資金動向 | 北水拋售港股超63億港元，加倉阿里巴巴、中國移動
2月20日，南下資金今日淨賣出港股63.42億港元。
其中，港股通（滬）淨賣出2.11億港元，港股通（深）淨賣出61.31億港元。
淨買入阿里巴巴-W 12.23億、中國移動9.02億、中芯國際5.2億、優必選3.1億；淨賣出盈富基金89.57億、恒生中國企業31.05億、騰訊控股12.59億、快手-W 2.69億、小米集團-W 2.37億、華虹半導體1.99億、美團-W 1.98億。
據統計，南下資金連續7日淨買入阿里巴巴，共計204.35億港元；連續9日淨買入中國移動，共計54.8775億港元；連續4日淨賣出美團，共計33.4209億港元。
北水關注個股
阿里巴巴：阿里巴巴發佈2025財年Q3財報，期內營收2801.5億元，高於預估的2773.7億元；第三季度調整後EBITDA 620.5億元。阿里雲收入重回13%的雙位數增長，AI相關產品收入連續六季度保持三位數增長。
中國移動：中信證券指出，三大運營商助力國央企及政府客户完成全尺寸DeepSeek國產化部署，開啟央企及政府部署DeepSeek的序幕。運營商憑藉雲+網+智算綜合能力，為國央企及政府機構依託全棧自主可控硬件部署AI大模型樹立了典型標杆。看好後續國央企、政府、垂直行業等客户的AI模型部署訂單加速落地。運營商有望憑藉智算+AI模型部署能力，持續拓寬收入邊界，提升盈利能力，雲+AI業務迎價值重估。
騰訊控股：麥格理髮布研報稱，維持騰訊控股“跑贏大市”評級，目標價為560港元。麥格理憧憬騰訊與DeepSeek-R1的整合帶來流量及收入增長潛力。DeepSeek-R1配合騰訊的雲基礎設施和優化技術，有助於提升AI準確性和提供定製化能力，進一步增強微信搜索的用户流量和參與度，使騰訊成為“超級AI代理”，並將AI擴展至更廣泛垂直應用，最終變現為收入來源。
美團：大摩認為，美團作為外賣行業的領先者，為騎手繳納社保及改善福利將提升行業進入門檻，將進一步鞏固其行業地位。大摩對美團給予“增持”評級，目標價200港元。
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