南向资金净卖出额达20亿港元。 来源：滚动播报 ...

Group 1 - The core point of the article highlights that the southbound funds' ETF trading volume reached 571 million HKD today, which is an increase of 485 million HKD compared to the previous day, accounting for 0.50% of the total trading volume of southbound funds today [1] Group 2 - Specifically, the trading volume for the Hong Kong Stock Connect (Shanghai) ETF was 390 million HKD, while the trading volume for the Hong Kong Stock Connect (Shenzhen) ETF was 181 million HKD [1]

Group 1 - The Hang Seng Index fell by 0.71% on December 29, with southbound capital totaling HKD 115.16 billion, comprising HKD 55.87 billion in buying and HKD 59.29 billion in selling, resulting in a net sell of HKD 3.14 billion [1] - The southbound trading through Stock Connect (Shenzhen) had a total turnover of HKD 44.21 billion, with buying at HKD 20.56 billion and selling at HKD 23.65 billion, leading to a net sell of HKD 3.08 billion [1] - The southbound trading through Stock Connect (Shanghai) recorded a total turnover of HKD 70.95 billion, with buying at HKD 35.31 billion and selling at HKD 35.64 billion, resulting in a net sell of HKD 0.33 billion [1] Group 2 - Among the actively traded stocks, Alibaba-W had the highest turnover at HKD 66.55 billion, followed by Tencent Holdings at HKD 60.71 billion and SMIC at HKD 51.50 billion [1] - The top net buying stock was China Merchants Bank with a net buy of HKD 9.71 billion, closing up by 1.07%, while the highest net sell was China Mobile with a net sell of HKD 14.50 billion, closing down by 1.21% [1] - The stocks with continuous net selling included China Mobile and Tencent Holdings, with cumulative net sells of HKD 86.54 billion and HKD 20.18 billion respectively [2]

南向资金今日净卖出34.14亿港元，中国移动、阿里巴巴-W、紫金矿业分别遭净卖出14.50亿港元、 10.24亿港元、6.22亿港元。净买入方面，招商银行、华虹半导体、江西铜业股份净买入额位列前三，分 别获净买入9.71亿港元、2.62亿港元、0.23亿港元。 (本文来自第一财经) ...

（文章来源：证券时报网） 南向资金今日成交概况 12月29日南向资金全天成交额1151.58亿港元，成交净卖出34.14亿港元。 | | 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） | 205.64 | 236.48 | -30.84 | | 港股通（沪） | 353.08 | 356.38 | -3.30 | | 合计 | 558.72 | 592.86 | -34.14 | 证券时报·数据宝统计显示，12月29日恒生指数下跌0.71%，南向资金合计买入成交558.72亿港元，卖出 成交592.86亿港元，合计成交额1151.58亿港元。 具体看，港股通（沪）买入成交353.08亿港元，卖出成交356.38亿港元，合计成交额709.46亿港元，成 交净卖出3.30亿港元；港股通（深）买入成交205.64亿港元，卖出成交236.48亿港元，合计成交442.12亿 港元，成交净卖出30.84亿港元。（数据宝） ...

1. Report Industry Investment Rating - Not provided in the document 2. Core Views of the Report - This week, both the US and Chinese stock markets performed well, with the US three major stock indices rising over 1% and the Shanghai Composite Index rising 1.9%. The growth is due to the resonance of the global technology sector and year - end pre - positioning [4]. - Market risk preference is on the rise. Since mid - December, the S&P 500 volatility has generally declined, and the basis discount of stock index futures has narrowed since December [4]. - Leverage funds' activity significantly increased this week, becoming a major driving factor for the market. The proportion of margin trading turnover in A - share turnover rebounded, and leverage funds flowed into major broad - based indices [5]. - In 2026, the incremental funds flowing into the stock market are estimated to be 3.1 trillion yuan, and the scale of "fixed income +" products will double. If the market adjusts in December, incremental funds may pre - position. Next year, technology will still be the most promising direction for the spring rally [7]. 3. Summary by Relevant Catalogs 3.1 Asset Price Performance 3.1.1 Global Asset Performance - Global stocks: Most global stock indices rose, with the Korean Composite Index rising 2.7% and the Nikkei 225 rising 2.5%. The French CAC40 and the British FTSE 100 declined [12]. - Global bonds: US Treasury yields declined, while Japanese and Chinese government bond yields rose [12]. - Global commodities: Precious metals performed well, with COMEX silver rising 18.2% and lithium carbonate rising 16.5%. The US dollar index declined [12]. 3.1.2 A - share Market Performance - Broad - based indices: A - shares generally rose, with the ChiNext and STAR 50 indices rising 3.9% and 2.8% respectively. The CSI 500 and CSI 1000 also had significant gains [21][23]. - Trading volume: Except for the dividend index, the average daily trading volume of broad - based indices increased, returning to the level around mid - August [25]. - Industry performance: The top five rising industries were non - ferrous metals (8.47%), national defense and military industry (7.51%), power equipment (6.27%), machinery and equipment (5.74%), and basic chemicals (5.70%). Most cyclical sectors performed well, except for banks and coal [31]. - Technology sector: Since December, optical modules and optical communications have led the way, and on Monday, most technology sub - sectors rose and many had increased trading volume [35][39]. 3.2 Capital Behavior Tracking 3.2.1 Leverage Funds - Margin trading turnover ratio: The proportion of margin trading turnover in A - share turnover rose from 10.24% to 11.20%. The margin trading balance increased to about 2.53 trillion yuan, and the ratio of margin trading balance to A - share free - float market capitalization slightly decreased [49]. - Inflow into broad - based indices: From Monday to Thursday, leverage funds flowed into major broad - based indices, with the Shanghai Composite Index, CSI 1000, and CSI 300 having daily net inflows of over 2.5 billion yuan. Most broad - based ETFs had net outflows on Monday - Thursday, and on Friday, most broad - based indices had inflows except for the Shanghai Composite Index ETF and ChiNext Index ETF [54]. - Market - cap gradient: Stocks of all market - cap gradients increased leverage, with large - cap stocks above 50 billion yuan having a larger increase. Stocks like Zhongji Innolight, Industrial Fulin, Cambricon, and Zijin Mining had large net margin purchases [58]. - Industry perspective: Industries with large margin net purchases as a proportion of turnover included communications, real estate, machinery and equipment, etc. The national defense and military industry increased leverage for six consecutive weeks, and agriculture, forestry, animal husbandry, and fishery increased leverage for nine consecutive weeks [62]. - Hot stocks: Some hot stocks in the national defense and military industry and electronics added leverage. Stocks like Zhaoyi Innovation, Zhongji Innolight, and others had a margin net purchase as a proportion of turnover exceeding 10% [70]. 3.2.2 Quantitative Funds - Excess return: Since December, the median excess returns of CSI 500 and CSI 1000 quantitative index - enhanced strategies have been - 1.15% and 0.61% respectively [72]. - Futures basis: This week, the near - month stock index futures basis changed from premium to discount, and the far - month contract basis discount narrowed. Excluding the futures delivery week, the basis discount has been narrowing since December [78]. 3.2.3 Main Force Funds - Sector net flows: The main force funds in the CSI 300 and ChiNext continued to have net outflows, but the outflows slowed down. The main force funds in the STAR Market had net outflows for five consecutive trading days, accelerating compared to last week [80]. - Industry flows: Main force funds flowed into the power equipment industry and out of industries such as national defense and military industry, computers, electronics, and non - bank finance [88]. 3.2.4 Northbound Funds - Trading volume and proportion: The total trading volume of northbound funds decreased, with the average daily trading volume dropping from 203 billion yuan to 176.6 billion yuan, and the proportion in A - share trading volume dropping from 11.52% to 9.29% [92]. - Performance of heavy - holding stocks: The heavy - holding stocks of the Northbound Connect changed from rising to falling, and the Northbound Connect 50 index underperformed the CSI 300 [94]. 3.2.5 Southbound Funds - Trading volume and net purchases: The average daily trading volume of southbound funds decreased from 144.2 billion yuan to 110.2 billion yuan, and the proportion increased from 52.3% to 58.9%. The average daily net purchase amount decreased from 2.9 billion yuan to 0.8 billion yuan [99]. - Industry allocation: Southbound funds still had a balanced allocation, flowing into industries such as media, electronics, and non - bank finance, and flowing out of industries such as communications, petroleum and petrochemicals, and non - ferrous metals [102].

Core Viewpoint - The Hong Kong stock market is expected to fully recover in 2025 after experiencing a significant downturn from 2021 to 2024, with the Hang Seng Index dropping over 50% during that period. The market revival is driven by technological breakthroughs and a surge in IPO activities, establishing a solid foundation for a comprehensive rebound [1]. IPO Market Performance - In 2025, the Hong Kong Stock Exchange is projected to lead the global IPO market with a total financing amount of 286.3 billion HKD from approximately 114 IPOs [2]. - The top five exchanges for global IPO financing in 2025 are: Hong Kong Stock Exchange (286.3 billion HKD, 114 IPOs), Nasdaq (205.2 billion HKD, 175 IPOs), National Stock Exchange of India (168.2 billion HKD, 222 IPOs), New York Stock Exchange (150.2 billion HKD, 56 IPOs), and Shanghai Stock Exchange (87.3 billion HKD, 42 IPOs) [2]. - Eight companies in the top ten IPOs of 2025 raised over 10 billion HKD each, with notable contributions from companies like CATL and Zijin Mining [11]. IPO Quality and Market Sentiment - The IPO breakage rate in 2025 is reported at 28.83%, the lowest in five years, indicating a positive market sentiment and improved quality of IPOs [12]. - The new pricing mechanism implemented by the Hong Kong Stock Exchange has strengthened institutional investors' pricing power, contributing to the lower breakage rate [12]. Record-Breaking Subscription Metrics - The IPO market in Hong Kong has seen record-breaking subscription metrics, with companies like Jinye International Group achieving a subscription multiple of 11,465 times, setting a historical record [13]. - The "frozen capital" for the IPO of Mixue Group reached 1.84 trillion HKD, marking it as the "frozen capital king" in Hong Kong IPO history [13]. Secondary Financing Market - The total refinancing amount in Hong Kong for 2025 exceeded 316.6 billion HKD, surpassing the IPO scale and reaching a new high in project numbers with 560 projects [14]. - Major companies like BYD and Xiaomi led the top refinancing projects, raising significant amounts for business expansion and development [15]. Stock Market Performance - The Hang Seng Index recorded a year-to-date increase of 28.49%, ranking among the top global indices [16]. - Sectors such as innovative pharmaceuticals, non-ferrous metals, and semiconductors have shown significant growth, with stocks like Aijie Ankang experiencing a staggering increase of 950.95% [17]. Capital Inflows and Market Dynamics - Southbound capital inflows into the Hong Kong stock market reached a record high of approximately 1.41 trillion HKD in 2025, significantly enhancing market liquidity [18][19]. - The total buyback amount by listed companies in Hong Kong exceeded 175.9 billion HKD, indicating strong buyback enthusiasm amid market recovery [20][21]. Dividend Distribution - The total dividend distribution in the Hong Kong market for 2025 reached nearly 1.46 trillion HKD, surpassing the total for 2024 and reflecting a robust dividend environment [22]. Delisting Trends - The delisting process in Hong Kong accelerated in 2025, with 61 companies exiting the market, primarily due to privatization and forced delisting [23].

Core Viewpoint - The Hong Kong stock market is expected to fully recover in 2025 after experiencing a significant downturn from 2021 to 2024, with the Hang Seng Index dropping over 50% during that period. The market is now witnessing a resurgence driven by technological breakthroughs and strong IPO activity, leading to record levels in various capital market dimensions [1]. IPO Performance - The IPO scale in Hong Kong is projected to exceed 300 billion HKD in 2026, with 2025 expected to see an IPO scale of 286.3 billion HKD, reclaiming the title of the world's largest IPO market [2][3]. - Eight companies in the top ten IPOs of 2025 raised over 10 billion HKD each, with many being A-share companies listed in Hong Kong [3]. - The IPO failure rate has decreased significantly, reaching a low of 28.83% in 2025, attributed to market conditions and new pricing mechanisms implemented by the Hong Kong Stock Exchange [4]. New Share Subscription Records - The Hong Kong market has set multiple records in new share subscriptions, including a historic oversubscription of 11,465 times for the IPO of Jinye International Group, marking the highest oversubscription in Hong Kong's history [5]. Refinancing Market - The refinancing scale in Hong Kong surpassed 300 billion HKD in 2025, with a total of 3,166 billion HKD raised, significantly exceeding the total from the previous three years [6][7]. - Leading companies like Xiaomi and BYD are at the forefront of major refinancing projects, raising substantial amounts for business expansion and development [8]. Stock Index Performance - The Hang Seng Index recorded a year-to-date increase of 28.49% as of December 23, 2025, positioning it among the top global stock indices [9]. - Sectors such as innovative pharmaceuticals and non-ferrous metals have shown remarkable performance, with stocks like Yaojie Ankang experiencing a staggering increase of 950.95% [10]. Capital Inflows and Buybacks - Southbound capital inflows into the Hong Kong market reached a record high of approximately 1.41 trillion HKD in 2025, significantly enhancing market liquidity [11][12]. - Stock buybacks by listed companies totaled 1,759.36 billion HKD in 2025, with Tencent leading the buyback amounts [13][14]. - Dividends distributed by Hong Kong companies reached nearly 1.46 trillion HKD, surpassing the total for the entire year of 2024 [15]. Delisting Trends - The pace of delistings in Hong Kong accelerated in 2025, with 61 companies exiting the market, primarily due to privatization and forced delisting mechanisms [16].

Core Viewpoint - The southbound funds' ETF trading volume today is 0.86 billion HKD, a decrease of 8.93 billion HKD compared to the previous day, accounting for 0.19% of the total southbound funds' trading volume today [1] Summary by Category - Southbound Funds ETF Trading Volume - The total trading volume for southbound funds' ETFs is 0.86 billion HKD [1] - The trading volume for Hong Kong Stock Connect (Shanghai) ETFs is 0.73 billion HKD [1] - The trading volume for Hong Kong Stock Connect (Shenzhen) ETFs is 0.13 billion HKD [1]

12月24日南向资金全天成交额457.99亿港元，成交净卖出11.75亿港元。 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） | 81.44 | 87.68 | -6.24 | | 港股通（沪） | 141.68 | 147.19 | -5.51 | | 合计 | 223.12 | 234.87 | -11.75 | （文章来源：证券时报网） 证券时报·数据宝统计显示，12月24日恒生指数上涨0.17%，南向资金合计买入成交223.12亿港元，卖出 成交234.87亿港元，合计成交额457.99亿港元。 具体看，港股通（沪）买入成交141.68亿港元，卖出成交147.19亿港元，合计成交额288.87亿港元，成 交净卖出5.51亿港元；港股通（深）买入成交81.44亿港元，卖出成交87.68亿港元，合计成交169.12亿港 元，成交净卖出6.24亿港元。（数据宝） ...