2025年第三季度，港股二级市场延续升势。年初至三季度末，恒生指数累计上涨约33.88%，恒生科技指数领涨板块，涨幅近45%，突显 市场对科技创新企业的持续关注。 受全球资金流向亚洲的趋势影响，港股作为连接中国与国际资本的重要枢纽，吸引了更多境外投资机构积极布局，成交活跃度显著提升。年初至 今，港股一级股权融资市场亦表现强劲，据Wind数据统计显示，2025年前三季度港股一级市场股权融资（包含IPO与再融资）总额达4,148亿港 元，较去年同期1,174 亿港元明显翻倍，增长比率达253.30%。 从项目类型角度来看，新股IPO市场，2025年前三季度，68家企业在主板成功IPO上市（未包含GEM转主板上市企业），较去年同期的45家上升 51.11%；IPO募集金额合计1,862亿港元，较去年同期的558亿大幅上升，增幅达233.97%。另一方面，再融资市场也展现出极高热度，募集金额 合计2,286亿港元，较去年同期大幅上升，增幅为270.77%。 从IPO承销保荐维度来看，中金公司凭借328.13亿港元的保荐规模位居IPO保荐规模榜榜首，保荐数量25起；中信证券（香港）以242.40 亿港元位 居第二，保荐 ...

| 证券简称 | 涉及股东人数 | 净买入股份数合计 | 增仓参考市值 | 所属Wind行业 | | --- | --- | --- | --- | --- | | | | (万股) | (亿元) | | | 南京银行 | র্ব | 54545. 30 | 59. 17 | 银行 | | 盐湖股份 | 1 | 24809. 33 | 45. 49 | 化工 | | 比亚迪 | 7 | 1120. 32 | 29. 87 | 汽车与零配件 | | 华菱钢铁 | 1 | 48088. 75 | 25. 15 | 钢铁 II | | 格力电器 | 1 | 4638. 27 | 21. 18 | 家电 II | | 东方盛虹 | 3 | 23297.21 | 20. 71 | 化工 | | 中国巨石 | 2 | 14151.41 | 16. 09 | 建材 II | | 上海菜士 | 5 | 21928. 86 | 15. 13 | 医药生物 | | 苏州银行 | 15 | 18201.99 | 14. 33 | 银行 | | 赛轮轮胎 | 1 | 9596. 67 | 12. 94 | 汽车与零配件 | | 光大 ...

Market Performance - After a significant rise, the Hong Kong stock market experienced a notable pullback on October 3, with the Hang Seng Index closing down 0.54% and the Hang Seng Tech Index down 0.9% [1][2] - The automotive sector was a major drag on the market, with BYD Co. Ltd. falling 3.95% and other new energy vehicle manufacturers like Li Auto and Xpeng also declining over 2% [2][3] - Despite the overall market decline, hydrogen energy stocks showed resilience, with Shanghai Electric surging 13%, reaching a new closing high not seen in over a decade [1][3] Sector Analysis - The automotive and components sector saw a decline of over 2%, significantly impacting the overall market performance [2] - Gold stocks reversed their earlier strong performance, with companies like Tongguan Gold and Lingbao Gold dropping 4.17% and 3.53%, respectively, amid a decrease in international gold prices [2] - The technology sector experienced volatility, particularly Alibaba, which initially dropped 4.7% but later closed up 1.09% [3] Historical Context and Future Outlook - Historically, the Hong Kong market exhibits a "calendar effect" during the National Day holiday, with an 86.7% probability of the Hang Seng Index rising during this period [4][6] - In September, the Hang Seng Tech Index rose 13.9%, leading among global indices, while the Hang Seng Index and Hang Seng China Enterprises Index increased by 7.1% and 6.8%, respectively [4][5] - Analysts suggest that while short-term adjustments are expected, the medium to long-term outlook for the Hong Kong market remains positive, driven by structural industry recovery and valuation improvements in certain sectors [6][7]

Group 1 - Hong Kong stock indices collectively declined on September 26, with the automotive and parts sector showing sustained growth, particularly Xpeng Motors which saw a rise of over 6% at one point [1] - The Hang Seng Technology Index ETF (513180) experienced an expanded decline, with most constituent stocks falling, including Horizon Robotics, Xiaomi Group, Kingsoft, and Kingdee International, while Xpeng Motors, Hua Hong, and NIO led the gains [1] - Xpeng Motors announced its accelerated expansion into the European market, officially entering Switzerland, Austria, Hungary, Slovenia, and Croatia, with several popular new models showcased [1] Group 2 - At the Munich Auto Show, Xpeng showcased five new models including the new P7, 2025 versions of G6 and G9, X9, and P7+, along with advanced exhibits like humanoid robots and flying cars [2] - Xpeng's global localization production strategy is advancing, with the first locally produced X9 in Indonesia delivered in July, marking a significant step in its global production strategy [2] - The Alibaba 2025 Cloud Summit has sparked bullish sentiment, with expectations for the Hang Seng Technology Index to break upward again, supported by potential Fed interest rate cuts and continued inflow of southbound capital [2]

申万宏源证券上海分公司 . 以下文章来源于申万宏源证券上海分公司 ，作者司伟杰 申万宏源证券上海分公司官微，能为您提供账户开立、软件下载、研究所及投顾资讯等综合服务，为您的财富保驾护航。 本周市场先涨后跌，周四市场冲击 3900 点未果，转头向下寻找支撑，空头力量宣泄，指数一度下跌到 3801 点，随后修复，成交量放大 到 3.1 万亿以上，创下年内第二大成交量。板块方面，大盘蓝筹表现疲弱而中小盘相对活跃。大 金融等权重板块承压明显 ， 中小市值股 票表现相对抗跌 。行业方面 表现呈现明显分化 ： 电气设备行业 领涨，显示 资金持续加仓新能源赛道 ； 汽车与零配件行业受益于新能源 汽车销售数据向好和 部分厂商的机器人转型，涨幅居前 。半导体、消费电子等细分领域表现突出 ，国产替代逻辑仍在走强 。 因此对于后续行情的看法以及该如何操作，更重要的是你的持仓是什么？你的参考线是什么？人总是情绪的动物，会随着行情变化不断改 变自己的想法。建议大家分析自己的持仓，并把离场条件写下来，严格执行。这样可能会经历几次洗盘出局再回来。但可以在充满不确定 的行情中有底气，有底线，既能拥抱足够多的行情，也能规避掉最后一次真正的下跌 ...

丨证券研究报告丨 投资策略丨专题报告 [Table_Title] 9 月 W3 港股资金：南向流入互联网，外资加码 硬件设备——"重估牛"系列之港股资金面 报告要点 [Table_Summary] 2025 年 9 月 5 日至 18 日，南向资金净流入 550.84 亿港元，主要流入可选消费零售、非银金 融、医药生物、汽车与零配件、有色金属等行业，排名前五的行业合计净流入 451.03 亿港元。 南向资金净流入最多的五个行业是：可选消费零售（259.66 亿港元）、非银金融（91.69 亿港 元）、医药生物（40.14 亿港元）、汽车与零配件（37.55 亿港元）、有色金属（21.99 亿港元）。 主要流出耐用消费品、硬件设备、电信服务（-11.89 亿港元）、日常消费零售（-6.54 亿港元）、 国防军工（-5.88 亿港元）等行业。 分析师及联系人 [Table_Author] 戴清 SAC：S0490524010002 SFC：BTR264 research.95579.com 1 [Table_Title 9 月 W3 港股资金：南向流入互联网，外资加码 2] 硬件设备——"重估牛"系列之港股资金面 ...

策略研究 · 周度报告 美联储降息落地，恒生科技领涨全球权益指数 2025 年 09 月 21 日 核心观点： 分析师 杨超 ：010-8092-7696 ：yangchao_yj@chinastock.com.cn 分析师登记编码：S0130522030004 周美丽 ：zhoumeili_yj@chinastock.com.cn 分析师登记编码：S0130525070002 相关研究 2025-06-27，2025 年大类资产中期投资展望：驭变谋 势 2025-06-22，2025 年港股中期投资展望：时移世易， 见机而作 2025-06-21，2025 年 A 股中期投资展望：筑基行稳， 重塑鼎新 2025-06-10，稳定币概念股投资展望 2025-05-29，上市公司并购重组迎来哪些新变化？ 2025-05-07，关键时间节点的发布会：一揽子金融政策 稳市场稳预期 2025-04-25，4 月中央政治局会议解读： 持续稳定和 活跃资本市场"聚焦哪些方面？ 2025-04-23，公募基金一季度持仓释放哪些信号？ 2025-04-08，汇金入市，坚定看多 2025-04-03，港股 2025 年二季度投 ...

Core Viewpoint - The article highlights the significant surge in the stock price of the biotech company,药捷安康, which increased by nearly 116% in a single day, contributing to a substantial rise in the 18A sector of unprofitable biotech companies in Hong Kong [12][18]. Group 1: Stock Performance - 药捷安康's stock opened and surged to a high of 124.10%, closing at 415.00 HKD per share, marking a 115.58% increase [12][24]. - Over four trading days, 药捷安康's stock price has cumulatively risen by nearly 500% [18]. - The overall 18A sector, which includes unprofitable biotech companies, saw an increase of 15.63%, leading all concept sectors [20]. Group 2: Market Reactions - Following 药捷安康's announcement regarding its clinical trial for its core product, the stock price of several other companies in the 18A sector also rose significantly, with notable increases such as 脑动极光 up 34.93% and MIRXES up 25.91% [23]. - The article mentions that the Hong Kong stock market saw a general uptick, with the Hang Seng Index rising by 0.22% and the Hang Seng Tech Index increasing by 0.91% [2][4]. Group 3: Industry Developments - The article notes that the automotive sector, particularly the new energy vehicle industry, is also experiencing a positive trend, with companies like 宁德时代 and 理想汽车 seeing significant stock price increases [26][32]. - The Chinese government has introduced measures to stabilize the automotive industry, which includes a commitment from 17 major vehicle manufacturers to ensure supplier payment terms do not exceed 60 days [32].

Group 1 - The report indicates that from September 1 to 5, 2025, southbound funds recorded a net inflow of 29.687 billion HKD, primarily flowing into the consumer discretionary retail, pharmaceutical biotechnology, software services, non-ferrous metals, and automotive sectors, with the top five industries accounting for a total net inflow of 28.523 billion HKD [2][6][30] - The sectors with the highest net inflow were consumer discretionary retail (12.308 billion HKD), pharmaceutical biotechnology (5.131 billion HKD), software services (4.894 billion HKD), non-ferrous metals (3.887 billion HKD), and automotive and parts (2.303 billion HKD) [2][6][30] - The report highlights that the semiconductor, telecommunications services, durable consumer goods, hardware equipment, and media sectors experienced significant outflows [2][6][30] Group 2 - The report notes that during the same period, the Hong Kong stock market saw an increase, with the Hang Seng Index rising by 1.36% and the Hang Seng Tech Index increasing by 0.23% [5][11] - The healthcare sector in Hong Kong led the market performance, while the telecommunications services sector lagged [5][11] - Key factors contributing to market sentiment included policy support from the Ministry of Industry and Information Technology and the State Administration for Market Regulation, as well as weaker-than-expected economic data from the US, which raised expectations for a potential interest rate cut by the Federal Reserve [5][11] Group 3 - From January 20 to September 5, 2025, southbound funds accumulated a total net inflow of 851.872 billion HKD, with significant inflows into consumer discretionary retail, banking, pharmaceutical biotechnology, non-bank financials, and automotive sectors, totaling 574.213 billion HKD for the top five industries [7][45] - The report indicates that the sectors with the highest net inflow during this period were consumer discretionary retail (162.312 billion HKD), banking (141.212 billion HKD), pharmaceutical biotechnology (99.016 billion HKD), non-bank financials (98.612 billion HKD), and automotive and parts (73.061 billion HKD) [7][45] - The report also highlights that the telecommunications services and building materials sectors experienced notable outflows [7][45]

Group 1 - As of the end of Q2 2023, QFII held shares in 1145 A-share companies with a total market value exceeding 140 billion yuan [1][3] - In Q2, QFII initiated positions in 813 new stocks, increased holdings in 173 stocks, reduced holdings in 126 stocks, and maintained positions in 33 stocks [2][6] - The banking sector remains a primary focus for QFII, with the top four holdings being banks, including Nanjing Bank and Ningbo Bank, both of which saw increased QFII holdings in Q2 [3][6] Group 2 - Significant adjustments were observed in QFII's holdings in sectors such as machinery, hardware equipment, chemicals, and electrical equipment, while coal and building materials saw reductions [2][7] - The top sectors by QFII holdings include banking (670.35 billion yuan), hardware equipment (181.97 billion yuan), and machinery (67.28 billion yuan) [9] - New QFII heavyweights in Q2 included companies like Haowei Group and Jianghuai Automobile, with respective market values of 1.45 billion yuan and 675 million yuan [6][8] Group 3 - The distribution of QFII's new heavyweights shows a preference for hardware equipment, machinery, and chemicals, with hardware equipment leading at 40.79 billion yuan in market value [8][9] - The top ten QFII holdings by market value include Ningbo Bank (36.16 billion yuan) and Nanjing Bank (23.19 billion yuan) [6][9] - QFII's new positions in sectors like industrial trade and telecommunications indicate a diversification strategy [2][7]