在资金流动方面，市场再次活跃，接近过去四周平均成交量的3.1倍

高盛-香港市场总结

在资金流动方面，市场再次活跃，接近过去四周平均成交量的3.1倍。买卖盘大致均衡，LO (long only) 的买盘显著（占我们市场活动的80%以上），而对冲基金则小幅净卖出。

Flow wise the pad was active again, nearly 3.1x of 4w average. Skew was about even, with LO buying
notable (80%+ of our pad) while HF side was small net seller.

更明显的是，机构在消费类板块中偏好大规模买入，涵盖电子商务、运动服饰、快递和纺织，而在澳门和汽车等板块则有小规模卖出。

Cleary preference in Consumer Disc by LOs
in meaningful size, across e-comm / sportswear / delivery / textile vs small selling Macau / autos.

信息技术，包括太阳能，继续受到 LO 需求的推动，而硬件技术则存在双向资金流动。

Info Tech including solar continue to see LO demand vs two-way flow in hardware tech.

医疗和地产板块的买入力度相对较小，但金融板块有较大的卖出资金流，特别是中国银行和保险公司，这在一定程度上抵消了其他板块的买入需求。

Relatively smaller buying in Healthcare Property, but sizable selling flow in Financials, especially in China banks / insurers offset some of the bids in other sectors.

对冲基金今天总体为小规模的净卖出，消费类板块的卖出包括电子商务、电动车和运动服饰较为明显，而通信服务（电信和互联网）和金融板块（保险公司）则有买入力度

HFs were net sellers today in small size, Consumer Disc selling including ecomm / EVs / sportswear were notable vs bids in Comm Svcs (telcos / internet) and Financials (insurers).

上周高盛 Prime Brokerage数据

在过去的一周，中国股票在我们记录中经历了最大周净买入，几乎完全由 Long buys 推动 （单一股票买入占净买入名义净买入的71%）。

Over the last week, Chinese equities saw the largest weekly net buying on our book’s record, driven almost entirely by long buys with single stock making up 71% of the notional net buying.

除能源外，所有行业均为净买入。对中国股票的总/净配置分别为全球投资组合的5.3% / 8.1%，在过去5年中分别处于第16和第27百分位。两者在上周开始前，均处于5年低点。

All sectors other than Energy were net bought. Gross / net allocation to Chinese equities are now at 5.3% / 8.1% of global book respectively, which is the 16th / 27th %tile vs past 5 years. They were both at 5-
year lows coming into last week.