Core Insights - Southbound capital has significantly increased its holdings in the Hong Kong stock market, marking it as the largest source of incremental funds this year, with a cumulative net inflow exceeding 1.27 trillion HKD, a historical high [1][4] - The Hong Kong stock market has performed well this year, with the Hang Seng Index and Hang Seng Tech Index rising over 29% and 30% respectively as of November 4 [1][6] - Despite recent market fluctuations, analysts believe that the Hong Kong market is primarily driven by liquidity, with potential for substantial upward movement in the medium to long term [1][7] Southbound Capital Inflows - As of November 4, 2023, southbound capital has recorded a cumulative net inflow of 12,753.21 billion HKD this year, more than double the amount from the same period in 2024, with a single-day record inflow of 358.76 billion HKD on August 15 [1][4] - In 198 trading days this year, there were net inflow days on 166 occasions, accounting for over 80% [1] - Monthly net inflows have consistently exceeded 110 billion HKD in several months, including January through April, July, August, and September [1] Holdings and Sector Preferences - As of November 3, 2023, southbound capital held 5,525.19 billion shares, an increase of 867.34 billion shares since the beginning of 2025, with a market value of 6.29 trillion HKD, up 2.71 trillion HKD [2] - The financial, information technology, and consumer discretionary sectors have the highest holdings, valued at 15,135.25 billion HKD, 13,086.04 billion HKD, and 8,918.34 billion HKD respectively [2] - Major stock holdings include Tencent Holdings over 650 billion HKD, Alibaba-W over 360 billion HKD, and several banks and energy companies exceeding 200 billion HKD [2] Recent Buying Trends - The most significant increases in holdings this year have been in China Construction Bank, Bank of China, and other major banks, with increases of 68.96 billion shares, 52.02 billion shares, and 50.27 billion shares respectively [3] - In the past month, the financial, energy, and communication services sectors saw the highest net buying amounts, with 255.73 billion HKD, 112.20 billion HKD, and 95.67 billion HKD respectively [4] Company Buybacks - As of November 3, 2023, Hong Kong-listed companies have repurchased over 1,460 billion HKD worth of shares, with 239 companies participating in buybacks this year [5] - Tencent Holdings leads in buyback scale with 609.65 billion HKD, followed by HSBC and AIA with 302.57 billion HKD and 176.93 billion HKD respectively [5] - The buyback trend is particularly strong in the technology and financial sectors, with notable increases in consumer companies as well [5] Market Performance and Outlook - The Hong Kong stock market has shown strong performance this year, with all industry sectors experiencing gains, particularly materials, healthcare, and information technology [6] - The Hang Seng Index's rolling P/E ratio has increased from 8.96 to 11.89, indicating a potential for valuation recovery [6] - Analysts suggest that the market may continue to experience fluctuations in the short term but has significant upward potential in the medium to long term due to favorable liquidity conditions and ongoing capital inflows [7]

Core Insights - The Hang Seng Index fell by 0.79% on November 4, with southbound trading totaling HKD 1000.97 billion, including HKD 549.64 billion in buying and HKD 451.32 billion in selling, resulting in a net inflow of HKD 98.32 billion [1] Trading Activity - The most actively traded stock by southbound funds was Alibaba-W, with a total trading amount of HKD 74.27 billion, followed by SMIC and Xiaomi Group-W with HKD 42.55 billion and HKD 36.09 billion respectively [1] - In terms of net buying, China National Offshore Oil Corporation (CNOOC) led with a net inflow of HKD 10.46 billion, while Xiaomi Group-W and China Mobile had net inflows of HKD 10.02 billion and HKD 7.53 billion respectively [1] - The stocks with the highest net selling were Alibaba-W, with a net outflow of HKD 8.68 billion, followed by Sunny Optical Technology and SMIC with net outflows of HKD 3.25 billion and HKD 2.34 billion respectively [1] Continuous Net Buying/Selling - Among the stocks, CNOOC and Xiaomi Group-W were notable for continuous net buying, with Xiaomi Group-W having a total net inflow of HKD 29.15 billion over five days, and CNOOC with HKD 26.49 billion over four days [2] - Conversely, SMIC, Alibaba-W, and Tencent Holdings experienced continuous net selling, with total net outflows of HKD 23.26 billion, HKD 21.89 billion, and HKD 21.63 billion respectively [2]

Market Overview - On November 4, the Hang Seng Index fell by 0.79%, closing at 25,952.40 points, while southbound funds through the Stock Connect recorded a net purchase of HKD 9.832 billion [1] Trading Activity - The total trading volume for the Stock Connect on November 4 was HKD 100.097 billion, with a net purchase of HKD 9.832 billion. Specifically, the Shanghai Stock Connect had a trading volume of HKD 61.300 billion and a net purchase of HKD 5.202 billion, while the Shenzhen Stock Connect had a trading volume of HKD 38.796 billion and a net purchase of HKD 4.631 billion [1] Active Stocks - In the Shanghai Stock Connect, Alibaba-W had the highest trading volume at HKD 44.666 billion, followed by SMIC and Xiaomi Group-W with trading volumes of HKD 26.778 billion and HKD 22.200 billion, respectively. In terms of net buying, Xiaomi Group-W led with a net purchase of HKD 0.908 billion, despite its closing price dropping by 2.91%. Conversely, Alibaba-W experienced the highest net selling at HKD 0.586 billion, with a closing price decline of 2.57% [1] Shenzhen Stock Connect Highlights - In the Shenzhen Stock Connect, Alibaba-W also topped the trading volume with HKD 29.600 billion, followed by Tencent Holdings and SMIC with trading volumes of HKD 17.460 billion and HKD 15.760 billion, respectively. Tencent Holdings saw the highest net purchase of HKD 0.379 billion, with a slight closing price increase of 0.16%. The stock with the highest net selling was Sunny Optical Technology, which had a net selling amount of HKD 0.325 billion, closing down by 4.59% [2]

Core Insights - On November 4, 2025, Alibaba-W (09988), SMIC (00981), and Xiaomi Group-W (01810) were the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 4.466 billion, 2.678 billion, and 2.220 billion respectively [1] - In the Southbound Stock Connect for the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), Tencent Holdings (00700), and SMIC (00981) also ranked as the top three, with trading amounts of 2.960 billion, 1.746 billion, and 1.576 billion respectively [1] Southbound Stock Connect (Shanghai-Hong Kong) - Top active companies by trading amount: - Alibaba-W (09988): 4.466 billion, net buy of -0.586 billion - SMIC (00981): 2.678 billion, net buy of -72.6415 million - Xiaomi Group-W (01810): 2.220 billion, net buy of 0.908 billion - Tencent Holdings (00700): 1.756 billion, net buy of -0.551 billion - CNOOC (00883): 1.577 billion, net buy of 0.710 billion - Hua Hong Semiconductor (01347): 1.397 billion, net buy of 0.163 billion - Meituan-W (03690): 1.300 billion, net buy of -0.113 billion - China Mobile (00941): 1.034 billion, net buy of 0.633 billion - Pop Mart (09992): 1.028 billion, net buy of 0.119 billion - Jingtao Holdings (02228): 0.985 billion, net buy of -29.1001 million [2] Southbound Stock Connect (Shenzhen-Hong Kong) - Top active companies by trading amount: - Alibaba-W (09988): 2.960 billion, net buy of -0.282 billion - Tencent Holdings (00700): 1.746 billion, net buy of 0.379 billion - SMIC (00981): 1.576 billion, net buy of -0.161 billion - Xiaomi Group-W (01810): 1.389 billion, net buy of 9.35231 million - CNOOC (00883): 0.910 billion, net buy of 0.336 billion - Hua Hong Semiconductor (01347): 0.883 billion, net buy of 0.166 billion - Meituan-W (03690): 0.730 billion, net buy of 0.204 billion - Sunny Optical Technology (02382): 0.573 billion, net buy of -0.325 billion - China Mobile (00941): 0.563 billion, net buy of 0.120 billion - Pop Mart (09992): 0.534 billion, net buy of 0.0078456 billion [2]

Group 1: Market Activity - Net buying activity was observed in China National Offshore Oil Corporation (CNOOC) at 1.046 billion HKD, Xiaomi Group at 1.002 billion HKD, China Mobile at 752 million HKD, Hua Hong Semiconductor at 329 million HKD, and Pop Mart at 127 million HKD [1] - Net selling was recorded for Alibaba at 867 million HKD, Sunny Optical Technology at 324 million HKD, SMIC at 233 million HKD, and Tencent Holdings at 172 million HKD [1] - Southbound funds have continuously net bought Xiaomi for 5 days, totaling 2.91469 billion HKD, and CNOOC for 4 days, totaling 2.64904 billion HKD [1] Group 2: Stock Performance - Alibaba's stock decreased by 2.6% with a net outflow of 586 million HKD, while its trading volume was 4.466 billion HKD [3] - Xiaomi Group's stock fell by 2.9% with a net inflow of 908 million HKD, and its trading volume was 2.220 billion HKD [3] - China Mobile's stock increased by 0.6% with a net inflow of 633 million HKD, and its trading volume was 1.034 billion HKD [3] Group 3: Company Insights - Xiaomi Group is expected to see significant profit release from its automotive segment in 2026, with a projected Q3 revenue of 110.1 billion HKD, a year-on-year increase of 19%, and a net profit exceeding 10.1 billion HKD, a year-on-year increase of 62% [4] - China Mobile announced a plan to transfer 4,198,130 A-shares (0.19% of total shares) to China National Petroleum Corporation, pending approval from the State-owned Assets Supervision and Administration Commission [4] - Hua Hong Semiconductor is positioned to benefit from strong AI demand, with a projected 24% increase in capital expenditure from major CSP cloud service providers, driving demand for computing chips [5]

Market Performance - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling by 0.79% to 25,952.40 points, the Hang Seng Tech Index down by 1.76%, and the State-Owned Enterprises Index decreasing by 0.92% [1] - Despite the overall market weakness, there was significant net buying from southbound funds, indicating investor interest [1] Fund Flow - The most favored stocks included China National Offshore Oil Corporation, Xiaomi Group, and China Mobile, which saw net purchases of HKD 1.046 billion, HKD 1.002 billion, and HKD 753 million, respectively [1][2] - Alibaba faced a net sell-off of HKD 868 million, highlighting a shift in investor sentiment towards this stock [1][2] Institutional Outlook - Multiple institutions remain optimistic about the long-term prospects of the Hong Kong stock market, with expectations of volatility due to external factors such as U.S. Federal Reserve interest rate policies and a strong U.S. dollar [3] - The AI sector is anticipated to lead the growth of related technology industries in China, positively impacting both A-shares and Hong Kong stocks [3] IPO Activity - Hong Kong's financial market remains vibrant, with an average daily trading volume exceeding USD 32 billion this year, doubling from the previous year [4] - In the first ten months of the year, Hong Kong recorded 80 IPOs, raising over USD 26 billion, ranking first globally in IPO fundraising [4]

Group 1 - Southbound funds net bought Hong Kong stocks worth 9.832 billion HKD today [1] - The top net purchases included China National Offshore Oil Corporation (CNOOC) at 1.046 billion HKD, Xiaomi Group at 1.002 billion HKD, and China Mobile at 752 million HKD [1] - The top net sales included Alibaba at 867 million HKD, Sunny Optical Technology at 324 million HKD, and Semiconductor Manufacturing International Corporation (SMIC) at 233 million HKD [1] Group 2 - Southbound funds have net bought Xiaomi for five consecutive days, totaling 2.91469 billion HKD [1] - CNOOC has seen net purchases for four consecutive days, amounting to 2.64904 billion HKD [1] - Tencent has experienced net sales for five consecutive days, totaling 2.16266 billion HKD [1]

Group 1 - Southbound funds recorded a net purchase of 9.832 billion HKD today [1] - China National Offshore Oil Corporation (CNOOC) received a net inflow of 1.046 billion HKD [1] - Xiaomi Group saw a net inflow of 1.002 billion HKD [1] - China Mobile experienced a net inflow of 753 million HKD [1] - Alibaba faced the highest net sell-off, amounting to 868 million HKD [1]

Core Insights - The Hong Kong stock market saw a net inflow of 98.32 billion HKD from northbound trading on November 4, with 52.02 billion HKD from the Shanghai Stock Connect and 46.31 billion HKD from the Shenzhen Stock Connect [1] Group 1: Stock Performance - The most bought stocks included CNOOC (00883), Xiaomi Group-W (01810), and China Mobile (00941) [1] - The most sold stocks were Alibaba-W (09988), SMIC (00981), and Tencent (00700) [1] Group 2: Detailed Stock Transactions - Alibaba-W had a buy amount of 19.40 billion HKD and a sell amount of 25.26 billion HKD, resulting in a net outflow of 5.86 billion HKD [2] - Xiaomi Group-W saw a net inflow of 9.08 billion HKD, with a buy amount of 15.64 billion HKD and a sell amount of 6.56 billion HKD [2] - CNOOC had a net inflow of 10.46 billion HKD, supported by OPEC+'s decision to pause production increases [5] - China Mobile received a net inflow of 7.52 billion HKD, with a strategic share transfer to China National Petroleum Corporation [5] Group 3: Sector Insights - The semiconductor sector showed mixed results, with Hua Hong Semiconductor (01347) receiving a net inflow of 3.29 billion HKD, while other stocks faced net outflows [6] - Bubble Mart (09992) gained a net inflow of 1.27 billion HKD, driven by seasonal sales trends and new product launches [7]

Group 1: Market Overview - The Hong Kong stock market saw a net inflow of 9.832 billion HKD from northbound trading on November 4, with 5.202 billion HKD from Shanghai and 4.631 billion HKD from Shenzhen [1] - The most bought stocks included CNOOC (00883), Xiaomi Group-W (01810), and China Mobile (00941) [1] - The most sold stocks were Alibaba-W (09988), SMIC (00981), and Tencent (00700) [1] Group 2: Stock Performance - Alibaba-W had a buy amount of 1.940 billion HKD and a sell amount of 2.526 billion HKD, resulting in a net outflow of 586 million HKD [2] - Xiaomi Group-W received a net inflow of 1.564 billion HKD with a total trading volume of 2.220 billion HKD [2] - China Mobile had a net inflow of 834 million HKD, with a buy amount of 834 million HKD and a sell amount of 201 million HKD [3] Group 3: Company-Specific News - CNOOC (00883) received a net inflow of 1.046 billion HKD, supported by OPEC+'s decision to pause production increases, leading to a forecasted rise in oil prices [4] - Xiaomi Group-W is expected to see significant profit release from its automotive segment, with Q3 revenue projected at 110.1 billion HKD, a 19% year-on-year increase [5] - China Mobile announced a share transfer of 0.19% to China National Petroleum Corporation to enhance strategic collaboration [5] Group 4: Sector Insights - The semiconductor sector showed mixed results, with Hua Hong Semiconductor (01347) receiving a net inflow of 329 million HKD, while SMIC faced a net outflow of 233 million HKD [5] - Bubble Mart (09992) is expected to benefit from the traditional Q4 sales season, with strong demand anticipated for holiday-themed products [6] - Alibaba-W's rebranding of its delivery service to "Taobao Flash Purchase" aims to consolidate resources and enhance brand synergy [6]