Core Viewpoint - The southbound funds' ETF trading volume reached 702 million HKD on December 1, marking an increase of 233 million HKD from the previous day, accounting for 0.82% of the total southbound funds' trading volume [1] Group 1: Trading Volume Breakdown - The trading volume for Hong Kong Stock Connect (Shanghai) ETFs was 127 million HKD [1] - The trading volume for Hong Kong Stock Connect (Shenzhen) ETFs was 575 million HKD [1] - The total trading volume for Hong Kong Stock Connect ETFs amounted to 702 million HKD [1]

Core Viewpoint - The Hang Seng Index rose by 0.67% on December 1, with southbound capital recording a total transaction amount of HKD 85.91 billion, resulting in a net inflow of HKD 2.15 billion [1][2] Southbound Capital Activity - Total transaction amount for southbound capital was HKD 85.91 billion, with buy transactions at HKD 44.03 billion and sell transactions at HKD 41.88 billion, leading to a net buy of HKD 2.15 billion [1] - Breakdown of transactions shows that the Shenzhen Stock Connect had a total transaction amount of HKD 31.81 billion, with net buying of HKD 2.91 billion, while the Shanghai Stock Connect had a total transaction amount of HKD 54.10 billion, resulting in a net sell of HKD 0.76 billion [1] Active Stocks - Alibaba-W was the most actively traded stock with a total transaction amount of HKD 11.07 billion and a net buy of HKD 1.32 billion, closing up by 2.24% [1][2] - Other notable stocks included Meituan-W and Xiaomi Group-W, with transaction amounts of HKD 4.50 billion and HKD 4.17 billion, respectively [1][2] - Net buying was observed in 8 stocks, with Alibaba-W leading at HKD 1.32 billion, followed by ZTE Corporation at HKD 0.61 billion and Meituan-W at HKD 0.60 billion [1][2] Continuous Net Buying and Selling - Alibaba-W, Pop Mart, and Meituan-W have seen continuous net buying for over three days, with Alibaba-W leading at a total net buy of HKD 27.87 billion [2] - Conversely, SMIC and Zijin Mining experienced continuous net selling, with total net sells of HKD 24.96 billion and HKD 7.35 billion, respectively [2]

Core Viewpoint - On December 1, southbound funds recorded a total trading volume of 85.91 billion HKD, with a net buying amount of 2.15 billion HKD [1] Trading Overview - The Hang Seng Index increased by 0.67% on December 1 [1] - Total buying transactions by southbound funds amounted to 44.03 billion HKD, while selling transactions were 41.88 billion HKD, resulting in a total trading volume of 85.91 billion HKD [1] - Breakdown of trading through Stock Connect: - Northbound Stock Connect: Buying transactions were 26.67 billion HKD, selling transactions were 27.43 billion HKD, leading to a net selling of 0.77 billion HKD [1] - Southbound Stock Connect: Buying transactions were 17.36 billion HKD, selling transactions were 14.45 billion HKD, resulting in a net buying of 2.91 billion HKD [1]

Core Viewpoint - Despite recent fluctuations in the Hong Kong stock market, it continues to attract southbound capital inflows, with A-shares also maintaining strong appeal [1] Group 1: Market Performance - Since the beginning of the fourth quarter, both A-shares and Hong Kong stocks have experienced a decline, with major indices showing significant drops. As of November 27, the Shanghai Composite Index fell by 0.19%, the STAR 50 Index dropped by 12.34%, and the ChiNext Index decreased by 3.29%. In the Hong Kong market, the Hang Seng Tech Index plummeted by 14.06%, while the Hang Seng Index fell by 3.29% [6] - Despite the fourth-quarter pullback, both A-shares and Hong Kong stocks have recorded substantial gains for the year. As of November 27, the Hang Seng Index and Hang Seng Tech Index rose by 29.34% and 25.29% respectively, while the Shanghai Composite Index increased by 15.62% and the STAR 50 Index by 32.54%. The Hong Kong innovative drug sector performed exceptionally well, with related indices showing over 90% growth [6] Group 2: Capital Inflows - There has been a notable trend of capital flowing into ETFs as investors seek opportunities. As of November 27, the top two stock ETFs by net inflow in the fourth quarter were from Guotai Junan Securities and Huabao Securities, with net inflows of 89.51 billion and 59.55 billion respectively. The Huaxia STAR 50 ETF also saw a net inflow of 51.65 billion, ranking third [6][7] - In terms of year-to-date net inflows, various themes such as securities, chemicals, robotics, and banking have been popular, with eight stock ETFs exceeding 10 billion in net inflows. Additionally, 11 cross-border ETFs related to the Hang Seng Tech or Hong Kong Stock Connect have also attracted significant capital, each exceeding 10 billion in net inflows [7] Group 3: AH Share Premium - The AH share premium index has been declining, currently around 120. Historically, A-shares of "A+H" companies have traded at a premium, but now some Hong Kong stocks are outperforming their A-share counterparts. For instance, as of November 28, the Hong Kong-listed NIO's stock price was 472 HKD per share, compared to 373.2 CNY for its A-share [9] - The continuous inflow of southbound capital is influencing the pricing power of Hong Kong stocks, with expectations that the AH premium will return to a more reasonable range as the interconnectivity mechanism improves [10] Group 4: Long-term Outlook - The long-term return outlook for A-shares is positive, with an expected annualized return of 7.7% over the next 10 to 15 years, based on three main drivers: economic resilience, ongoing shareholder return policies, and improved corporate governance [12]

11月28日南向资金全天成交额602.39亿港元，成交净买入27.27亿港元。 （文章来源：证券时报网） 证券时报·数据宝统计显示，11月28日恒生指数下跌0.34%，南向资金合计买入成交314.83亿港元，卖出 成交287.56亿港元，合计成交额602.39亿港元。 | | 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） | 120.67 | 102.73 | 17.94 | | 港股通（沪） | 194.16 | 184.83 | 9.33 | | 合计 | 314.83 | 287.56 | 27.27 | 具体看，港股通（沪）买入成交194.16亿港元，卖出成交184.83亿港元，合计成交额378.99亿港元，成 交净买入9.33亿港元；港股通（深）买入成交120.67亿港元，卖出成交102.73亿港元，合计成交223.40亿 港元，成交净买入17.94亿港元。（数据宝） 南向资金今日成交概况 ...

Market Overview - The Hang Seng Index rose by 0.07% on November 27, with total southbound trading amounting to HKD 86.624 billion, including HKD 43.976 billion in buying and HKD 42.648 billion in selling, resulting in a net buying amount of HKD 1.328 billion [2][3]. Southbound Trading Details - Southbound trading through the Shenzhen Stock Connect totaled HKD 31.299 billion, with buying at HKD 15.996 billion and selling at HKD 15.303 billion, leading to a net buying of HKD 0.693 billion [2]. - The Shanghai Stock Connect saw a total trading amount of HKD 55.325 billion, with buying at HKD 27.980 billion and selling at HKD 27.345 billion, resulting in a net buying of HKD 0.635 billion [2]. Active Stocks - Alibaba-W had the highest trading volume among southbound stocks, with a total trading amount of HKD 109.85 billion and a net buying of HKD 9.19 billion, despite a closing price drop of 2.71% [2][3]. - Other notable stocks included Xiaomi Group-W with a trading amount of HKD 51.88 billion and a net selling of HKD 6.89 billion, and SMIC with a trading amount of HKD 41.43 billion [2][3]. Continuous Net Buying and Selling - Alibaba-W has been continuously net bought for 11 days, with a total net buying amount of HKD 25.449 billion during this period [3]. - Two stocks, SMIC and Tencent Holdings, experienced continuous net selling, with net selling amounts of HKD 1.893 billion and HKD 1.528 billion, respectively [3].

Group 1 - The core point of the article highlights that the southbound funds' ETF trading volume today is 848 million HKD, which is a decrease of 3.012 billion HKD compared to the previous day, accounting for 0.98% of the total southbound fund trading volume today [1] Group 2 - Specifically, the trading volume for the Hong Kong Stock Connect (Shanghai) ETF is 793 million HKD, while the trading volume for the Hong Kong Stock Connect (Shenzhen) ETF is 55 million HKD [1] - The total trading volume for the Hong Kong Stock Connect is 848 million HKD [1]

Group 1 - The most actively traded stock with net buying is Alibaba-W (9988.HK) with a net purchase amount of 919.4 million HKD and a closing price of 150.6 HKD [2][4] - The stock with the highest net selling is Xiaomi Group-W (1810.HK) with a net selling amount of 689.2 million HKD and a closing price of 41.1 HKD [2][4] - A total of five stocks experienced net buying, while six stocks faced net selling in the southbound trading activity [2][3] Group 2 - Other notable stocks with net buying include Pop Mart (9992.HK) with 435 million HKD, Meituan-W (3690.HK) with 325 million HKD, and Kangfang Biotech (9926.HK) with 192 million HKD [4] - Stocks with net selling include Semiconductor Manufacturing International Corporation (0981.HK) with a net selling of 232 million HKD and Tencent Holdings (0700.HK) with a net selling of 259 million HKD [4] - The overall trading activity reflects a mixed sentiment among investors in the Hong Kong market [2][3]

Core Viewpoint - On November 27, southbound funds recorded a total transaction amount of 86.624 billion HKD, with a net buy of 1.328 billion HKD [1] Summary by Category Southbound Fund Transaction Overview - Total buy transaction amount was 43.976 billion HKD, while total sell transaction amount was 42.648 billion HKD, resulting in a net buy of 1.328 billion HKD [1] - Breakdown of transactions shows that the Hong Kong Stock Connect (Shanghai) had a buy transaction of 27.980 billion HKD and a sell transaction of 27.345 billion HKD, leading to a net buy of 0.635 billion HKD [1] - The Hong Kong Stock Connect (Shenzhen) recorded a buy transaction of 15.996 billion HKD and a sell transaction of 15.303 billion HKD, resulting in a net buy of 0.693 billion HKD [1] Market Performance - The Hang Seng Index increased by 0.07% on the same day [1]

Group 1 - The net inflow of southbound funds amounted to approximately 1.328 billion HKD on November 27 [2] - Alibaba-W and Pop Mart received net purchases of about 919 million HKD and 435 million HKD respectively [2] - Xiaomi Group-W experienced a net sell-off of 689 million HKD [2]