Market Overview - The Hang Seng Index increased by 0.06%, closing at 26,765.52 points, with a total market turnover of 261.699 billion HKD [1] Southbound Trading Data - Tencent Holdings received a net inflow of 1.015 billion HKD, with a closing price of 599.50 HKD, reflecting a 7.60% increase [2] - Xiaomi Group-W saw a net inflow of 822 million HKD, closing at 35.22 HKD, but experienced a decline of 28.10% [2] - Pop Mart International received a net inflow of 613 million HKD, closing at 217.60 HKD, down by 9.10% [2] - China Mobile faced a net outflow of 1.177 billion HKD, closing at 42.18 HKD, with a decrease of 8.80% [2] - Zijin Mining experienced a net outflow of 1.077 billion HKD, closing at 26.98 HKD, with a slight increase of 0.70% [2] - The Hang Seng Index's performance reflects mixed investor sentiment, with significant inflows into certain stocks while others faced notable outflows [1][2]

具体看，港股通（沪）买入成交353.95亿港元，卖出成交355.83亿港元，合计成交额709.78亿港元，成 交净卖出1.88亿港元；港股通（深）买入成交214.59亿港元，卖出成交220.97亿港元，合计成交435.56亿 港元，成交净卖出6.38亿港元。（数据宝） 南向资金今日成交概况 1月26日南向资金全天成交额1145.34亿港元，成交净卖出8.26亿港元。 证券时报·数据宝统计显示，1月26日恒生指数上涨0.06%，南向资金合计买入成交568.54亿港元，卖出 成交576.80亿港元，合计成交额1145.34亿港元。 | | 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） | 214.59 | 220.97 | -6.38 | | 港股通（沪） | 353.95 | 355.83 | -1.88 | | 合计 | 568.54 | 576.80 | -8.26 | （文章来源：证券时报网） ...

Group 1 - The core viewpoint of the article highlights the continuation of the upward trend in the stock market since December 2025, with the Shanghai Composite Index approaching 4200 points, marking a new high for the phase [1][11] - China's GDP for the year 2025 reached the target of 140 trillion yuan, supported by various economic data indicating a stabilization and improvement in the domestic macroeconomic fundamentals [1][11] - The trading volume in both stock markets has been increasing, with a notable divergence in fund flows: while the issuance of equity mutual funds has decreased, margin financing has seen significant net inflows [1][11] Group 2 - The overall micro liquidity shows a substantial net inflow of margin financing, alongside a return of net inflows from southbound funds [2][12] - The issuance scale of equity mutual funds has decreased, with new issuance at 20.36 billion units, down 20.58% from the previous period [3][13] - Northbound trading activity has increased, with the proportion of northbound trading volume reaching 12.92%, up from 11.88% in the previous period [4][14] Group 3 - Margin financing has seen a significant net inflow of 189.95 billion yuan, marking a 406.04% increase compared to the previous net inflow of 37.54 billion yuan [5][15] - The net subscription of existing stock ETFs has turned into a net outflow of 143.63 billion yuan, contrasting with a net inflow of 31.23 billion yuan in the previous period [6][16] - The total equity financing scale has risen to 71.88 billion yuan, reflecting a 28.71% increase from the previous period's total of 55.85 billion yuan [7][18] Group 4 - The net reduction in industrial capital has widened to 31.54 billion yuan, compared to a net reduction of 17.44 billion yuan in the previous period [8][19] - The lock-up release scale has decreased to 213.88 billion yuan, down 14.25% from the previous period's 249.43 billion yuan [9][19] - Southbound funds have seen a net inflow of 38.31 billion yuan, reversing from a net outflow of 1.10 billion yuan in the previous period, indicating a positive shift in investor sentiment [10][20]

具体看，港股通（沪）买入成交323.63亿港元，卖出成交329.22亿港元，合计成交额652.85亿港元，成 交净卖出5.59亿港元；港股通（深）买入成交189.95亿港元，卖出成交200.36亿港元，合计成交390.31亿 港元，成交净卖出10.41亿港元。（数据宝） 南向资金今日成交概况 1月23日南向资金全天成交额1043.16亿港元，成交净卖出16.00亿港元。 证券时报·数据宝统计显示，1月23日恒生指数上涨0.45%，南向资金合计买入成交513.58亿港元，卖出 成交529.58亿港元，合计成交额1043.16亿港元。 | | 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） | 189.95 | 200.36 | -10.41 | | 港股通（沪） | 323.63 | 329.22 | -5.59 | | 合计 | 513.58 | 529.58 | -16.00 | （文章来源：证券时报网） ...

Core Viewpoint - On January 22, southbound funds recorded a total transaction amount of HKD 93.16 billion, with a net buy of HKD 5.24 billion, marking the fifth consecutive day of net buying [1] Group 1: Southbound Fund Transaction Overview - The Hang Seng Index rose by 0.17% on January 22 [1] - Total buying transactions amounted to HKD 49.20 billion, while selling transactions were HKD 43.96 billion, resulting in a total transaction amount of HKD 93.16 billion [1] - The net buying for the day was HKD 5.24 billion [1] Group 2: Breakdown of Transactions by Stock Connect - Under the Shanghai-Hong Kong Stock Connect, buying transactions reached HKD 29.72 billion and selling transactions were HKD 26.94 billion, leading to a net buy of HKD 2.77 billion [1] - Under the Shenzhen-Hong Kong Stock Connect, buying transactions totaled HKD 19.48 billion, with selling transactions at HKD 17.02 billion, resulting in a net buy of HKD 2.46 billion [1] - The combined net buying from both Stock Connects was HKD 5.24 billion [1]

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） | 233.13 | 171.72 | 61.41 | | 港股通（沪） | 381.50 | 303.61 | 77.89 | | 合计 | 614.63 | 475.33 | 139.30 | （文章来源：证券时报网） 1月21日南向资金全天成交额1089.96亿港元，成交净买入139.30亿港元。 证券时报·数据宝统计显示，1月21日恒生指数上涨0.37%，南向资金合计买入成交614.63亿港元，卖出 成交475.33亿港元，合计成交额1089.96亿港元。 具体看，港股通（沪）买入成交381.50亿港元，卖出成交303.61亿港元，合计成交额685.11亿港元，成 交净买入77.89亿港元；港股通（深）买入成交233.13亿港元，卖出成交171.72亿港元，合计成交404.85 亿港元，成交净买入61.41亿港元。（数据宝） ...

Group 1 - The total trading volume of southbound funds in ETFs today is 773 million HKD, which is a decrease of 98 million HKD compared to the previous day, accounting for 0.79% of the total trading volume of southbound funds today [1] - Specifically, the trading volume for Hong Kong Stock Connect (Shanghai) ETFs is 472 million HKD, while for Hong Kong Stock Connect (Shenzhen) ETFs, it is 301 million HKD [1] - The combined trading volume for both Hong Kong Stock Connect (Shanghai) and (Shenzhen) ETFs is 773 million HKD [1]

1月20日南向资金全天成交额972.84亿港元，成交净买入36.62亿港元。 证券时报·数据宝统计显示，1月20日恒生指数下跌0.29%，南向资金合计买入成交504.73亿港元，卖出 成交468.11亿港元，合计成交额972.84亿港元。 南向资金今日成交概况 具体看，港股通（沪）买入成交314.62亿港元，卖出成交280.18亿港元，合计成交额594.80亿港元，成 交净买入34.44亿港元；港股通（深）买入成交190.11亿港元，卖出成交187.93亿港元，合计成交378.04 亿港元，成交净买入2.18亿港元。（数据宝） （文章来源：证券时报网） | | 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） | 190.11 | 187.93 | 2.18 | | 港股通（沪） | 314.62 | 280.18 | 34.44 | | 合计 | 504.73 | 468.11 | 36.62 | ...

Group 1 - The net inflow of southbound funds today amounted to 2.292 billion HKD [1] - The top three companies with net inflows were SMIC, Hua Hong Semiconductor, and Tencent Holdings, with net purchases of 462 million HKD, 393 million HKD, and 273 million HKD respectively [1] - On the other hand, China Mobile, UBTECH, and Meituan-W experienced net outflows of 600 million HKD, 517 million HKD, and 287 million HKD respectively [1]

| | 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） | 191.81 | 199.31 | -7.50 | | 港股通（沪） | 324.14 | 293.72 | 30.42 | | 合计 | 515.95 | 493.03 | 22.92 | 1月19日南向资金全天成交额1008.98亿港元，成交净买入22.92亿港元。 （文章来源：证券时报网） 证券时报·数据宝统计显示，1月19日恒生指数下跌1.05%，南向资金合计买入成交515.95亿港元，卖出 成交493.03亿港元，合计成交额1008.98亿港元。 南向资金今日成交概况 具体看，港股通（沪）买入成交324.14亿港元，卖出成交293.72亿港元，合计成交额617.86亿港元，成 交净买入30.42亿港元；港股通（深）买入成交191.81亿港元，卖出成交199.31亿港元，合计成交391.12 亿港元，成交净卖出7.50亿港元。（数据宝） ...