智通财经APP获悉，9月29日港股市场，北水成交净卖出16.54亿港元，其中港股通(沪)成交净卖出23.58亿港元，港股通 (深)成交净买入7.04亿港元。 北水净买入最多的个股是阿里巴巴-W(09988)、腾讯(00700)、小米集团-W(01810)。北水净买入最多的个股是盈富基金 (02800)、中国移动(00941)、华虹半导体(01347)。 | 股票名称 | 买入额 | 卖出额 | 买卖总额 | | --- | --- | --- | --- | | | | | 净流入 | | 阿里巴巴-W HK 09988 | 51.75 乙 | 35.15 乙 | 86.90亿 | | | | | +16.60亿 | | 小米集团-W HK 01810 | 33.23 乙 | 29.00亿 | 62.23 亿 +4.23 Z | | 腾讯控股 HK 00700 | 26.63 乙 | 14.00 亿 | 40.63亿 | | | | | +12.641Z | | 盈富基金 | 254.26万 | 39.79 亿 | 39.81亿 | | HK 02800 | | | -39.76 Z | | 中芯国际 | 1 ...

[Table_Title] 研究报告 Research Report 28 Sep 2025 [Table_yemei1] 观点聚焦 Investment Focus [Table_summary] (Please see APPENDIX 1 for English summary) 上周我们认为A股将延续盘整以消化前期涨幅，港股补涨后短期或跟随进入震荡阶段。本周A股上证综指震荡微涨 0.2%，创业板指冲高回落仍录得2%的周涨幅；港股方面，恒生指数和恒生科技全周下跌1.6%。 香港策略 Hong Kong Strategy 国庆前后交投趋弱，十五五预期利好低位蓝筹配置 Weaker Trading Around National Day; 15th Five-Year Plan Expectations Favor Low-Valued Blue Chips 周林泓 Amber Zhou 李加惠 Jiahui Li, CFA amber.lh.zhou@htisec.com jh.li@htisec.com • 情绪边际转弱：阿里云栖大会一度继续提振市场信心，但在股价连续大涨后，市场情绪已见顶回落。 • 汇 ...

Market Overview - On September 19, Hong Kong's three major indices experienced fluctuations, with the Hang Seng Index closing at 26,545.1 points, the Hang Seng Tech Index rising by 0.37% to 6,294.42 points, and the National Enterprises Index increasing by 0.17% to 9,472.35 points. The materials sector remained active while pharmaceutical stocks weakened significantly. For the week, the Hang Seng Index rose by 0.59%, the Hang Seng Tech Index increased by 5.09%, and the National Enterprises Index gained 1.15% [1] Southbound Capital - On September 19, southbound funds net bought Hong Kong stocks worth 9.838 billion HKD, with Alibaba receiving a net purchase of 1.727 billion HKD. For the week up to September 19, the cumulative net purchase by southbound funds reached 36.851 billion HKD, and the total for the year so far is 1,109.73 billion HKD, significantly exceeding last year's total net purchase [2] U.S. Market Performance - Overnight, U.S. stock indices reached new closing highs, with the Dow Jones up by 0.37%, the S&P 500 rising by 0.49%, and the Nasdaq increasing by 0.72%. Notable gains were seen in Amgen and Apple, both rising over 3%. The Nasdaq China Golden Dragon Index fell by 0.25%, while the Hang Seng Index ADR decreased, closing at 26,462.40 points, down 82.70 points or 0.31% [3] Key News 1. The 2025 Alibaba Cloud Summit will be held from September 24 to 26 in Hangzhou, focusing on AI, cloud computing, and industry applications, featuring three main forums and over 110 discussion topics [4] 2. Taobao Flash Sale and Ele.me will launch a merchant group-buying service, starting with restaurant group buys in major cities [4] 3. The Hang Seng Index Company reported over 1 trillion HKD in net inflows for the Hong Kong Stock Connect this year, indicating a strong trend of capital inflow over the past two years [4] Short Selling Data - On September 19, a total of 648 Hong Kong stocks were short-sold, with a total short-selling amount of 38.141 billion HKD. Alibaba, Baidu, and Xiaomi had the highest short-selling amounts, at 3.598 billion HKD, 2.53 billion HKD, and 1.466 billion HKD, respectively [5] Institutional Insights - Guotai Junan Securities indicated that the Hang Seng Tech Index is likely to transition from "catching up" to "leading." The observation of the divergence in returns between the ChiNext Index and the Hang Seng Tech Index suggests a high probability of relative return reversal for the latter. Additionally, foreign capital's interest in Chinese assets is increasing, with expectations of a Fed rate cut in September potentially alleviating liquidity issues faced by Hong Kong stocks since August [6]