报告导读： ①北向资金：最近一周可能小幅净流入，其中灵活型外资可能小幅净流入。② 港股：最近一周稳定型外资流出178亿港元，灵活型外资流入57亿港元，港股通流入57亿 港元。③亚太市场：外资本周流出日本，11月外资流出印度。④美欧市场：10月资金流出 欧洲，流入美国。 北向资金：最近一周北向资金可能小幅净流入。 最近一周（2025/12/1-2025/12/5，下同）交易日期间北向资金估算净流入11亿元，前一周（2025/11/24- 2025/11/28，下同）估算净流入37亿元。最近一周交易日期间灵活型外资估算净流入33亿元，前一周估算净流入66亿元。此外，我们汇总最近一周陆股通每日 前十大活跃个股，其中中际旭创（本周陆股通双向成交总金额为186亿元，占个股当周交易金额比重的11%，下同）、新易盛（120亿元、8%）、宁德时代 （111亿元、15%）成交较为活跃。 港股： 长线外资连续5周流入港股有色金属。 根据港交所中央结算系统持股明细数据，最近一周（2025/11/26-2025/12/2）各类资金合计流出港股市场31亿港 元，其中稳定型外资流出178亿港元，灵活型外资流入57亿港元，港股通流入57亿 ...

Group 1 - The report indicates that northbound capital may experience a slight net outflow in the recent week, with an estimated net outflow of 5.1 billion yuan, compared to a net outflow of 2.6 billion yuan in the previous week [3][6] - The report highlights that flexible foreign capital is estimated to have a net inflow of 0.9 billion yuan in the recent week, contrasting with a net outflow of 0.04 billion yuan in the previous week [3][6] - The top active stocks in the northbound trading include Ningde Times, with a total transaction amount of 17.6 billion yuan, accounting for 15% of the total trading amount for the week [3][6] Group 2 - In the Hong Kong stock market, total capital inflow was 16.4 billion HKD in the recent week, with stable foreign capital outflow of 13.9 billion HKD and flexible foreign capital inflow of 6.9 billion HKD [10][12] - The report notes that foreign capital is increasing its positions in technology sectors, while domestic capital is focusing on dividend stocks [10][12] - The report identifies significant inflows in software services, electrical equipment, and pharmaceutical sectors, while stable foreign capital saw outflows in hardware equipment and banking sectors [12][15] Group 3 - In the Asia-Pacific market, there was a net outflow of 321.4 billion yen from the Japanese stock market in the recent week, compared to a net inflow of 371.7 billion yen in the previous week [17][18] - The report mentions that in October, overseas institutional investors had a net inflow of 1.66 billion USD into the Indian stock market, reversing a net outflow of 2.7 billion USD in the previous month [17][18] Group 4 - In the US and European markets, there was a net inflow of 25.5 billion USD into the US equity market in September, compared to a net inflow of 3.6 billion USD in the previous month [20][21] - The report states that European equity markets saw mixed results, with net inflows of 0.4 million USD in the UK, 1.8 million USD in Germany, and 16.9 million USD in France [20][21]

Group 1 - The report indicates that northbound capital may experience a slight net outflow in the recent week, with an estimated net outflow of 2.6 billion yuan, compared to a net outflow of 7.1 billion yuan in the previous week [3][7]. - The report highlights that the top active stocks in the northbound trading include Yangguang Electric (total transaction amount of 18.8 billion yuan, accounting for 9% of the total trading amount), Zhongji Xuchuang (17 billion yuan, 11%), and Ningde Times (14.5 billion yuan, 15%) [7][10]. - In the Hong Kong stock market, there is an increasing divergence between long-term and short-term foreign capital regarding internet stocks, with a total inflow of 11.6 billion HKD in the recent week, where stable foreign capital outflow was 9.2 billion HKD and flexible foreign capital outflow was 19.2 billion HKD [11][13]. Group 2 - In the Asia-Pacific market, foreign capital inflow into Japan was 371.7 billion yen in the latest week, down from 650.2 billion yen in the previous week, with a cumulative net inflow of 10.1 trillion yen since the beginning of 2023 [19][20]. - In October, foreign institutional investors injected 1.66 billion USD into the Indian stock market, reversing a previous outflow of 2.7 billion USD in the prior month, with a cumulative net inflow of 15.1 billion USD since 2020 [19][20]. - In the US and European markets, global mutual funds saw a net inflow of 25.5 billion USD into the US equity market in September, compared to a net inflow of 3.6 billion USD in the previous month, with a cumulative net inflow of 67.85 billion USD since 2020 [22][23].

Group 1 - The report indicates a strong short-term foreign capital buying interest following market adjustments, with a potential small net inflow of 100 billion yuan in the recent week for northbound funds, contrasting with a net outflow of 113 billion yuan in the previous week [1][6] - In the Hong Kong stock market, a total of 95 billion HKD flowed into the market recently, with stable foreign capital outflow of 58 billion HKD and flexible foreign capital inflow of 120 billion HKD [10][11] - The report highlights that in the Asia-Pacific market, foreign capital flowed into Japan while experiencing outflows from India in September, with a net inflow of 10716 billion yen into Japan and a net outflow of 27 million USD from India [20][22] Group 2 - The report notes that stable foreign capital primarily flowed into software services (62 billion HKD), textiles and apparel (23 billion HKD), and discretionary retail (23 billion HKD), while outflows were seen in hardware equipment (-35 billion HKD) and banking (-31 billion HKD) [12][14] - Flexible foreign capital showed significant inflows into ETFs (86 billion HKD) and non-bank financials (36 billion HKD), while outflows were noted in discretionary retail (-30 billion HKD) and pharmaceutical biology (-20 billion HKD) [16][17] - The report also mentions that the Hong Kong Stock Connect saw major inflows into banking (44 billion HKD) and telecommunications services (32 billion HKD), while ETFs experienced a notable outflow of 105 billion HKD [18][19]

Group 1 - The report indicates a significant net outflow of northbound funds, estimated at 112 billion yuan for the week of October 13-17, 2025, compared to a net outflow of 46 billion yuan the previous week [6][11] - The report highlights that flexible foreign capital experienced a net outflow of 50 billion yuan during the same week, up from 17 billion yuan the week before [6][11] - The top active stocks in the northbound trading during the week included Ningde Times with a total transaction amount of 222 billion yuan, accounting for 16% of the total trading amount for that stock [6][11] Group 2 - In the Hong Kong market, foreign capital increased its positions in the pharmaceutical and semiconductor sectors while reducing exposure to large financial institutions, with a total inflow of 78 billion HKD for the week of October 8-14, 2025 [11][13] - Stable foreign capital saw an inflow of 19 billion HKD, while flexible foreign capital experienced a significant outflow of 489 billion HKD during the same period [11][12] - The report notes that the main inflows for stable foreign capital were in pharmaceuticals (30 billion HKD) and semiconductors (20 billion HKD), while the main outflows were from ETFs (-30 billion HKD) and non-ferrous metals (-21 billion HKD) [13][14] Group 3 - In the Asia-Pacific market, foreign capital flowed into Japan, with a net inflow of 10,716 billion yen for the week ending October 6, 2025, while India saw an outflow of 2.7 billion USD in September [21][22] - Cumulatively, Japan has seen a net inflow of 8.9 trillion yen since the beginning of 2023, while India has experienced a total net inflow of 13.5 billion USD since 2020 [21][22] Group 4 - In the US and European markets, global mutual fund inflows into the US equity market amounted to 3.6 billion USD in August, reversing a previous outflow of 35 billion USD [24][25] - In Europe, the net inflows for the UK, Germany, and France were -0.59 billion USD, 1.13 billion USD, and 1.6 billion USD respectively for August [24][25]

Core Insights - Chinese stocks recorded a net inflow of $1.2 billion from foreign long funds in June, ending a consecutive outflow in April and May [1] - Passive funds saw a net inflow of $2.7 billion, nearly double that of May, while active funds continued to experience a net outflow of $1.6 billion [1] - As of June 30, cumulative net inflows from foreign passive funds reached a historical high since October 2022, while cumulative inflows from foreign active funds fell to a historical low since the end of 2022 [1] Company Allocation - The most increased allocations in the second quarter were for Alibaba and Trip.com [1] - The most decreased allocations were for Meituan and Haier Smart Home [1]