每经AI快讯，南向资金今日净卖出38.45亿港元。其中，盈富基金、腾讯控股分别遭净卖出16.12亿港 元、12.79亿港元；中芯国际获净买入约7.59亿港元。 ...

港股通（沪）方面，农业银行、阿里巴巴-W分别获净买入3.95亿港元、1.98亿港元；盈富基金净卖出额 居首，金额为13.23亿港元；港股通（深）方面，小米集团-W、美团-W分别获净买入7.67亿港元、3.21 亿港元；盈富基金净卖出额居首，金额为2.35亿港元。 ...

每经AI快讯，12月10日，南向资金净卖出10.18亿港元。其中，盈富基金、腾讯控股分别遭净卖出15.59 亿港元、6.06亿港元；小米集团-W获净买入约6.20亿港元。 ...

Core Viewpoint - Southbound funds experienced a net sell-off of 39.52 billion HKD on November 26, with significant movements in major stocks [1] Group 1: Fund Movements - The Yingfu Fund saw a net sell-off of 22.59 billion HKD [1] - Tencent Holdings faced a net sell-off of 11.80 billion HKD [1] - Alibaba-W recorded a net buy of approximately 15.28 billion HKD [1]

Core Viewpoint - Southbound funds recorded a net purchase of approximately 1.05 billion HKD today, indicating a positive sentiment towards certain stocks while showing significant selling pressure on others [1] Group 1: Southbound Fund Activity - Southbound funds had a net purchase of about 1.05 billion HKD today [1] - Tencent Holdings and Xiaomi Group-W received net purchases of approximately 17.36 billion HKD and 12.68 billion HKD, respectively [1] - The Yingfu Fund experienced a net sell-off of 51.43 billion HKD, highlighting a significant outflow from this investment vehicle [1]

Group 1 - Southbound funds recorded a net purchase of approximately 105 million HKD on November 21 [1] - Tencent Holdings and Xiaomi Group-W received net purchases of approximately 1.736 billion HKD and 1.268 billion HKD, respectively [1] - The Yingfu Fund experienced a net sell-off of 5.143 billion HKD [1]

Group 1 - Southbound funds net bought Hong Kong stocks worth 15.992 billion HKD today [1] - The largest net purchases were in the Tracker Fund of Hong Kong (74.2 million HKD), Hang Seng China Enterprises (19.13 million HKD), and Alibaba-W (10.67 million HKD) [1] - Southbound funds have net bought Alibaba for six consecutive days, totaling 12.163 billion HKD [1] Group 2 - There was a net sell-off of Xiaomi Group-W amounting to 6.05 million HKD, ending its previous 16-day net buying streak [1] - Other notable net sales included Pop Mart at 3.14 million HKD [1] - Xpeng Motors saw net purchases for three consecutive days, totaling 1.73645 billion HKD [1]

Core Insights - The article discusses the financial crisis in Hong Kong during 1998, focusing on George Soros's speculative attack on the Hong Kong dollar and the subsequent government intervention that led to his defeat [2][34]. Group 1: Background of the Crisis - The crisis began with Thailand's decision to abandon its fixed exchange rate, leading to a 20% drop in the Thai baht, which Soros capitalized on by short-selling [6]. - The economic turmoil spread across Southeast Asia, resulting in the collapse of 57 banks and the loss of savings for 60 million people [8]. - Soros targeted Hong Kong, viewing it as a lucrative opportunity due to its status as a financial center and its fixed exchange rate system [13]. Group 2: Soros's Strategy - Soros's plan involved short-selling the Hang Seng Index and selling off Hong Kong dollars to force the government to raise interest rates, which would lead to a stock market decline [15][16]. - By August 1998, Soros had accumulated $30 billion in Hong Kong dollars, preparing for a significant attack on the market [22]. Group 3: Government Response - In response to the crisis, Chinese Premier Zhu Rongji assured that the central government would support Hong Kong, emphasizing that the renminbi would not be devalued [34]. - On August 14, the Hong Kong Monetary Authority intervened by purchasing stocks and futures, marking a historic government response to market manipulation [38]. Group 4: Outcome of the Battle - The government’s intervention led to a significant market rebound, with the Hang Seng Index rising by 8% in a single day [42]. - Soros's funds, including the Quantum Fund and Tiger Fund, suffered losses exceeding $10 billion, marking one of the worst defeats in his career [46]. - The Hong Kong government later profited from its intervention by packaging the purchased stocks into an ETF, yielding a return of 83% [48]. Group 5: Long-term Implications - The crisis reinforced Hong Kong's status as a financial center, with the Hang Seng Index recovering to over 14,000 points by July 1999 [50]. - The commitment to maintain the renminbi's value had significant implications for the stability of the entire Asian region [50]. - The unique "one country, two systems" framework allowed Hong Kong to maintain its financial autonomy while benefiting from mainland China's support [52].

Market Overview - The Hong Kong stock market indices experienced a comprehensive decline during the week of October 27 to October 31, 2025, with the Hang Seng Index falling by 0.97%, the Hang Seng China Enterprises Index down by 2.09%, and the Hang Seng Technology Index decreasing by 2.51% [4][9] - The recent monetary policy meeting by the Federal Reserve resulted in a 25 basis point reduction in the federal funds rate target range to 3.75% to 4.00%, marking the fifth rate cut since September 2024 [4][5] Economic Indicators - China's manufacturing PMI for October stood at 49%, a decrease of 0.8 percentage points from September, while the non-manufacturing PMI rose slightly to 50.1%, an increase of 0.1 percentage points [4] - The composite PMI output index was at 50%, down by 0.6 percentage points from the previous month, indicating stable overall economic output [4] Investment Opportunities - The report suggests focusing on investment opportunities in sectors such as consumer electronics, semiconductors, and power equipment, as domestic demand is expected to strengthen in the fourth quarter [4] Market Data - As of October 31, the Hang Seng Index's current PE (TTM) is 11.55 times, positioned around the 68th percentile since January 1, 2007, while the PB ratio is 1.26, around the 55th percentile [6][10][13] - The southbound capital inflow for the week was 27.492 billion HKD, an increase of 10.204 billion HKD compared to the previous week [15][17] Capital Flow - The top five net purchases by southbound funds included the Tracker Fund of Hong Kong at 4.633 billion HKD, Meituan at 1.422 billion HKD, and Hua Hong Semiconductor at 1.346 billion HKD [17] - Conversely, the top five net sales were Alibaba at 3.751 billion HKD, Li Auto at 1.105 billion HKD, and Tencent Holdings at 0.713 billion HKD [17]

Group 1 - Southbound funds recorded a net purchase of 13.641 billion HKD today [1] - The top net purchases were in the following companies: Yingfu Fund (4.633 billion HKD), Alibaba-W (0.876 billion HKD), and Meituan-W (0.806 billion HKD) [1] - ZTE Corporation had the highest net sell amount, totaling 0.324 billion HKD [1]