每经AI快讯，11月26日，南向资金净卖出39.52亿港元。其中，盈富基金、腾讯控股分别遭净卖出22.59 亿港元、11.80亿港元；阿里巴巴-W获净买入约15.28亿港元。 ...

【南向资金今日净买入约1亿港元 净卖出盈富基金逾50亿港元】智通财经11月21日电，南向资金今日净 买入约1.05亿港元。腾讯控股、小米集团-W分别获净买入约17.36亿港元、12.68亿港元；盈富基金遭净 卖出51.43亿港元。 转自：智通财经 ...

（文章来源：每日经济新闻） 每经AI快讯，11月21日，南向资金净买入约1.05亿港元。腾讯控股、小米集团-W分别获净买入约17.36 亿港元、12.68亿港元；盈富基金遭净卖出51.43亿港元。 ...

格隆汇11月20日｜南下资金今日净买入港股159.92亿港元。其中： 净买入盈富基金74.2亿、恒生中国企业19.13亿、阿里巴巴-W 10.67亿、南方恒生科技8.88亿、小鹏汽车- W 4.39亿、华虹半导体2.97亿、 | 做高度 | 0.1% | 47.25 | 47.72 L | 但高度 | 0.1% | 26.95 | 27.09 | | --- | --- | --- | --- | --- | --- | --- | --- | | 阿里巴巴-W | -1.0% | 1.86 | 39.09 Z | 阿里巴巴-W | -1.0% | 8.81 | 26.28 | | 腾讯控股 | -0.2% | -6.71 | 22.35 Z | 腾讯控股 | -0.2% | 7.55 | 18.13 | | 中心国际 | 0.7% | 0.15 | 18.78亿 | 中心国际 | 0.7% | -0.34 | 15.23 | | 恒生中国企业 | -0.1% | 13.13 | 13.47 Z | 南方恒生科技 | -0.5% | 8.88 | 9.69 2 | | 小鹏汽车-W | -4.5% | 2.0 ...

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]

Market Overview - On October 22, the Hang Seng Index fell by 0.94%, with southbound trading totaling HKD 1,065.82 billion, comprising HKD 583.00 billion in buying and HKD 482.82 billion in selling, resulting in a net buying amount of HKD 100.18 billion [1][2]. Southbound Trading Details - Southbound trading through the Stock Connect (Shenzhen) recorded a total transaction amount of HKD 398.87 billion, with net buying of HKD 33.25 billion [1]. - Southbound trading through the Stock Connect (Shanghai) had a total transaction amount of HKD 666.95 billion, with net buying of HKD 66.93 billion [1]. Active Stocks - Alibaba-W had the highest transaction amount among southbound stocks, totaling HKD 65.80 billion, followed by Innovent Biologics and SMIC with HKD 59.23 billion and HKD 52.64 billion, respectively [1][2]. - The top net buying stocks included the Tracker Fund of Hong Kong with a net buying amount of HKD 19.94 billion, China National Offshore Oil Corporation with HKD 14.25 billion, and SMIC with HKD 6.42 billion [1]. Stock Performance - The Tracker Fund of Hong Kong closed down by 1.05%, while China National Offshore Oil Corporation increased by 0.93% and SMIC rose by 1.08% [3]. - The largest net selling stock was Hua Hong Semiconductor, with a net selling amount of HKD 2.98 billion, closing down by 2.25%. Xiaomi Group-W and Alibaba-W also faced net selling of HKD 2.22 billion and HKD 859.17 million, respectively [1][3].

Group 1 - Southbound funds net bought Hong Kong stocks worth 100.18 billion HKD today, with notable purchases including 19.94 billion in the Tracker Fund, 14.25 billion in CNOOC, and 6.42 billion in SMIC [1] - Southbound funds have net sold Alibaba for four consecutive days, totaling 43.4544 billion HKD [3] - Tencent's financial forecast for 2024-2026 is maintained by Huatai Securities, with adjusted net profits projected at 220.9 billion, 247.2 billion, and 280.9 billion HKD, reflecting year-on-year growth of 40%, 12%, and 14% respectively [3] Group 2 - Bubble Mart reported a 245%-250% year-on-year revenue growth in Q3, with domestic revenue increasing by 185%-190% and online channels by 300%-305% [3] - On October 22, Innovent Biologics announced a significant global strategic partnership with Takeda Pharmaceutical to accelerate the development of its next-generation IO and ADC therapies [3] - Alibaba's Cainiao Supply Chain announced participation in Taobao Flash Purchase, providing hourly delivery services for platform merchants, with initial trials launched in Shanghai, Hangzhou, and Nanjing [3]

Core Viewpoint - HSBC Holdings plans to privatize Hang Seng Bank through its wholly-owned subsidiary, HSBC Asia Pacific, with a cash offer of HKD 155 per share, representing a total transaction value of HKD 1,062 billion, marking the largest privatization in Hong Kong's banking sector in nearly a decade [2][4]. Financial Summary - The offer price represents a 30.3% premium over Hang Seng's last trading day closing price of HKD 119 and a 48.6% premium over the average price over the past 360 trading days [4]. - Following the announcement, Hang Seng's stock surged by 41% on October 9, reaching a peak of HKD 168, and closed up 25.88% at HKD 149.8, while HSBC's stock fell by 5.97% to HKD 104, with a cumulative decline of over 7% by October 13 [4]. - Hang Seng Bank's total market capitalization is estimated at HKD 2,903 billion, which is 1.8 times its book value for the first half of 2025, significantly higher than the average of its peers in Hong Kong [4]. Strategic Implications - If the transaction is completed, Hang Seng will cease its public listing after 53 years and become a wholly-owned subsidiary of HSBC [5]. - HSBC's CEO emphasized that this move is a significant investment in Hong Kong's economy, reflecting confidence in its role as an international financial center [6]. - The privatization is expected to streamline operations, with an estimated annual cost saving of at least HKD 800 million and a reduction in decision-making processes by over 30% [8]. Market Impact - The privatization is anticipated to reshape the Hong Kong banking landscape, potentially leading to a market structure dominated by HSBC, Standard Chartered, and Bank of China Hong Kong, with the possibility of other smaller banks like East Asia Bank facing challenges [8]. - Following the privatization, only East Asia Bank and Dah Sing Bank are expected to remain as independently listed local banks in Hong Kong [8]. Performance Challenges - Hang Seng Bank has faced significant operational pressures, with a 3% increase in revenue to HKD 20.975 billion in the first half of the year, but a 30.46% drop in net profit to HKD 6.88 billion, resulting in a net profit margin decline from 54.52% to 26.67% [9]. - The bank's asset quality has deteriorated, with total impaired loans reaching HKD 55 billion and a non-performing loan ratio of 6.69% as of June [9]. - The bank has also faced regulatory challenges, including a fine of HKD 66.4 million from the Hong Kong Securities and Futures Commission for serious regulatory failures over several years [11].