment strategies [3]. Power Equipment Sector - The newly introduced capacity pricing mechanism is expected to enhance the marketization of electricity pricing, which will support the development of the electricity market and improve revenue for storage and generation sectors [3]. - The report emphasizes that the capacity pricing mechanism will gradually transition towards a fully market-oriented approach, which is crucial for the future of electricity trading [3]. - The new policies are expected to increase revenue for storage solutions, potentially alleviating cost pressures on battery and material prices [3]. Macroeconomic Outlook - The nomination of Walsh as the next Federal Reserve Chair may lead to a paradigm shift in policy analysis from demand-side to supply-side, focusing on price stability as the core of monetary policy [3]. - The report highlights two critical areas for validation: the potential for AI to significantly enhance productivity and whether a loose monetary policy under these conditions will not lead to inflation [3]. - If these expectations are not met, the market may face challenges related to term premiums and inflationary pressures [3].

证券研究报告 | 2026年01月31日 港股投资周报 金融股领涨，港股精选组合年内上涨 7.92% 核心观点 金融工程周报 港股精选组合绩效回顾 本周，港股精选组合绝对收益 0.49%，相对恒生指数超额收益-1.89%。 本年，港股精选组合绝对收益 7.92%，相对恒生指数超额收益 1.07%。 港股市场创新高热点板块跟踪 我们根据分析师关注度、股价相对强弱、股价路径平稳性、创新高连续性等 角度在过去 20 个交易日创出过 250 日新高的股票池中筛选出平稳创新高股 票。 近期，中国秦发等股票平稳创出新高。 按照板块来看，创新高股票数量最多的是周期板块，其次为科技、消费、制 造和大金融板块，具体个股信息可参照正文。 港股市场一周回顾 宽基指数方面，本周港股通 50 指数收益最高，累计收益 2.78%；恒生科技 指数收益最低，累计收益-1.38%。 行业指数方面，本周能源业行业收益最高，累计收益 7.44%；医疗保健业行 业收益最低，累计收益-2.72%。 概念板块方面，本周安防监控指数概念板块收益最高，累计收益 27.50%； 卫星导航指数概念板块收益最低，累计收益-9.93%。 金融工程·数量化投资 | ...

Core Viewpoint - The Hang Seng Index rose by 2.4% this week, reaching a nearly four-year high mid-week, while the Hang Seng China Enterprises Index and the CSI Hong Kong Stock Connect China 100 Index both increased by 1.7% [1][3]. Market Performance - The net inflow of southbound funds in January amounted to approximately 70 billion HKD, a significant increase from 22.9 billion HKD in December of the previous year, indicating a heightened interest from mainland investors in Hong Kong stocks [1]. - The rolling price-to-earnings (P/E) ratios for the indices are as follows: Hang Seng Index at 12.7 times, Hang Seng China Enterprises Index at 11.2 times, and CSI Hong Kong Stock Connect China 100 Index at 11.8 times [3]. - The percentile rankings for rolling P/E ratios indicate that the Hang Seng Index is at 61.5%, the Hang Seng China Enterprises Index at 68.9%, and the CSI Hong Kong Stock Connect China 100 Index at 95.9%, suggesting varying levels of valuation relative to historical data [3]. Sector Composition - The CSI Hong Kong Stock Connect China 100 Index comprises 100 large-cap and actively traded mainland Chinese companies, with financials, consumer discretionary, and information technology sectors accounting for over 65% of the index [6]. - The Hang Seng Index includes a diverse range of sectors, with consumer discretionary, financials, information technology, and energy sectors collectively representing over 85% of the index [6]. Historical Performance - The cumulative performance over the past month shows the Hang Seng Index up by 6.9%, the Hang Seng China Enterprises Index up by 4.5%, and the CSI Hong Kong Stock Connect China 100 Index up by 5.5% [7]. - Over the past year, the Hang Seng Index has increased by 35.4%, the Hang Seng China Enterprises Index by 26.2%, and the CSI Hong Kong Stock Connect China 100 Index by 31.9% [7].

证券简称成交金额净买入额收盘价涨跌幅腾讯控股 0070049.15亿港元12.09亿港元621.00港元23.10%泡泡玛特 0999229.14亿港元7.34亿港元231.40港元70.30%长飞光纤光缆 0686913.52亿港元2.98亿港元75.20港元154.30%中国海洋石油 0088353.86亿港元2.86亿港元24.66港元48.50%金山云 038966.63亿港元1.65亿港元7.81港元34.40%云知声 0967819.62亿港元0.74亿港元382.00港元737.90%华虹半导体 013477.52亿港元0.45亿港元122.70港元74.40%小米集团－Ｗ 0181027.27亿港元-0.59亿港元36.32港元21.40%中芯国际 0098158.16亿港元-3.79亿港元79.30港元35.20%中国移动 0094132.78亿港元-7.48亿港元80.90港元30.60%紫金矿业 0289944.92亿港元-8.54亿港元44.76港元31.30%阿里巴巴－Ｗ 0998880.99亿港元-9.45亿港元173.50港元21.20%盈富基金 0280031.73亿港元-23 ...

| | 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） | 201.60 | 194.20 | 7.40 | | 港股通（沪） | 306.26 | 320.00 | -13.74 | | 合计 | 507.86 | 514.20 | -6.34 | 具体看，港股通（沪）买入成交306.26亿港元，卖出成交320.00亿港元，合计成交额626.26亿港元，成 交净卖出13.74亿港元；港股通（深）买入成交201.60亿港元，卖出成交194.20亿港元，合计成交395.80 亿港元，成交净买入7.40亿港元。（数据宝） （文章来源：证券时报网） 1月27日南向资金全天成交额1022.06亿港元，成交净卖出6.34亿港元。 南向资金今日成交概况 证券时报·数据宝统计显示，1月27日恒生指数上涨1.35%，南向资金合计买入成交507.86亿港元，卖出 成交514.20亿港元，合计成交额1022.06亿港元。 ...

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56.22亿港 元，腾讯控股、中国海洋石油成交额紧随其后，分别成交43.07亿港元、33.93亿港元。以净买卖金额统 计，净买入的个股共有5只，腾讯控股净买入额为10.15亿港元，净买入金额居首，该股收盘股价上涨 0.76%，小米集团-W净买入额为8.22亿港元，泡泡玛特净买入额为6.13亿港元。净卖出金额最多的是中 国移动，净卖出11.77亿港元，该股收盘股价下跌0.88%，紫金矿业、盈富基金遭净卖出10.77亿港元、 10.36亿港元。 今日上榜个股中，腾讯控股、小米集团-W、钧达股份等7只股同时上榜港股通（深）、港股通（沪）成 交活跃股， 腾讯控股合计成交额43.07亿港元，成交净买入10.15亿港元，小米集团-W合计成交额30.90 亿港元，成交净买入8.22亿港元。紫金矿业合计成交额33.65亿港元，成交净卖出10.77亿港元，阿里巴 巴-W合计成交额56.22亿港元，成交净卖出2.35亿港元。 1月26日恒生指数上涨0.06%，南向资金全天合计成交金额为1145.35亿港元，其中，买入成交568.55亿 港元，卖出成交 ...

南向资金ETF买入及卖出成交额 | 港股通（沪）（亿港元） | 24.30 | | --- | --- | | 港股通（深）（亿港元） | 16.34 | | 港股通合计（亿港元） | 40.65 | 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。 （原标题：今日南向资金ETF买入及卖出成交额为40.65亿港元） 今日（1月26日）南向资金ETF买入及卖出成交额为40.65亿港元，较前一日增加35.37亿港元，占南向资 金今日成交额的3.55%。 具体来看，港股通（沪）ETF买入及卖出成交额24.30亿港元，港股通（深）ETF买入及卖出成交额 16.34亿港元。（数据宝） ...