中国香港消费 - 南向交易追踪-ChinaHong Kong Consumer-Southbound Trading Tracking

Summary of Southbound Trading Tracking for China/Hong Kong Consumer Sector Industry Overview - The report focuses on the China/Hong Kong consumer sector, specifically tracking Southbound trading activities in major Hong Kong-listed consumer stocks [7][8]. Key Trends and Data - In November 2025, there was an increase in inflows to 42 major HK-listed consumer stocks covered in the Shanghai/Shenzhen-Hong Kong Stock Connect [1]. - Average Southbound holdings as a percentage of free float rose by 0.5 percentage points month-over-month for the 74 major HK-listed consumer stocks eligible for Connect trading [1]. - Year-to-date (YTD) 2025, average net flows from Southbound increased by 6.5% compared to the end of 2024 [2]. Inflows and Outflows - In November, 42 stocks recorded inflows, while 30 experienced outflows, and 2 had zero net flows [2]. - The top five stocks with inflows in November included: - Youran Dairy: +5.0 percentage points - Chervon: +5.0 percentage points - Tsingtao: +4.7 percentage points - UPC: +3.7 percentage points - Guming: +3.5 percentage points [10]. - The top five stocks with outflows were: - Koolearn: -2.5 percentage points - H&H: -1.9 percentage points - Chow Luk Fuk: -1.8 percentage points - ChaPanda: -1.6 percentage points - Cathay Media: -1.5 percentage points [10]. Category Performance - During November, categories such as Tobacco, IMF, Education, and Luggage recorded average outflows, while other categories had average inflows [10]. - For YTD 2025, categories like Alcoholic Beverages, Home Improvement, Education, and Luggage showed outflows, whereas other categories had average inflows [10]. Notable Stocks and Their Performance - The report highlights significant changes in Southbound stakes as a percentage of free float for various companies: - Xiaocaiyuan: +70.7 percentage points YTD - CR Beverage: +47.6 percentage points YTD - Maogeping: +33.8 percentage points YTD - Youran Dairy: +31.5 percentage points YTD - China Modern Dairy: +30.2 percentage points YTD [10]. - Conversely, Helens experienced a -23.8 percentage point decrease, followed by Samsonite at -17.3 percentage points [10]. Conclusion - The Southbound trading data indicates a positive trend in inflows for the consumer sector, with notable performances from specific stocks. However, certain categories and stocks are experiencing outflows, suggesting a mixed sentiment in the market. Investors should consider these trends when making investment decisions in the China/Hong Kong consumer sector [8][10].