HTSC research report pointed out that last week the Hong Kong stock market fluctuated, echoing the rise and fall of short positions during the week, with outflow of foreign capital. Southbound and industrial capital provided positive support for the capital market: 1) Short positions: The short selling ratio of the Hang Seng Index rose and then fell within the week, reaching 14.1% on Wednesday and gradually falling to 12.4% in the following two trading days, with the short selling ratio of Hong Kong internet stocks falling but that of real estate stocks rising; 2) Foreign capital: The allocation and trading plates resonated and weakened, and it remains to be seen whether active foreign capital can turn into net inflows in the future; 3) Southbound: The net inflow scale of southbound funds expanded last week, with new additions to the list of eligible Hong Kong stocks such as Alibaba attracting attention from investors, and banks continue to be the main direction for increasing positions; 4) Industrial capital: The buyback heat hit a single-week high since 2010, mainly focused on internet, finance, and pharmaceuticals, with a significant increase in buyback amounts and buyback market cap for internet and pharmaceuticals in recent periods.