南向资金净买入额达10亿港元。 来源：滚动播报 ...

Core Insights - In 2025, southbound capital recorded a net purchase of 14,048.44 billion HKD, marking a historical high and a 73.89% increase from 2024 [1] - The total net inflow of southbound capital since the launch of the Shanghai-Hong Kong Stock Connect has exceeded 51,000 billion HKD [1] - By the end of December, the market value of shares held by southbound capital reached 61,408.83 billion HKD, accounting for over 12% of the total market capitalization of Hong Kong stocks [1] Monthly Trends - Throughout 2025, there were 8 months where net purchases by southbound capital exceeded 1,000 billion HKD, with September seeing the highest net purchase of 1,885.18 billion HKD [1] - The first quarter of 2025 saw a strong performance in the Hong Kong stock market, with the Hang Seng Index rising by 15.25% and the Hang Seng Tech Index increasing by 20.74% [1] Institutional Insights - Multiple institutions indicate that southbound capital is becoming a core force in reshaping the Hong Kong stock market landscape, transitioning from speculative traders to a pricing anchor [3] - Under the backdrop of domestic and international interest rate cuts, it is expected that southbound capital will maintain a net inflow trend into 2026 [3] Active Stocks - In 2025, 137 stocks were listed as active trading stocks, with Alibaba-W leading in total trading volume at 18,779.65 billion HKD [4] - Eight stocks received net purchases exceeding 10 billion HKD from southbound capital, primarily technology leaders, with Alibaba-W netting 1,778.69 billion HKD [4] Stock Performance - Alibaba-W achieved a cumulative increase of 78.6% in 2025, marking its highest annual growth since listing, while its revenue for Q3 2025 was reported at 247.795 billion RMB, a 5% year-on-year increase [4] - Meituan-W, despite a cumulative decline of 31.91% in 2025, still saw a net purchase of 732.99 billion HKD from southbound capital [5] Industry Insights - By the end of 2025, the top three industries by market value held by southbound capital were financials, information technology, and consumer discretionary, with values of 15,703.51 billion HKD, 11,791.08 billion HKD, and 9,961.09 billion HKD respectively [7] - The materials and healthcare sectors experienced the fastest growth in market value, with increases of 238.92% and 125.51% respectively, driven by rising prices of metals and the growing demand for innovative drugs [7][8]

Core Viewpoint - Southbound capital is becoming a core force in reshaping the Hong Kong stock market, with a record net purchase of over HKD 1.4 trillion in 2025, marking a 73.89% increase from 2024 [1][3][11]. Group 1: Southbound Capital Trends - In 2025, the total net purchase of southbound capital reached HKD 14,048.44 billion, the highest in history, with cumulative net inflow exceeding HKD 51,000 billion since the launch of the Shanghai-Hong Kong Stock Connect [1][3]. - By the end of December, the market value of southbound capital holdings reached HKD 61,408.83 billion, accounting for over 12% of the total market capitalization of Hong Kong stocks [1][3]. - Throughout the year, there were 8 months where net purchases exceeded HKD 1,000 billion, with September recording the highest at HKD 1,885.18 billion [1][3]. Group 2: Key Stocks and Performance - In 2025, 137 stocks were active in southbound trading, with Alibaba-W leading in total trading volume at HKD 18,779.65 billion and a net purchase of HKD 1,778.69 billion [4][12]. - Alibaba-W saw a significant annual increase of 78.6%, the highest since its listing, while its revenue for Q3 2025 was reported at RMB 2,477.95 billion, a 5% year-on-year growth [4][12]. - Meituan-W experienced a decline of 31.91% in 2025, yet southbound capital continued to accumulate, with a net purchase of HKD 732.99 billion [5][13]. Group 3: Industry Insights - The top three industries by southbound capital holdings at the end of 2025 were Financials (HKD 15,703.51 billion), Information Technology (HKD 11,791.08 billion), and Consumer Discretionary (HKD 9,961.09 billion) [7][15]. - The Materials and Healthcare sectors saw the fastest growth in holdings, with increases of 238.92% and 125.51%, respectively, driven by rising global metal prices and the growing demand for innovative drugs [7][15]. - The innovative drug index in Hong Kong experienced a maximum increase of over 150% in 2025, supported by government measures to promote high-quality development in the sector [7][15].

12月31日南向资金全天成交额540.56亿港元，成交净买入34.50亿港元。 证券时报·数据宝统计显示，12月31日恒生指数下跌0.87%，南向资金合计买入成交287.53亿港元，卖出 成交253.03亿港元，合计成交额540.56亿港元。 具体看，港股通（沪）买入成交189.02亿港元，卖出成交158.04亿港元，合计成交额347.06亿港元，成 交净买入30.98亿港元；港股通（深）买入成交98.51亿港元，卖出成交94.99亿港元，合计成交193.50亿 港元，成交净买入3.52亿港元。（数据宝） 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） | 98.51 | 94.99 | 3.52 | | 港股通（沪） | 189.02 | 158.04 | 30.98 | | 合计 | 287.53 | 253.03 | 34.50 | （文章来源：证券时报网） ...

| 序号 | 证券代码 | 证券简称 | 年涨跌幅 | | | --- | --- | --- | --- | --- | | | | | [交易日期] 最新收盘日 [単位] % ↓ | | | 1 | 399001.SZ | 深证成指 | | 30.6248 | | 2 | : HSI.HI | 恒生指数 | | 27.7697 | | 3 | : N225.Gl | 日经225 | | 26.1814 | | 4 | TWII.TW | 台湾加权指数 | | 24.6234 | | 5 | GDAXI.GI | 德国DAX | | 23.0109 | | 6 | : FTSE.GI | 英国富时100 | | 21.6284 | | 7 | IXIC.GI | 纳斯达克指数 | | 21.2746 | | 8 | 000001.SH | 上证指数 | | 18.2994 | | 9 | : SPX.GI | 标普500 | | 17.2505 | | 10 | DJI.GI | 道琼斯工业平均 | | 13.6866 | | 11 | : FCHI.GI | 法国CAC40 | | 10.6684 | | ...

Core Viewpoint - The Hong Kong stock market experienced a mixed performance in 2025, with the Hang Seng Index achieving a year-to-date increase of 27.77%, making it the second-best performer globally after the Shenzhen Composite Index, which rose by 30% [5][6]. Group 1: Market Performance - The Hang Seng Index closed at 25,630.54 points, down 224.06 points or 0.87% on the last trading day of the year [1]. - The Hang Seng Tech Index closed at 5,514.98 points, down 62.40 points or 1.12% [3]. - In 2025, the Hang Seng Index recorded a cumulative increase of 27.77%, while the Hang Seng Tech Index also saw a two-year consecutive rise with a 23.45% increase [5]. Group 2: Sector Performance - The gold and precious metals sector showed remarkable performance, with Zhenfeng Gold (HK01815) increasing over 1200% and Lingbao Gold (HK03330) rising over 570% throughout the year [5]. - The semiconductor sector also performed well, with Huahong Semiconductor (HK01347) up over 240% and SMIC (HK00981) up over 120% [5]. - The brokerage sector saw Guotai Junan International increase by over 140% [5]. - The biopharmaceutical sector was active, with Yaojie Ankang rising over 770% [5]. - Conversely, the real estate and education sectors underperformed due to industry adjustments [5]. Group 3: Market Trends and Outlook - The market showed a subdued performance on the last trading day due to holiday factors, with mixed results among tech stocks and a notable decline in automotive stocks [7]. - In 2025, the Hong Kong market is expected to see a significant influx of southbound capital, with net purchases exceeding 1.4 trillion HKD, and cumulative net purchases surpassing 5 trillion HKD [7]. - Looking ahead to 2026, the industry anticipates a favorable environment for global liquidity, with potential improvements in the profitability of Hong Kong-listed companies driven by policies promoting technological innovation and domestic demand [9].

12月31日，港股因元旦假期提前收市，恒指收跌0.87%，恒生科技指数跌1.12%。医疗、金融、消费行业跌幅居前，有色股逆势飘红。 | 港股全年收官，2025年恒生指数累计上涨27.77%，创2017年以来最佳表现；恒生科技指数累计涨23.45%。 | | --- | 此外，据Wind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。 | | 合计 | 沪市港股通 | 深市港股通 | | | --- | --- | --- | --- | --- | | 最新 | -38.45 | -13.27 | | -25.18 | | 本周合计 | -72.59 | -16.57 | | -56.01 | | 本月合计 | 194.83 | -139.98 | 334.81 | | | 本年合计 | 14,013.95 | 7,979.72 | 6,034.23 | | | 近3月 | 2,493.60 | 1,020.49 | 1,473.11 | | | 近6月 | 6,754.22 | 2,865.07 | 3,889.15 | | | 开通以来 | 50,991.86 | 28,171.8 ...

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 ...