Market Overview - Emerging markets led the decline with a drop of 1.8%, while developed markets fell by 1.5% [1] - The Nasdaq index experienced the largest drop among U.S. indices, down 3.2%, followed by the S&P 500 at 2.1% and the Dow Jones at 0.9% [1] - The S&P 500 index recorded its lowest closing price in 232 days, with a total decline of $4.8 trillion since the outbreak of the Iran conflict, and a year-to-date drop of 10% for the Nasdaq [1] Geopolitical Context - Ongoing U.S.-Iran tensions have created a volatile market environment, with mixed signals from both sides regarding potential negotiations [1] - The uncertainty surrounding the Iran conflict has led to rapid shifts in market sentiment, oscillating between panic and calm [1] Investment Strategy - The current market phase is characterized as a risk management period rather than a time for aggressive investment, suggesting a defensive approach while waiting for clearer signals [1] - The report highlights a distorted pricing phase in the market, where assets are preparing for both worst-case macroeconomic scenarios and potential geopolitical easing [1] - The core issue revolves around the potential reopening of the Strait of Hormuz, which could alleviate energy prices and inflationary pressures, leading to a significant rebound in previously pressured tech stocks [1] Upcoming Data and Events - Key economic indicators to watch include Japan's March Tokyo CPI on March 31, U.S. ADP employment changes, and the ISM manufacturing index for March [2]

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **A-share market in China** and its sentiment amid ongoing **geopolitical uncertainties**. The sentiment has continued to decline, impacting the overall market outlook. Core Insights and Arguments 1. **Market Sentiment Decline**: The weighted **MSASI** (Morgan Stanley A-share Sentiment Indicator) fell by **5 percentage points** to **41%** as of March 25, 2026, indicating a negative shift in investor sentiment compared to the previous cycle [2][6][13]. 2. **Turnover Trends**: Daily turnover for **ChiNext** increased by **3%** to **RMB 559 billion**, while A-shares rose by **7%** to **RMB 2,181 billion**. However, equity futures open interest decreased by **12%** to **RMB 448 billion** [2][3]. 3. **Inflation Forecasts**: The **China Economic team** revised the 2026 inflation forecasts upward, expecting a rebound in **PPI** (Producer Price Index) to turn positive by mid-2026 due to rising energy and commodity costs. However, this inflation is not expected to drive sustained demand growth [4][13]. 4. **Sector Preferences**: The report emphasizes a preference for **upstream and real asset-linked sectors** such as **Materials, Energy, selected Industrials, and Semiconductors**. The **Energy sector** was upgraded from equal-weight to overweight due to improved market dynamics [14][15]. 5. **Demand and Supply Dynamics**: There is a noted pressure on demand despite nominal price increases. A supply-side-driven price rebound may stall without a corresponding recovery in demand, especially as China faces a global macroeconomic slowdown [15]. 6. **Earnings Challenges**: Major index component companies are experiencing challenges in earnings and return on equity (ROE), particularly in the **Internet/e-commerce sector**, which is heavily represented in the MSCI China index and has been underperforming [15]. Additional Important Insights 1. **Investor Behavior**: The **30-day RSI** (Relative Strength Index) declined by **6%** over the reporting period, indicating weakening momentum in the market [2]. 2. **Net Inflows**: There was a net inflow of **US$4 billion** in southbound trading during March 19-25, contributing to year-to-date net inflows of **US$25.5 billion** [3]. 3. **Earnings Revision Breadth**: The consensus earnings revision breadth remains negative but has shown slight improvement compared to the previous week [2]. 4. **Geopolitical Sensitivity**: The A-share market is viewed as less sensitive to geopolitical uncertainties compared to offshore markets, which supports the preference for A-shares [13]. This summary encapsulates the key points from the conference call, highlighting the current state of the A-share market, investor sentiment, sector preferences, and macroeconomic factors influencing the market dynamics.

Core Viewpoint - The article highlights the increasing investment from Middle Eastern sovereign wealth funds, particularly the Abu Dhabi Investment Authority and the Kuwait Investment Authority, in China's A-share market, focusing on sectors like industrial, materials, and information technology [1][2]. Group 1: Investment Overview - As of December 31, 2025, the Abu Dhabi Investment Authority and the Kuwait Investment Authority appeared in the top ten shareholders of 36 A-share companies, with a total holding value of approximately 8 billion yuan [1]. - The Abu Dhabi Investment Authority holds shares in 22 A-share companies with a total market value of 4.171 billion yuan, predominantly in the industrial and materials sectors [2]. - The Kuwait Investment Authority is invested in 15 A-share companies with a total market value of 3.774 billion yuan, with a similar focus on industrial, information technology, and materials sectors [2]. Group 2: Key Holdings - The top five holdings of the Abu Dhabi Investment Authority include: - Hengli Hydraulic: 1.306 billion yuan - Baofeng Energy: 880 million yuan - Beixin Building Materials: 421 million yuan - Yangnong Chemical: 258 million yuan - Tonghua Dongbao: 269 million yuan [2][3][4]. - The top five holdings of the Kuwait Investment Authority include: - Hengli Hydraulic: 582 million yuan - Dongfang Yuhong: 557 million yuan - Jincheng Mining: 452 million yuan - Feike Electric: 354 million yuan - Juxing Technology: 350 million yuan [5][6]. Group 3: Company Performance - Hengli Hydraulic, a key holding for both funds, reported a total revenue of 7.790 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 12.31%, and a net profit of 2.087 billion yuan, up 16.49% [8]. - Despite strong fundamentals, Hengli Hydraulic's stock price fell nearly 8% following the announcement of its chairman's detention, with a year-to-date decline exceeding 12% as of March 27, 2026 [8]. Group 4: Notable Risks - The Abu Dhabi Investment Authority also holds shares in ST Yuan Zhi, a company that has faced penalties for financial misconduct, including a fine of 21 million yuan for false financial reporting [10]. - ST Yuan Zhi's projected net profit for 2025 is expected to increase significantly, with estimates ranging from 90 million to 110 million yuan, indicating a year-on-year growth of 396.77% to 507.16% [10].

1. Report Industry Investment Rating - The rating for the stock index is "Oscillating" [4] 2. Core View of the Report - The escalation of the Middle - East situation and concerns about stagflation are suppressing the stock market. The global stock market continues to be under pressure due to geopolitical factors such as the continuous escalation of the US - Iran situation and the substantial blockade of the Strait of Hormuz. The expectation of stagflation has escalated again. In the stagflation trading, "inflation" has been initially priced, while "stagnation" has not been fully traded. For the A - share market, there have been significant recent declines, and risk - aversion trading is dominant. In the short term, as the war situation expands, there are few opportunities for the stock index. It is recommended to take a risk - averse strategy and wait in a low - position until the situation becomes clear [2][10] 3. Summary According to the Directory 3.1 One - Week View and Overview of Macro Key Events - Next week's view: The escalation of the Middle - East situation and concerns about stagflation are suppressing the stock market. The global stock market continues to be under pressure, and the expectation of stagflation has escalated again. For the A - share market, there have been significant declines, and risk - aversion trading is dominant. In the short term, there are few opportunities for the stock index, and a risk - averse strategy is recommended [10] 3.2 One - Week Market Quotes Overview 3.2.1 Global Stock Market Weekly Overview - From March 16th to March 20th, the global stock market denominated in US dollars declined. The MSCI Global Index fell 1.79%. Among them, emerging markets (- 0.42%) > frontier markets (- 1.08%) > developed markets (- 1.97%). The South Korean stock market rose 5.39%, leading the global stock market, while the South African stock market fell 5.62%, performing the worst globally [11] 3.2.2 Chinese Stock Market Weekly Overview - From March 16th to March 20th, Chinese equities declined significantly, with Hong Kong stocks > A - shares > Chinese concept stocks. Among A - share indices, the ChiNext Index rose 1.26% weekly, the only rising index, while the micro - cap stock index performed the worst, with a decline of 6.91%. The average daily trading volume of A - shares this week was 22,113 billion yuan, a decrease of 287.6 billion yuan compared to the previous week [14] 3.2.3 Weekly Overview of GICS Primary Industries in Chinese and Foreign Stock Markets - Most of the global GICS primary industries declined this week. The leading industry was energy (+ 3.05%), and the lagging industry was materials (- 5.81%). In the Chinese market, the financial sector had the smallest decline (- 1.05%), and the materials sector was the worst (- 10.44%) [18] 3.2.4 Weekly Overview of China A - share CITIC Primary Industries - Among China A - share CITIC primary industries this week, 2 industries rose (12 last week), and 28 industries fell (18 last week). The industry with the largest increase was communications (+ 1.71%), and the industry with the largest decline was non - ferrous metals (- 11.91%) [21] 3.2.5 Weekly Overview of China A - share Styles: Large - cap Growth Dominates - This week, growth outperformed value, and the market - capitalization style favored large - cap stocks [25] 3.2.6 Overview of Futures Index Basis - There are relevant data on the annualized basis rate of the current - quarter contracts of IH, IF, IC, and IM (excluding dividends), but specific data is not presented in the summary text [29][31] 3.3 Overview of Index Valuation and Earnings Forecast 3.3.1 Broad - based Index Valuation - Presented the PE and PB data of various broad - based indices such as the Shanghai Composite 50, CSI 100, etc. this week, their eight - year percentile, the values at the beginning of the year, and the changes during the year [33] 3.3.2 Primary Industry Valuation - Presented the PE and PB data of various primary industries such as petroleum and petrochemicals, coal, etc. this week, their eight - year percentile, the values at the beginning of the year, and the changes during the year [34] 3.3.3 Equity Risk Premium of Broad - based Indices - The ERP of the CSI 300, CSI 500, and CSI 1000 increased slightly this week [35][40] 3.3.4 Consensus Earnings Growth Rate of Broad - based Indices - The expected earnings growth rate of the CSI 300 in 2025 was adjusted down to 7.45%, and in 2026 it was adjusted up to 10.46%; the expected earnings growth rate of the CSI 500 in 2025 was adjusted down to 18.57%, and in 2026 it was adjusted up to 24.33%; the expected earnings growth rate of the CSI 1000 in 2025 was adjusted down to 16.60%, and in 2026 it was adjusted up to 25.23% [41] 3.4 Liquidity and Capital Flow Tracking 3.4.1 Interest Rates and Exchange Rates - This week, the 10 - year bond yield decreased, the 1 - year bond yield decreased, and the spread widened. The US dollar index was 99.5, and the offshore RMB was 6.9062 [51] 3.4.2 Tracking of Trading - type Funds - This week, the average daily trading volume of north - bound funds decreased by 17.6 billion yuan compared to last week, and the margin trading balance decreased by 1 billion yuan compared to last week [50] 3.4.3 Tracking of Funds Flowing in through ETFs - There are 30 on - market ETFs tracking the CSI 300, 29 on - market ETFs tracking the CSI 500, 15 on - market ETFs tracking the CSI 1000, and 40 on - market ETFs tracking the CSI A500. This week, the shares of ETFs tracking the CSI 300 increased by 1.4 billion, the shares of ETFs tracking the CSI 500 increased by 0.6 billion, the shares of ETFs tracking the CSI 1000 increased by 0.76 billion, and the shares of ETFs tracking the CSI A500 decreased by 5 billion [54][60] 3.5 Tracking of Domestic Macro High - frequency Data 3.5.1 Supply Side: Tire Operating Rate Recovered after the Spring Festival - There are data on the national blast furnace operating rate, coking enterprise operating rate, domestic crude steel daily output, and tire operating rate, but specific data is not presented in the summary text [63][66] 3.5.2 Consumption Side: Crude Oil Prices Soared - The crude oil price soared to around $103.68 per barrel. The year - on - year growth rate of passenger car wholesale sales rebounded. There are also data on the transaction area of first - hand housing in 30 large and medium - sized cities, the transaction area of second - hand housing in 16 key cities, the land transaction area of 100 large and medium - sized cities, and the listing volume and listing price of second - hand housing nationwide, but specific data is not presented in the summary text [77] 3.5.3 Inflation Observation: Agricultural Product Prices Declined - The prices of agricultural products dropped sharply from a high level. The production material prices have not fully reflected the impact of oil prices [80]

Core Viewpoint - The Hong Kong stock market is expected to undergo a three-phase evolution: "short-term emotional shock → mid-term fundamental transmission → long-term structural differentiation" if a prolonged conflict occurs between the US and Iran. The macroeconomic environment is characterized by "low growth, high interest rates, and persistent inflation," but the valuation advantage, high dividend characteristics, and support from southbound funds provide relative resilience for Hong Kong stocks among non-US assets [1][3]. Market Performance - During the week from March 16 to March 20, Hong Kong's three major indices all declined: the Hang Seng Index fell by 0.74%, the Hang Seng Tech Index dropped by 2.12%, and the Hang Seng China Enterprises Index decreased by 1.12% [2]. - Among sectors, three industries saw gains while eight experienced declines. Notably, the industrial sector rose by 2.54%, the financial sector increased by 1.71%, and the energy sector grew by 0.96%. Conversely, materials fell by 10.09%, communication services dropped by 3.7%, and information technology decreased by 3.19% [2]. Liquidity Analysis - The average daily trading volume on the Hong Kong Stock Exchange was HKD 284.51 billion, a decrease of HKD 8.92 billion from the previous week [2]. - Southbound funds recorded a net outflow of HKD 6.329 billion, a significant reduction of HKD 58.769 billion compared to the previous week's net inflow [2]. - As of March 18, global active foreign funds experienced a net outflow of USD 1.28 million from Hong Kong stocks, while passive foreign funds saw a net outflow of USD 2.04 million, marking an increase in outflows compared to the previous week [2]. Valuation and Risk Preference - As of March 20, 2026, the Hang Seng Index's PE and PB ratios were 12.38 times and 1.27 times, respectively, placing them at the 81% and 63% percentile levels since 2010 [3]. - The 10-year US Treasury yield rose by 11 basis points to 4.39%, with the Hang Seng Index's risk premium at 3.69%, which is -1.82 standard deviations from the 3-year rolling mean, positioning it at the 2% percentile since 2010 [3]. - The Hang Seng Stock Connect AH premium index decreased by 2.36 points to 119.81, which is at the 16.60% percentile level since 2014 [3]. Investment Strategy - Three main investment lines are recommended: 1. **Cyclical Sector**: Focus on traditional energy resources like oil, natural gas, and coal, as well as precious metals and key metals related to military and hard technology [4]. 2. **Financial and Consumer Discretionary Sectors**: The financial sector is currently at historical low valuations, providing a significant margin of safety. Consumer discretionary is expected to benefit from recovery and is seen as a defensive growth sector amid geopolitical disturbances [4]. 3. **Technology Sector**: Emphasis on hard technology with self-controllable logic, particularly in AI, semiconductors, electronics, and communications, which are expected to show strong resilience amid external uncertainties [4].

Group 1 - The article emphasizes that fund investment plans are suitable for lazy investors and discusses how to effectively implement them [2][3] - It highlights the importance of preparation before starting a fund investment and how to create a solid investment plan [2] - The article introduces four different fund investment methods and suggests ways to determine which method is most suitable for individual investors [2] Group 2 - The article provides insights into value investment styles, specifically mentioning value indices and dividend indices as typical examples [4] - It explains how to assess whether an industry is considered a value style by comparing its valuation metrics to the overall market average, using a benchmark of 13 times price-to-earnings ratio [6] - The article notes that certain sectors, like banking stocks, have historically been categorized as value styles, while others, such as materials, may fluctuate between value and growth styles based on market conditions [6]

Global Market Overview - The global market continued to decline this week due to escalating geopolitical issues in the Middle East, with major indices in the US experiencing pullbacks. The VIX index peaked above 35, indicating increased market volatility [1][12] - The S&P 500, Dow Jones, and Nasdaq indices all recorded declines of 1.6%, 1.99%, and 1.26% respectively, with the industrial, financial, and consumer discretionary sectors experiencing the largest drops [12][25] - European markets also saw declines, with indices such as the DAX and FTSE 100 showing significant weakness due to a sluggish economic backdrop [1][9] US Market Performance - The S&P 500's Shiller PE ratio remains high at 38.33, indicating potential overvaluation in the market. The technology sector, despite a recent downturn, still has a high PE ratio of 38.94, suggesting ongoing valuation concerns [1][12] - The Philadelphia Semiconductor Index's PE ratio has decreased but remains elevated at 41.31, reflecting continued pressure on tech valuations [1][12] - The energy sector was the only one to show positive performance this week, with a gain of 2.11%, while financials saw the largest decline at 3.44% [12][16] Emerging Markets - Emerging markets, particularly in Latin America and Southeast Asia, experienced further declines. Indices such as Argentina's MERVAL and Brazil's IBOVESPA are expected to face volatility in the medium term [1][11] - The Nikkei 225 index in Japan also faced a significant drop of 3.24%, with its price-to-book ratio remaining high, indicating potential for further declines [1][9] Hong Kong Market Performance - The Hang Seng Index and the Hang Seng Hong Kong Enterprises Index fell by 1.13% and 0.63% respectively, while the Hang Seng China Enterprises Index saw a slight increase of 0.5% [25][29] - The Hang Seng Technology Index rose by 0.62%, indicating some resilience in the tech sector amidst broader market declines [25][29] - The energy sector in Hong Kong showed the largest gain at 6.25%, while the financial sector faced the largest drop at 4.36% [29][31] Key Economic Data - The US Sentix Investor Confidence Index fell to 7.2 from a previous value of 12.7, indicating a decline in investor sentiment [4][45] - Japan's Producer Price Index (PPI) year-on-year growth was reported at 1.99%, down from 2.31% previously, reflecting a slowdown in inflationary pressures [38][45] - The US Core Personal Consumption Expenditures (PCE) month-on-month growth remained stable at 0.36%, suggesting steady inflation trends [38][41]

1. Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2. Core Viewpoints of the Report - The risk appetite declined rapidly due to geopolitical influence and then recovered during the domestic Two Sessions. The A-share market is testing for stabilization. [3] - For single - side trading, it is advisable to wait and see. For options, hold the bull spread portfolio constructed with put options. [4] 3. Summary According to the Directory 3.1 Futures Indicators - **Market Overview**: This week, the four major index futures contracts declined with the index. IF and IH fell 1.32% and 1.75% respectively, while IC and IM fell 3.60% and 3.64% respectively. From the changes in the positions of the top 20 seats, the net short positions of IF, IH, IC, and IM decreased by 7155, 402, 8025, and 3673 lots respectively. As of Friday, the optimal roll - over contracts for IF, IH, IC, and IM were the 2604 contracts, and the optimal annualized roll - over costs were 2.47%, 0.58%, 4.11%, and 5.42% respectively. [10] - **A - share Performance**: This week, the Shanghai - Shenzhen 300 Index fell 1.07%, the Shanghai Composite 50 Index fell 1.54%, the CSI 500 Index fell 3.44%, and the CSI 1000 Index fell 3.64%. [11] - **Basis and Cross - variety Ratios**: The basis of the four major index futures contracts oscillated neutrally, and the long - side strength weakened relatively. After March, it showed a downward trend due to dividend expectations. The current basis of the IF, IH, IC, and IM main contracts were - 14.44, - 2.70, - 37.73, and - 37.06 points respectively. The futures contract ratios, PE ratios, and PB ratios of CSI 1000/Shanghai - Shenzhen 300 and CSI 500/Shanghai - Shenzhen 300 decreased, and the value style was more stable during the decline. [12] - **Industry Sector Performance**: Most of the Wind primary industry indices declined this week, while the energy sector rose against the trend. The top - rising sectors included materials, energy, and public utilities, with increases of 8.03%, 6.31%, and 5.50% respectively. The top - falling sectors included communication services, finance, and daily consumption, with decreases of 3.20%, 1.10%, and 0.18% respectively. [15] - **Futures Trading Volume and Open Interest**: The trading volumes of the four major index futures significantly contracted. [16] - **Spot - Futures Price Difference Trend**: The basis oscillated and declined, and the seasonality gradually emerged. [21] - **Inter - period Spread Trend**: The report provides the inter - period spread trends of IF, IC, IH, and IM. [26][27][29] - **Cross - variety Ratios**: The risk appetite was under pressure, and the valuations of small - and medium - cap stocks declined relatively. [34] - **Positions of the Top 20 Seats and Market Trends**: The long - to - short ratios generally declined. [42] - **Short - side Roll - over Costs**: The annualized short - side roll - over cost of the next - month contract was the lowest. [50] 3.2 Macroeconomic Fundamental Tracking - **Domestic High - frequency Macroeconomic Tracking**: In January, M1 and M2 increased by 4.9% and 9.0% year - on - year respectively, with the growth rates accelerating by 1.1 and 0.5 percentage points compared with the previous month, and the corporate sector's credit increased significantly year - on - year. [60] - **Real Estate**: From January to December 2025, national fixed - asset investment decreased by 3.8% year - on - year, and national real - estate development investment decreased by 17.2% year - on - year, with the decline still expanding. The land transactions in first - tier cities significantly rebounded, and the commercial housing transactions rebounded slightly at the beginning of 2026. [60][61][68] - **Consumption**: In January, consumer demand continued to recover. CPI increased by 0.2% month - on - month and 0.2% year - on - year, and the core CPI excluding food and energy prices increased by 0.8% year - on - year. PPI increased by 0.4% month - on - month and decreased by 1.4% year - on - year. [60] - **Automobile Production and Sales**: In February, the manufacturing PMI was 49% (previous value: 49.3%), and the non - manufacturing PMI was 49.5% (previous value: 49.4%). The steel tire operating rates continued to rise, while automobile sales declined in January. [60] - **Foreign Trade**: In December, China's exports increased by 6.6% year - on - year, imports increased by 5.7% year - on - year, and the trade surplus was 114.1 billion US dollars. The freight rate indices showed an upward trend. [60] 3.3 Liquidity Tracking - **Liquidity Indicator Tracking**: On March 6, the SHIBOR overnight rate was 1.32%, unchanged from last week. The LPR remained unchanged, with the 1 - year LPR at 3.0% and the 5 - year LPR at 3.5%. This week, the central bank conducted 277.6 billion yuan of reverse repurchase operations, and due to the maturity of 1525 billion yuan of reverse repurchase, the net withdrawal for the whole week was 1247.4 billion yuan. This week, A - share funds had a cumulative net active sell - off of 406.796 billion yuan, the average daily trading volume of A - shares in the Shanghai and Shenzhen stock markets was 2.62 trillion yuan, the margin trading balance decreased, the short - selling balance increased, and the net outflow of equity ETF funds was 4.6 billion yuan. [94]

Market Overview - Emerging markets led the decline with a drop of 6.9%, while developed markets fell by 3.3% during the week of March 2 to March 6, 2026 [1] - The Dow Jones Industrial Average was the worst performer among U.S. stocks, down 3.0%, followed by the S&P 500 at 2.0% and the Nasdaq at 1.2% [1] - The telecommunications and energy sectors showed gains, while materials and healthcare sectors lagged [1][2] Economic Concerns - The U.S. labor market showed signs of weakness with a significant drop in non-farm payrolls, decreasing by 92,000 in February, which was far below market expectations [2] - The unemployment rate rose to 4.44%, with household survey data indicating three consecutive months of negative employment growth [2] - Despite the weak labor data, the services PMI rose to 56.1, marking a 2.3-point increase from the previous month, indicating strength in the services sector [2] Geopolitical Tensions - The escalating conflict between the U.S. and Iran has led to increased oil prices, with expectations of a 10% rise in oil prices lasting for one month, which could impact core inflation and GDP growth [3][4] - The report anticipates that the conflict may last 4-5 weeks, with potential scenarios ranging from temporary supply disruptions to more severe impacts on inflation and economic growth [3][4] Market Sentiment Shift - The report suggests a shift in market sentiment from an "AI narrative" to a focus on "macro realities," with stagflation risks becoming a primary concern [4] - The combination of weak labor data and geopolitical tensions is creating a challenging environment for the Federal Reserve, which may face difficulties in managing inflation and economic growth [4] Upcoming Data and Events - Key economic data to watch includes U.S. CPI on March 11, initial jobless claims on March 12, and durable goods orders on March 13 [5]

Group 1: Top Net Buy/Sell Companies - Tencent Holdings (0700.HK) had a net buy amount of ¥146.77 billion, with a holding change of 28,334,468 shares[8] - Alibaba Group (9988.HK) saw a net buy of ¥52.66 billion, with a holding change of 36,851,141 shares[8] - Zijin Mining (2899.HK) was the top net sell company with a net sell amount of -¥16.98 billion, with a holding change of -37,743,221 shares[9] Group 2: Industry Distribution of Net Buy/Sell - The technology sector had significant net buying, leading with ¥146.77 billion from Tencent and ¥42.69 billion from Xiaomi[8] - The materials sector experienced notable net selling, with Zijin Mining and Jiangxi Copper reporting net sells of -¥16.98 billion and -¥10.90 billion respectively[9] - The financial sector also saw net selling, with China Ping An reporting a net sell of -¥10.46 billion[9] Group 3: Active Stocks - The top active stock in the Shanghai-Hong Kong Stock Connect was the Yingfu Fund (2800.HK) with a total trading volume of ¥68.61 billion and a net buy of ¥67.77 billion[18] - Tencent Holdings (0700.HK) was also active with a trading volume of ¥27.64 billion and a net buy of ¥2.36 billion[18] - Alibaba Group (9988.HK) had a trading volume of ¥27.41 billion but a net sell of -¥1.93 billion, indicating selling pressure despite high activity[18]