---
title: "The Market Review: The Hang Seng Index remains stable with a net inflow of HKD 15.9 billion from northbound capital; the overall short-selling rate rises, and LINK REIT faces selling pressure"
type: "News"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/266701377.md"
description: "After four consecutive days of decline, the Hang Seng Index stabilized today, closing at 25,835 points, up 4 points or 0.02%. The net inflow from the north reached HKD 15.992 billion, the highest single-day amount since October 13. The Tracker Fund of Hong Kong rose slightly by 0.08%, with a short-selling ratio of 59.1%. The Hang Seng TECH Index fell by 32 points or 0.6%"
datetime: "2025-11-20T09:26:09.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/266701377.md)
  - [en](https://longbridge.com/en/news/266701377.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/266701377.md)
---

> 支持的语言: [English](https://longbridge.com/en/news/266701377.md) | [繁體中文](https://longbridge.com/zh-HK/news/266701377.md)


# The Market Review: The Hang Seng Index remains stable with a net inflow of HKD 15.9 billion from northbound capital; the overall short-selling rate rises, and LINK REIT faces selling pressure

After falling for four consecutive days (a cumulative drop of 1,242 points or 4.6%), the Hang Seng Index stabilized today. The Dow Jones Industrial Average rose 0.1% overnight, and the Nasdaq increased by 0.6%. AI leader Nvidia (NVDA.US) announced a 65% year-on-year increase in net profit for the third fiscal quarter ending October 26, reaching USD 31.91 billion, with adjusted earnings per share of USD 1.30, exceeding market expectations. The company's guidance for this fiscal quarter also surpassed expectations. At the time of writing, the yield on the U.S. 2-year Treasury bond rose to 3.602%, the yield on the U.S. 10-year Treasury bond rose to 4.135%, and the U.S. dollar index rose to 100.22. Dow futures were up 276 points or 0.6%, and Nasdaq futures were up 417 points or 1.7%. The Shanghai Composite Index fell 15 points or 0.5% to close at 3,931 points, while the Shenzhen Component Index fell 0.76%, with a total trading volume of 1.71 trillion yuan in both markets.

Hong Kong stocks fluctuated today, with the Hang Seng Index opening up 169 points, initially rising 216 points to a high of 26,046 points before fluctuating, at one point falling 138 points to a low of 25,692 points, ultimately rising 4 points or 0.02% to close at 25,835 points; the Hang Seng China Enterprises Index fell 7 points or 0.1% to close at 9,143 points; the Hang Seng Tech Index fell 32 points or 0.6% to 5,574 points. The total trading volume for the day was 245.136 billion yuan. The total trading volume for northbound trading was 96.07 billion yuan, while southbound funds saw a net inflow of 15.992 billion yuan today (compared to a net inflow of 6.591 billion yuan on the previous trading day), marking the highest single-day net inflow since October 13 (when the net inflow was 19.894 billion yuan).

The Tracker Fund of Hong Kong (02800.HK) rose slightly by 0.08% to close at 26 yuan, with a trading volume of 30.86 billion yuan, short-selling amounting to 18.25 billion yuan (accounting for 31% of the market's short-selling ratio), and a short-selling ratio of 59.1%. Southern Hang Seng Tech (03033.HK) fell nearly 0.5%, with a trading volume of 10.39 billion yuan and short-selling amounting to 5.095 billion yuan, with a short-selling ratio of 49%.

【Hang Seng Index Stops Falling, Link REIT Faces Selling Pressure】

Tencent (00700.HK) fell 0.2% to 621 yuan, Alibaba (09988.HK) and Bilibili (09626.HK) fell 1% and 2.7%, respectively, JD.com (09618.HK) closed flat at 113.5 yuan, while Meituan (03690.HK) rose 0.5%. Contemporary Amperex Technology Co., Limited (03750.HK) saw its cornerstone investors' lock-up period end today, with its stock price falling 5.7% to 483 yuan, with a trading volume of 7.09 billion yuan.

Link REIT (00823.HK) announced a year-on-year decrease of 5.9% in its interim distribution per fund unit, with its stock price falling 6.4% to 38.8 yuan, making it the largest blue-chip decline of the day. Citigroup released a report stating that Link REIT's distribution per fund unit for the first half of the fiscal year ending in September fell 5.9% year-on-year to HKD 1.2688, accounting for 48.7% of the full-year forecast. This result was slightly worse than the market's expected year-on-year decline of 4% to 5%, due to rental renewals in the retail sector in Hong Kong and mainland China falling more than expected Operating expenses increased, and administrative management fees rose. The bank indicated that overall, Link's revenue fell by 1.8% year-on-year, with property net income down by 3.4% and distributable income decreasing by 5.6%. Revenue declined by 2% year-on-year, completing 50.2% of the bank's full-year forecast (50.3% in the same period last year), mainly due to negative growth in Hong Kong's rental renewals.

Citi pointed out that the negative growth in rental renewals for Link's retail business in Hong Kong has expanded, with a renewal rental adjustment rate of negative 6.4% (compared to negative 2.2% for fiscal year 2025), dragged down by the wet goods market and cooked food stalls (negative 9.3%) and general retail stores (negative 5.9%).

【1,000 Stocks Decline, Short Selling in the Market Rises】

The Hong Kong stock market continues to be weak, with a rise and fall ratio of 23 to 25 for main board stocks (compared to 21 to 27 the previous day), with 1,042 stocks declining (a drop of 2.4%). Today, 55 constituent stocks of the Hang Seng Index rose, while 31 stocks fell, with a rise and fall ratio of 63 to 35 (compared to 39 to 60 the previous day). The market recorded short selling of HKD 58.856 billion today, accounting for 27.09% of the total turnover of shortable stocks, which was HKD 217.262 billion.

CICC plans to absorb and merge with China Cinda (01359.HK) subsidiary Cinda Securities (601059.SH) and Dongxing Securities (601198.SH) through a share swap. China Cinda (01359.HK) saw its stock price rise by 6.5% throughout the day, while CICC (03908.HK) was suspended.

Dongxing Securities stated that CICC's financial indicators ranked among the top tier in the industry before the merger, and after the merger, CICC's total assets will rank fourth in the industry, with net profit ranking sixth. In the first three quarters of 2025, the net profits of CICC, Dongxing, and Cinda were RMB 6.6 billion, RMB 1.6 billion, and RMB 1.4 billion, respectively, representing year-on-year growth of 130%, 70%, and 53%; as of the third quarter of this year, the total assets of CICC, Dongxing, and Cinda were RMB 764.9 billion, RMB 116.4 billion, and RMB 128.3 billion, respectively. After simple aggregation, the merged company's net profit reaches RMB 9.5 billion, ranking sixth, with total assets reaching RMB 1 trillion, ranking fourth. The bank indicated that CICC has a strong accumulation in investment banking, institutional business, and high-net-worth wealth management, while also having significant advantages in international business. Dongxing Securities has also accumulated considerable advantages in the AMC field relying on its shareholder China Orient, and Cinda Securities has certain advantages in mergers and acquisitions and large asset management. Additionally, CICC, Cinda, and Dongxing have slightly different focuses in their business outlets, with CICC Wealth's outlets mainly concentrated in economically developed areas, while Cinda and Dongxing have certain comparative advantages in regions such as Liaoning and Fujian, and the integration can further expand the reach of CICC Wealth's outlets

### 相关股票

- [HSTECH ETF (03032.HK)](https://longbridge.com/zh-CN/quote/03032.HK.md)
- [Hang Seng TECH Index (STECH.HK)](https://longbridge.com/zh-CN/quote/STECH.HK.md)
- [LINK REIT (00823.HK)](https://longbridge.com/zh-CN/quote/00823.HK.md)

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