Group 1: Core Insights - The cumulative net buying scale of southbound funds has surpassed 50 billion HKD, indicating an increasing pricing power in the Hong Kong stock market [2][3] - Southbound funds accounted for 23.6% of the total trading volume in the Hong Kong stock market by the third quarter of 2025, with total holdings exceeding 6.3 trillion HKD, marking a significant increase of over 90% year-on-year [3] Group 2: Market Dynamics - The influx of mainland funds has become a crucial driver of liquidity in the Hong Kong stock market, with net inflows for the year exceeding 1.37 trillion HKD as of November 24, 2025 [3] - The trading style of individual investors in mainland China, characterized by short holding periods and high sensitivity to market sentiment, raises concerns about potential impacts on the Hong Kong market [6] Group 3: Investment Strategies - Mainland speculators have developed a systematic approach to capital operations, utilizing the Hong Kong Stock Connect mechanism for cross-market arbitrage, forming a complete operational chain [9][10] - The example of Yaojie Ankang-B (02617.HK) illustrates this strategy, where the stock price surged over 136% before being included in the Stock Connect, followed by extreme volatility [10][14] Group 4: Market Characteristics - New stocks entering the Hong Kong market, particularly in the pharmaceutical sector, often exhibit small float sizes and high volatility, making them attractive targets for speculative trading [14] - The correlation between the Hang Seng Index and the CSI 300 has strengthened, indicating increased market interdependence and rising volatility in the Hong Kong market [8]

随着南向资金累计净买入规模突破5万亿港元，其在港股市场的定价权正持续提升。Wind数据显示，三 季度港股通成交额占比已达23.6%，持仓总市值突破6.3万亿港元。这标志着内地资金已成为港股市场流 动性的重要驱动力。 然而，在市场结构深刻变革的背后，新的风险因素正在积聚。业内观察发现，部分内地游资正通过系统 化的资本运作，利用港股通机制进行跨市场套利。招商证券（香港）分析师宁铂表示，2025年以来，游 资已形成"选中标的—暴力拉升—助推入通—被动资金接盘—成功出货"的完整运作链条。 Wind数据显示，南向资金累计净买入港股规模在11月10日突破5万亿港元之后，仍在持续增长。24日， 南向资金通过港股通净流入港股市场85.71亿港元，使得年内净买入额突破1.37万亿港元。 拉长时间线看，"北水"南下已成为推升港股流动性的核心力量之一。Wind数据显示，港股通南向资金 占市场总成交额的比例呈现稳步上升态势，从2024年初的15.6%攀升至2025年三季度的23.6%，显示出 内地资金在港股市场定价权的提升。从持仓规模看，截至三季度末，港交所数据显示，港股通持仓总市 值突破6.3万亿港元，同比大幅增长超90%，约占香 ...