南向资金对港股通标的股的整体持股比例为19.33%，247只个股南向资金持股比例超20%。 互联互通机制下，内地投资者成为港股市场的重要参与者。证券时报•数据宝统计显示，截至12月17 日，港股通标的股中，南向资金合计持有4915.49亿股，占标的股总股本的比例达19.33%，合计持股市 值60627.61亿港元，占标的股总市值的比例为14.57%。 具体到单只标的股来看，南向资金持股量占总股本比例20%以上的有247只，持股比例在10%~20%的有 130只，持股比例在5%~10%的有94只，1%~5%的有84只，持股比例低于1%的为26只。南向资金持股比 例最高的是中国电信，最新持有100.31亿股，占港股已发行股份的比例为72.27%，其次是绿色动力环 保、大众公用，持股占比分别为70.08%、69.75%。 从特征来看，南向资金高比例持有的个股，多数为AH概念股，统计显示，南向资金持股超20%的个股 中，AH股共有128只，占比为51.82%；持有比例在10%~20%的个股中，AH股占比为18.46%。 以港交所行业分类进行统计，南向资金持股比例超20%的个股主要集中在医疗保健业、工业、金融业等 行业 ...

Market Performance - The global market experienced a general decline, with MSCI Global down by 1.4%, MSCI Developed Markets down by 1.5%, and MSCI Emerging Markets down by 1.0%. However, the Chinese stock market rose against this trend, with the Hang Seng Index increasing by 1.3% [7][11][12]. - In the bond market, the UK 10Y government bond yield saw a significant increase of 6.6 basis points, while the US yield remained unchanged [7][12]. Trading Sentiment - The short-selling ratio in the Hong Kong stock market reached its highest level since April, at 16.9%, indicating a low investor sentiment historically [21][24]. - Trading volumes showed mixed results, with the Shanghai Composite Index's trading volume decreasing to 305.2 billion shares, while the Hang Seng Index's trading volume increased to 150 billion shares [21][35]. Earnings Expectations - Earnings expectations for the Hong Kong market were revised upward, with the Hang Seng Index's 2025 EPS forecast increased from 2065 to 2073. The financial sector saw the most significant upward revision [64][65]. - In the US, the S&P 500's 2025 EPS forecast was adjusted from 270 to 271, with the industrial sector experiencing the largest increase [64][65]. - European markets also saw upward revisions, with the Eurozone STOXX50's 2025 EPS forecast rising from 333 to 334, particularly in the energy sector [64][65]. Economic Outlook - The economic sentiment in Europe improved, with the economic surprise index showing a significant increase, supported by strong demand in the industrial sector [7][64]. - In contrast, the US economic surprise index declined due to uncertainties surrounding the Federal Reserve's interest rate decisions and the government shutdown [7][64]. Fund Flows - There was a notable inflow of funds into the Hong Kong stock market, with a total of 116 billion HKD entering the market recently, primarily through the Stock Connect program [59][63]. - The Federal Reserve's interest rate outlook for December has become more divided, with market expectations indicating a potential rate cut of 0.67 times by the end of the year [51][54].