Group 1: Market Activity - Net purchases included 5.241 billion in Yingfu Fund, 0.761 billion in China Construction Bank, 0.298 billion in China Ping An, and 0.109 billion in China Mobile [1] - Net sales included 1.544 billion in Xiaomi Group-W, 0.899 billion in Tencent Holdings, 0.4 billion in SMIC, and 0.113 billion in Meituan-W [1] - Southbound funds have recorded net sales of Tencent for seven consecutive days, totaling 9.992 billion HKD, and net sales of Xiaomi for seven consecutive days, totaling 7.80339 billion HKD [4] Group 2: Company Insights - China Construction Bank is expected to maintain stable credit growth due to financial policies and interest rate cuts, which will alleviate margin pressure and support asset quality [5] - China Ping An is focusing on shareholder returns through dividends and buybacks, with a strategy of "comprehensive finance + medical care and elderly care" showing results [5] - Xiaomi Group is projected to see a strong first-quarter performance with a revenue increase of 44.6% year-on-year to 109 billion, and adjusted net profit expected to rise 54% to 10 billion [6] - Tencent Holdings anticipates a first-quarter revenue of 180.022 billion, a 13% year-on-year increase, with net profit for equity holders expected to be 47.821 billion, a 14% increase [6] - China Mobile's revenue and net profit growth is expected to slow, but capital expenditure reductions are anticipated to stabilize free cash flow from 2025 to 2026 [6] Group 3: Stock Ratings and Changes - UBS upgraded SMIC's rating from "sell" to "neutral," raising the target price from 14 HKD to 43 HKD, reflecting improved operational capabilities and a positive outlook [7] - BlackRock increased its stake in Meituan-W from 5.97% to 6.01%, while Morgan Stanley reduced its stake from 5.05% to 4.99% [7]

近期中美关税政策成为市场的一大关注点。12日，中美日内瓦经贸会谈联合声明发布，双方关税大幅下 降。 多位券商分析师认为，关税降级幅度大超市场预期，经济基本面预期和市场情绪都可能大幅改善，或助 力国内权益市场波动中枢抬升。 中美经贸会谈进展超预期，5月13日A股高开，沪指探出近期这波反弹中的新高3386.23点，最终收于 3374.87点，收涨0.17%。 当日，沪深两市获主力资金流入3808.3亿元，有7个行业获得主力资金净流入，主要为美容护理、医药 生物、基础化工、交通运输、社会服务、纺织服饰、公用事业等行业，而国防军工、计算机、电子、机 械设备、汽车、电力设备等行业遭主力资金卖出较多。这与12日主力资金净流入和净流出的行业有所相 反。类似的情况在近期反复出现。 就A股后市走势来看，上述券商分析师认为，短期A股延续震荡偏强走势，可能突破上行；在中期维度 上，指数级别走势依然依赖于基本面改善。 主力资金净流入7个行业 5月13日，A股市场成交1.326万亿元。其中，电子、机械设备、计算机、电力设备行业成交额超过千亿 元，国防军工、汽车、基础化工、医药生物、通信等行业的成交额在500亿～1000亿元之间。相较而 ...

Market Overview - On May 8, the Hang Seng Index rose by 0.37%, with southbound trading totaling HKD 806.71 billion, comprising HKD 391.43 billion in buying and HKD 415.28 billion in selling, resulting in a net sell of HKD 23.85 billion [1][2]. Southbound Trading Details - Southbound trading through the Stock Connect (Shenzhen) recorded a total transaction amount of HKD 281.45 billion, with buying at HKD 134.29 billion and selling at HKD 147.17 billion, leading to a net sell of HKD 12.88 billion [1]. - Southbound trading through the Stock Connect (Shanghai) had a total transaction amount of HKD 525.26 billion, with buying at HKD 257.14 billion and selling at HKD 268.11 billion, resulting in a net sell of HKD 10.97 billion [1]. Active Stocks - The most actively traded stock by southbound funds was Xiaomi Group-W, with a total transaction amount of HKD 57.05 billion, followed by Alibaba-W at HKD 45.77 billion and SMIC at HKD 41.01 billion [1]. - The top net buying stock was China Construction Bank, with a net buy of HKD 8.73 billion, closing up by 0.92% [1]. - Tencent Holdings had the highest net sell amount at HKD 11.80 billion, closing up by 1.67% [1]. Continuous Net Buying and Selling - Two stocks, Meituan-W and China Construction Bank, experienced continuous net buying for over three days, with Meituan-W having a total net buy of HKD 87.37 billion and China Construction Bank at HKD 25.87 billion [2]. - Three stocks faced continuous net selling, with Tencent Holdings, Xiaomi Group-W, and SMIC having net sell amounts of HKD 43.25 billion, HKD 33.59 billion, and HKD 15.55 billion, respectively [2]. Summary of Active Stocks on May 8 - A table of active stocks shows the transaction amounts and net buying/selling for various companies, including: - China Construction Bank: HKD 112,950.24 million, net buy of HKD 87,312.93 million, up by 0.92% [2]. - Meituan-W: HKD 289,818.13 million, net buy of HKD 125.13 million, up by 1.73% [2]. - Tencent Holdings: HKD 384,237.91 million, net sell of HKD 117,984.09 million, up by 1.67% [2].

大幅净卖出：工商银行(01398.HK)35839.52万港元、小鹏汽车W(09868.HK)16362.59万港元、中国移动 (00941.HK)12574.09万港元、泡泡玛特(09992.HK)8131.25万港元。 成交详情 盈富基金今日涨0.54%，沪港股通净买入15.80亿港元 美团W今日跌1.36%，沪港股通净买入3.53亿港元，深港股通净买入2.00亿港元。 建设银行今日跌2.86%，沪港股通净买入5.21亿港元 小米集团W今日涨5.27%，沪港股通净卖出21831.29万港元，深港股通净买入4.81亿港元。 4月30日消息，南向资金今日成交894.01亿港元，净流入约56.37亿港元。其中沪港股通净流入约47.89亿 港元，深港股通净流入约8.48亿港元 交易所数据显示，4月30日南向资金动向： 大幅净买入：盈富基金(02800.HK)15.80亿港元、美团-W(03690.HK)5.54亿港元、建设银行 (00939.HK)5.21亿港元、小米集团-W(01810.HK)2.62亿港元、阿里巴巴-W(09988.HK)2.49亿港元、中国 银行(03988.HK)1.20亿港元。 中国银行 ...

点击小程序查看报告原文 今年初以来，中国资产尤其是港股市场迎来了一波由DeepSeek引发的"气势如虹"的叙事重估，恒生科技指数涨幅一度超过40%。同期南向资金更是超预期 大幅买入，尤其在3月之后，成为驱动本轮港股反弹的主力。即便在近期市场因为关税风险引发的波动中，南向资金依然维持强势，年初以来不到四个月 的时间，南向净流入规模达到6,040.8亿港元，已经相当于去年全年流入8,078.7亿港元的四分之三，日均流入规模为去年的2.5倍。 在欧美长线外资尚未大举流入且短期流入可能性也不大的情况下，南向资金显然就成为主力和焦点。诸如到底是谁在买、还有多少空间等，都是投资者非 常关注的问题，我们在《 南向流入还有多少空间？ 》中对此做了详细分析，并在当时得出结论： 作为机构投资者的公募基金和保险资金"子弹"可能并没 有想象的这么多，也可能不是本轮南向流入的主力。 结合公募基金最新披露的一季报，更新公募基金的港股持仓和配置变化，以此提供更多南向资金动 向的细节。 整体趋势：主动权益港股仓位升至31%，ETF增加更多，说明主动公募并非南向流入主力 图表：截至1Q25，可投港股的内地主动偏股型基金共2,126只，总规模1 ...

恒生指数收涨0.78% 南向资金净买入额超210亿港元 金十数据4月22日讯，港股主要股指午后回暖；截至收盘，香港恒生指数收涨0.78%，恒生科技指数涨 0.24%。南向资金净买入213.6亿港元。恒生指数全日成交额达2513.82亿港元。盘面上，医药、黄金股 今日大涨，心泰医疗(02291.HK)涨超47%后停牌，歌礼制药(01672.HK)涨超24%，药明合联(02268.HK) 涨超9%；赤峰黄金(06693.HK)涨8.59%，山东黄金(01787.HK)涨超7%，招金矿业(01818.HK)、胜龙国际 (01182.HK)收涨超5%。受外卖大战消息影响，京东美团齐齐收跌，美团(03690.HK)收跌4.62%，京东 (09618.HK)收跌6.32%。 ...

南向资金今日大幅净买入116.94亿元。港股通（沪）方面，阿里巴巴-W、腾讯控股分别获净买入23.21 亿港元、12.25亿港元；中芯国际净卖出额居首，金额为3.12亿港元；港股通（深）方面，腾讯控股、建 设银行分别获净买入7.35亿港元、6.08亿港元；美团-W净卖出额居首，金额为1.09亿港元。 ...