HTSC Research Reports indicate that last week, Hong Kong stocks experienced a high and subsequent drop, with the divergence between domestic and foreign capital continuing. Attention is on the marginal tightening pressure of overseas liquidity following this week's FOMC meeting. Key changes include: 1) Foreign capital, the scale of net outflow of active allocation foreign capital from Hong Kong stocks has expanded, with nine consecutive weeks of net outflow, possibly related to fluctuations in policy expectations and securing profits before Christmas; 2) Southbound flows, the scale of net inflow last week remained high, adopting a barbell strategy of increasing positions in high-dividend and XINJINGJI sectors, also showing certain characteristics of high-low switching; 3) Industrial capital, the repurchase力度 is approaching April levels, the number of repurchase events has increased, the amount and Market Cap ratio of repurchases have slightly declined, remaining around the 70% percentile since 2023; 4) Short positions, the average daily short-selling ratio of the Hang Seng Index has decreased for three consecutive weeks, and on a single day, it has gradually recovered from last Monday's low, but is still at historically low levels around 10%.