| | 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） | 221.14 | 151.00 | 70.14 | | 港股通（沪） | 309.16 | 275.57 | 33.59 | | 合计 | 530.30 | 426.57 | 103.73 | 具体看，港股通（沪）买入成交309.16亿港元，卖出成交275.57亿港元，合计成交额584.73亿港元，成 交净买入33.59亿港元；港股通（深）买入成交221.14亿港元，卖出成交151.00亿港元，合计成交372.14 亿港元，成交净买入70.14亿港元。（数据宝） 南向资金今日成交概况 11月5日南向资金全天成交额956.87亿港元，成交净买入103.73亿港元。 证券时报·数据宝统计显示，11月5日恒生指数下跌0.07%，南向资金合计买入成交530.30亿港元，卖出 成交426.57亿港元，合计成交额956.87亿港元，全天成交净买入103.73亿港元，连续11日净买入。 （文章来源：证券时报网） ...

Core Insights - As of November 4, cumulative net inflow from southbound funds has exceeded 1.27 trillion HKD, marking a historical high for annual net inflows despite nearly two months remaining until the end of 2025 [1] - The primary source of incremental capital in the Hong Kong stock market this year has been southbound funds, with significant inflows observed since October [1] - The low valuation and high dividend yield of the Hong Kong stock market compared to A-shares are key factors driving this trend, with the dividend yield of the Hong Kong central enterprise dividend ETF at 5.72% and the Hong Kong financial ETF at 4.93%, while A-share ordinary dividend yield is below 4% [1] - For ordinary investors, the trading threshold for southbound investment may pose challenges, making southbound ETFs a viable investment option [1]

Market Overview - The Hong Kong stock market opened lower today, with the Hang Seng Index down by 250.77 points, or 0.97%, at 25,701.63 points [1] - The Hang Seng Tech Index also opened lower, down 101.75 points, or 1.75%, at 5,716.54 points [2] Impact of US Market - Analysts indicated that the drop in the Hang Seng Index is primarily due to a significant decline in the US stock market the previous night, where the Dow Jones fell by 0.53% and the Nasdaq dropped over 2% [4] New Listings - The new energy vehicle company, Seres (09927.HK), faced a poor market debut, with its stock price falling nearly 10% from the issue price of 131.5 HKD to a low of 118 HKD [4] Sector Performance - The technology sector saw collective declines, with notable drops including Bilibili down over 5%, Kuaishou down over 3%, and Alibaba and Tencent both down over 2% [5] - Gold stocks continued to decline, with Zijin Mining International down over 3% [5] - The lithium battery sector also experienced declines, with Ganfeng Lithium down over 4% [5] Capital Flow Insights - According to CICC, the active performance of Hong Kong stocks this year is closely related to liquidity, driven by international funds seeking asset diversification and domestic funds looking for higher returns through southbound channels [6] - A noteworthy observation is that individual investors have played a significant role in the recent inflow of southbound funds, indicating potential variability in market impact [6] Regulatory Changes - UBS commented on the recent adjustment of the gold value-added tax deduction policy, suggesting it may lead to decreased liquidity in investment gold products and shift some demand towards gold ETFs [6] - The new tax costs in the gold jewelry consumption sector are expected to be largely passed on to consumers, potentially pressuring recent gold consumption demand [6]

Core Insights - Southbound capital has significantly increased its holdings in the Hong Kong stock market, marking it as the largest source of incremental funds this year, with a cumulative net inflow exceeding 1.27 trillion HKD, a historical high [1][4] - The Hong Kong stock market has performed well this year, with the Hang Seng Index and Hang Seng Tech Index rising over 29% and 30% respectively as of November 4 [1][6] - Despite recent market fluctuations, analysts believe that the Hong Kong market is primarily driven by liquidity, with potential for substantial upward movement in the medium to long term [1][7] Southbound Capital Inflows - As of November 4, 2023, southbound capital has recorded a cumulative net inflow of 12,753.21 billion HKD this year, more than double the amount from the same period in 2024, with a single-day record inflow of 358.76 billion HKD on August 15 [1][4] - In 198 trading days this year, there were net inflow days on 166 occasions, accounting for over 80% [1] - Monthly net inflows have consistently exceeded 110 billion HKD in several months, including January through April, July, August, and September [1] Holdings and Sector Preferences - As of November 3, 2023, southbound capital held 5,525.19 billion shares, an increase of 867.34 billion shares since the beginning of 2025, with a market value of 6.29 trillion HKD, up 2.71 trillion HKD [2] - The financial, information technology, and consumer discretionary sectors have the highest holdings, valued at 15,135.25 billion HKD, 13,086.04 billion HKD, and 8,918.34 billion HKD respectively [2] - Major stock holdings include Tencent Holdings over 650 billion HKD, Alibaba-W over 360 billion HKD, and several banks and energy companies exceeding 200 billion HKD [2] Recent Buying Trends - The most significant increases in holdings this year have been in China Construction Bank, Bank of China, and other major banks, with increases of 68.96 billion shares, 52.02 billion shares, and 50.27 billion shares respectively [3] - In the past month, the financial, energy, and communication services sectors saw the highest net buying amounts, with 255.73 billion HKD, 112.20 billion HKD, and 95.67 billion HKD respectively [4] Company Buybacks - As of November 3, 2023, Hong Kong-listed companies have repurchased over 1,460 billion HKD worth of shares, with 239 companies participating in buybacks this year [5] - Tencent Holdings leads in buyback scale with 609.65 billion HKD, followed by HSBC and AIA with 302.57 billion HKD and 176.93 billion HKD respectively [5] - The buyback trend is particularly strong in the technology and financial sectors, with notable increases in consumer companies as well [5] Market Performance and Outlook - The Hong Kong stock market has shown strong performance this year, with all industry sectors experiencing gains, particularly materials, healthcare, and information technology [6] - The Hang Seng Index's rolling P/E ratio has increased from 8.96 to 11.89, indicating a potential for valuation recovery [6] - Analysts suggest that the market may continue to experience fluctuations in the short term but has significant upward potential in the medium to long term due to favorable liquidity conditions and ongoing capital inflows [7]

Core Viewpoint - The southbound funds' ETF trading volume today is 1.52% of the total southbound funds trading volume, indicating a decrease in activity compared to the previous day [1]. Group 1: Trading Volume - The total trading volume for southbound funds' ETFs today is 15.26 billion HKD, a decrease of 7.48 billion HKD from the previous day [1]. - The trading volume for the Hong Kong Stock Connect (Shanghai) ETFs is 11.39 billion HKD [1]. - The trading volume for the Hong Kong Stock Connect (Shenzhen) ETFs is 3.86 billion HKD [1].

（亿港元） 卖出成交额 （亿港元） 成交净买入 证券时报•数据宝统计显示，11月4日恒生指数下跌0.79%，南向资金合计买入成交549.64亿港元，卖出 成交451.32亿港元，合计成交额1000.96亿港元，全天成交净买入98.32亿港元，连续10日净买入。 具体看，港股通（沪）买入成交332.51亿港元，卖出成交280.49亿港元，合计成交额613.00亿港元，成 交净买入52.02亿港元；港股通（深）买入成交217.13亿港元，卖出成交170.83亿港元，合计成交387.96 亿港元，成交净买入46.30亿港元。（数据宝） 南向资金今日成交概况 买入成交额 11月4日南向资金全天成交额1000.96亿港元，成交净买入98.32亿港元。 （亿港元） 港股通（深） 217.13 170.83 46.30 港股通（沪） 332.51 280.49 52.02 合计 549.64 451.32 98.32 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。 ...

1) 市场整体活跃度明显抬升：年初至今日均成交额达2579亿港元，较2024年1318亿港元接近翻倍； 智通财经APP获悉，中金公司发布研报称，今年以来，港股持续活跃并领跑全球，高度结构化的轮动行情背后与流动性的活跃有直接关系。从资金角度 看，既有全球"去美元化"叙事下一部分分散化投资需求下的资金流入，也有国内缺乏投资机会下寻求更高回报南向资金的持续流入。南向资金上，主动公 募并非主力，尤其三季度后居民入市"接力"机构。机构"子弹"没有想的那么多，但个人的潜力与变数较大。 中金公司主要观点如下： 今年以来，港股持续活跃并领跑全球市场，同时也呈现高度结构化的轮动行情。这一表现得益于年初DeepSeek引领的资产重估叙事，以及后续新消费、 创新药等结构性机会的持续涌现，同时也与流动性的活跃有直接关系。从资金角度看，既有全球"去美元化"叙事下一部分分散化投资需求下的资金流入， 也有国内缺乏投资机会下寻求更高回报下南向资金的持续流入，例如上半年的保险资金和下半年的存款活化和理财入市叙事。具体体现在， 2) 南向资金大幅加码，三季度后个人或取代保险：日均流入规模达64.2亿港元，是2024年全年日均34.7亿港元的近两 ...

南向资金ETF买入及卖出成交额 （文章来源：证券时报网） 港股通（沪）（亿港元） 14.15 港股通（深）（亿港元） 8.59 港股通合计（亿港元） 22.74 今日（11月3日）南向资金ETF买入及卖出成交额为22.74亿港元，较前一日减少7.11亿港元，占南向资 金今日成交额的2.13%。 具体来看，港股通（沪）ETF买入及卖出成交额14.15亿港元，港股通（深）ETF买入及卖出成交额8.59 亿港元。（数据宝） ...

Summary of Key Points Core Viewpoint - On November 3rd, southbound funds recorded a total trading volume of 106.776 billion HKD, with a net buying amount of 5.472 billion HKD, marking the ninth consecutive day of net buying [1] Trading Overview - The Hang Seng Index increased by 0.97% on the same day [1] - Total buying transactions amounted to 56.124 billion HKD, while selling transactions were 50.652 billion HKD, resulting in a net buying of 5.472 billion HKD [1] - Southbound trading through the Shanghai-Hong Kong Stock Connect saw buying transactions of 32.839 billion HKD and selling transactions of 31.536 billion HKD, leading to a net buying of 1.303 billion HKD [1] - Southbound trading through the Shenzhen-Hong Kong Stock Connect recorded buying transactions of 23.285 billion HKD and selling transactions of 19.116 billion HKD, resulting in a net buying of 4.169 billion HKD [1]

Core Insights - The net buying amount of southbound funds reached 1 billion HKD on November 3 [1] Group 1 - Southbound funds have shown a significant inflow, indicating positive investor sentiment towards Hong Kong stocks [1]