We analyzed the data distribution of 2228 in brokerages over the past 3 months on some key dates.

$XTALPI(02228.HK)

Data source: https://webb-site.com/ccass/choldings.asp?sort=holddn&i=35305&sc=&d=2024-12-13

Based on the provided data, we can analyze the stock's holdings transfer situation from the following aspects and draw some conclusions:

1. Changes in Total Holdings

By observing the "Cumul. Stake" (cumulative shareholding ratio) column on different dates, we can evaluate the overall market concentration and trends:

• December 12, 2024: Cumulative shareholding ratio was 42.27%.
• March 3, 2025: Cumulative shareholding ratio was 52.02%.

Conclusion: Overall, the cumulative shareholding ratio of brokers has gradually increased, indicating rising interest from institutional investors and higher market concentration.

2. Changes in Major Brokers' Holdings

We can analyze the holdings transfer of major brokers by comparing their "Holding" (number of shares held) and "Stake" (shareholding ratio). Below are the changes for key brokers:

(1) FUTU SECURITIES INTERNATIONAL (B01955)

• December 12, 2024: Held 337,176,787 shares, accounting for 9.88%.
• March 3, 2025: Held 321,773,416 shares, accounting for 8.00%.

Conclusion: Futu Securities' holdings slightly decreased, but it remains the top broker, indicating strong control over the stock.

(2) CHINA SECURITIES DEPOSITORY AND CLEARING (A00004 & A00003)

• A00004:
  • December 16, 2024: Held 83,593,000 shares, accounting for 2.45%.
  • March 3, 2025: Held 478,595,584 shares, accounting for 11.91%.
• A00003:
  • December 16, 2024: Held 75,934,000 shares, accounting for 2.22%.
  • March 3, 2025: Held 365,960,055 shares, accounting for 9.10%.

Conclusion: China Securities Depository and Clearing Corporation significantly increased its holdings, becoming the second and third largest brokers, suggesting strategic or long-term investment purposes.

(3) THE HONGKONG AND SHANGHAI BANKING (C00019)

• December 12, 2024: Held 200,988,282 shares, accounting for 5.89%.
• March 3, 2025: Held 135,934,399 shares, accounting for 3.38%.

Conclusion: HSBC's holdings decreased significantly, possibly reflecting reduced investment interest in the stock.

3. New or Exited Major Brokers

Comparing data across different dates reveals new or exited major brokers:

• New Brokers:
  • CITIC SECURITIES BROKERAGE (HK) LTD (B01228) entered the top five on March 3, 2025, holding 170,571,530 shares (4.24%).
• Exited Brokers:
  • CLSA LTD (B01138) dropped from fourth to seventeenth place, with its shareholding ratio falling from 3.34% to 0.35%.

Conclusion: Some brokers (e.g., CITIC Securities) increased holdings, while others (e.g., CLSA) reduced them, indicating market divergence on the stock.

4. Dynamics of Small Holdings Brokers

Changes in small holdings brokers also reflect market sentiment:

• LONG BRIDGE HK LTD (B02195) and others maintained stable holdings, suggesting conservative strategies.
• INTERACTIVE BROKERS HONG KONG LTD (B01590) significantly increased holdings from 10,317,000 to 13,436,000 shares (0.26% to 0.33%).

Conclusion: Some small brokers began accumulating shares, possibly anticipating short-term gains.

5. Changes in Market Concentration

Observing cumulative shareholding ratios (Cumul. Stake) reveals market concentration trends:

• December 12, 2024: Top 25 brokers held 42.27%.
• March 3, 2025: Top 25 brokers held 52.02%.

Conclusion: Market concentration rose sharply, indicating stronger institutional control and potentially fewer retail investors.

6. Overall Conclusions

Key takeaways:

1. Growing Institutional Interest: Total shareholding ratio rose from 42.27% to 52.02%, signaling heightened institutional attention.
2. Major Brokers' Divergence: Futu Securities and China Securities Depository increased holdings, while HSBC reduced them, reflecting mixed market views.
3. Higher Market Concentration: Top 25 brokers' cumulative shareholding surged, possibly reducing stock liquidity.
4. Small Brokers' Activity: Some small brokers ramped up holdings, likely for short-term speculation.

Let us know if further analysis on specific brokers or periods is needed!