Core Insights - The overall performance of the Sci-Tech Innovation Board (STAR Market) has shown a significant recovery, with a 75% year-on-year increase in net profit for the third quarter, indicating strong resilience and growth quality among "hard tech" companies [1][3]. Financial Performance - In the first three quarters of 2025, STAR Market companies achieved operating revenue of 1,105.01 billion yuan, a year-on-year increase of 7.9%, and net profit of 49.27 billion yuan, up 8.9% [2]. - Excluding four leading photovoltaic companies, the overall revenue and net profit growth rates for the STAR Market were 14.6% and 30.6%, respectively, indicating an amplified growth momentum [2]. Growth Characteristics - Over 70% of companies on the STAR Market reported revenue growth, and nearly 60% saw net profit increases, with 158 companies experiencing net profit growth exceeding 50% [3]. - The STAR 50 Index companies accounted for 46% of the board's revenue and 50% of net profit, while the STAR 100 Index companies demonstrated high growth elasticity, with revenue and net profit increasing by 12% and 134%, respectively [3]. R&D Investment - The total R&D investment of STAR Market companies reached 119.75 billion yuan, which is 2.4 times the net profit, with a median R&D intensity of 12.4%, leading A-shares in R&D efforts [3]. Sector Performance - The integrated circuit industry saw a 25% year-on-year revenue increase and a 67% net profit increase among 121 related companies, with major players like SMIC and Hua Hong maintaining high capacity utilization [5]. - The artificial intelligence (AI) sector emerged as a new growth pillar, with significant revenue increases in various segments, including a nearly 24-fold increase for Cambrian and a 55% increase for Haiguang Information [6]. - The biopharmaceutical sector reported an 11% revenue increase and a 48% net profit increase, driven by the approval of new drugs and accelerated commercialization [7]. Policy Impact - The ongoing "1+6" reform and the establishment of the Sci-Tech Growth Layer have provided targeted support for unprofitable tech companies, with 35 companies in this layer reporting a 39% revenue increase and a significant reduction in net losses [3].

Core Viewpoint - The Hong Kong stock market experienced significant net selling from northbound capital, with a total net sell of 35.21 billion HKD on November 13, 2023, indicating a cautious sentiment among investors [1]. Group 1: Stock Performance - Alibaba-W (09988) saw a net inflow of 16.97 billion HKD, with a total trading volume of 99.09 billion HKD, reflecting strong investor interest [2]. - Xiaomi Group-W (01810) recorded a net inflow of 8.91 billion HKD, indicating positive market sentiment towards its stock [2]. - Tencent (00700) faced a net outflow of 8.68 billion HKD, highlighting investor concerns following its quarterly earnings report [2][6]. Group 2: Sector Trends - Semiconductor stocks, including Hua Hong Semiconductor (01347) and SMIC (00981), received net inflows of 868.1 million HKD and 760.6 million HKD respectively, driven by optimistic forecasts for the AI-driven semiconductor cycle extending until 2027 [5]. - The report from Morgan Stanley predicts global semiconductor revenue growth of 18% and 11% in 2026 and 2027, respectively, supporting the bullish outlook for Asian tech stocks [5]. Group 3: ETF Activity - The Hang Seng Index ETF (02800) and the Hang Seng China Enterprises Index ETF (02828) experienced significant net outflows of 62.26 billion HKD and 22.89 billion HKD, respectively, reflecting a broader market weakness [7]. - Despite the outflows, analysts maintain a cautiously optimistic view on the medium-term market outlook, emphasizing the importance of technology innovation and domestic demand [7].

Core Insights - On November 13, 2025, Alibaba-W (09988), the Tracker Fund of Hong Kong (02800), and SMIC (00981) were the top three stocks by trading volume in the Southbound Stock Connect, with trading amounts of 99.09 billion, 42.74 billion, and 34.39 billion respectively [1] - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), SMIC (00981), and Tencent Holdings (00700) led the trading volume, with amounts of 59.89 billion, 26.06 billion, and 22.68 billion respectively [1] Southbound Stock Connect Top Active Companies - Alibaba-W (09988) had a trading amount of 99.09 billion with a net buying amount of +16.97 billion [2] - The Tracker Fund of Hong Kong (02800) recorded a trading amount of 42.74 billion with a net buying amount of -42.64 billion [2] - SMIC (00981) had a trading amount of 34.39 billion with a net buying amount of +4.71 billion [2] - Tencent Holdings (00700) had a trading amount of 31.35 billion with a net buying amount of -8.68 billion [2] - Xiaomi Group-W (01810) recorded a trading amount of 23.28 billion with a net buying amount of +8.91 billion [2] Shenzhen-Hong Kong Stock Connect Top Active Companies - Alibaba-W (09988) had a trading amount of 59.89 billion with a net buying amount of -3.23 billion [2] - SMIC (00981) recorded a trading amount of 26.06 billion with a net buying amount of -3.95 billion [2] - Tencent Holdings (00700) had a trading amount of 22.68 billion with a net buying amount of -679.98 million [2] - The Tracker Fund of Hong Kong (02800) recorded a trading amount of 19.73 billion with a net buying amount of -19.62 billion [2] - Xiaomi Group-W (01810) had a trading amount of 16.81 billion with a net buying amount of -1.11 billion [2]

Core Insights - The Hong Kong stock market experienced a net sell-off of 35.21 million HKD from northbound trading, with the Shanghai Stock Connect contributing a net sell of 21.28 billion HKD and the Shenzhen Stock Connect a net sell of 13.93 billion HKD [1] Group 1: Stock Performance - Alibaba-W (09988) saw a net inflow of 16.97 billion HKD, with a total trading volume of 99.09 billion HKD, comprising 58.03 billion HKD in buying and 41.06 billion HKD in selling [2] - Xiaomi Group-W (01810) recorded a net inflow of 8.91 billion HKD, with total trading of 23.28 billion HKD, including 16.09 billion HKD in buying and 7.19 billion HKD in selling [2] - Tencent (00700) faced a net outflow of 8.68 billion HKD, with total trading volume of 31.35 billion HKD, consisting of 11.33 billion HKD in buying and 20.01 billion HKD in selling [2] Group 2: Sector Trends - Northbound trading showed increased investment in semiconductor stocks, with Hua Hong Semiconductor (01347) and SMIC (00981) receiving net inflows of 868.1 million HKD and 760.6 million HKD, respectively [5] - Morgan Stanley's report indicates that the AI-driven semiconductor cycle is expected to extend beyond typical patterns, with global semiconductor revenue projected to grow by 18% and 11% in 2026 and 2027, respectively [5] Group 3: Market Sentiment - The market sentiment remains cautious, with significant net sell-offs in ETFs like the Tracker Fund of Hong Kong (02800) and Hang Seng China Enterprises (02828), which saw net outflows of 62.26 billion HKD and 22.89 billion HKD, respectively [7] - Analysts from Zheshang International suggest that despite short-term fluctuations, the overall market outlook remains cautiously optimistic, focusing on technology innovation and domestic demand expansion [7]

智通财经APP获悉，11月13日港股市场，北水成交净卖出35.21港元，其中港股通(沪)成交净卖出21.28亿港元，港股通(深) 成交净卖出13.93亿港元。 北水净买入最多的个股是阿里巴巴-W(09988)、小米集团-W(01810)、华虹半导体(01347)。北水净卖出最多的个股是盈富 基金(02800)、恒生中国企业(02828)、腾讯(00700)。 | 股票名称 | 买入额 | 卖出额 | 买卖总额 | | --- | --- | --- | --- | | | | | 净流入 | | 阿里巴巴-W | 58.03亿 | 41.06亿 | 99.09亿 | | HK 09988 | | | +16.97 亿 | | 盘富县金 | 474.12万 | 42.6917 | 42.74 乙 | | HK 02800 | | | -42.64 Z | | 中芯国际 | 19.55 亿 | 14.84 7 | 34.39 乙 | | HK 00981 | | | +4.71 乙 | | 腾讯控股 | 11.33亿 | 20.01亿 | 31.35 亿 | | HK 00700 | | | -8.68 Z | ...

Group 1 - The Chinese stock market shows mixed performance, with Hong Kong stocks rising, led by healthcare, conglomerates, and real estate, while consumer discretionary, industrials, and materials lag behind [1] - Southbound funds recorded a net inflow of 4.286 billion HKD, with Xiaomi Group-W, Xpeng Motors-W, and Pop Mart leading in net purchases, while Alibaba-W, Hua Hong Semiconductor, and SMIC saw the highest net sales [1] - A-shares declined, with the largest drops in electrical equipment, machinery, and software services, while the biggest gains were in industrial trade, home appliances, and oil & petrochemicals [1] Group 2 - US Treasury yields continue to decline, while the dollar initially rises before falling [2] - The percentage of subprime auto loan borrowers in the US who are more than 60 days overdue reached 6.65%, the highest since records began in 1994, indicating rising financial pressure on low-income groups [2] - Recent unofficial data shows weakening employment figures and softening consumer trends, with rent increases and oil prices continuing to decline, suggesting a potential short-term drop in inflation rather than a rebound [2]

Core Viewpoint - Hong Kong chip stocks experienced a significant afternoon rally, indicating positive market sentiment in the semiconductor sector [2] Company Performance - Hua Hong Semiconductor (01347.HK) rose by 5.78%, reaching HKD 78.75 [2] - Semiconductor Manufacturing International Corporation (00981.HK) increased by 2.32%, trading at HKD 74.95 [2] - ZTE Corporation (00763.HK) saw a gain of 1.91%, with shares priced at HKD 30.98 [2] - Shanghai Fudan Microelectronics Group (01385.HK) climbed by 1.27%, valued at HKD 41.44 [2]

Group 1 - Semiconductor stocks experienced a rally in the afternoon, with notable increases in shares of Huahong Semiconductor (+5.78%), SMIC (+2.32%), ZTE (+1.91%), and Shanghai Fudan (+1.27%) [1] - Alibaba has reportedly launched a secret project called "Qianwen," aimed at developing a personal AI assistant app to compete directly with ChatGPT, leveraging its Qwen model [1] - Morgan Stanley's latest report indicates that concerns over an AI bubble persist, but the AI-driven semiconductor upcycle is far from peaking, with projections for global semiconductor revenue growth of 18% in 2026 and 11% in 2027 [1]

Group 1 - Semiconductor stocks experienced a rally in the afternoon, with notable increases in shares of Huahong Semiconductor (+5.78% to HKD 78.75), SMIC (+2.32% to HKD 74.95), ZTE (+1.91% to HKD 30.98), and Shanghai Fudan (+1.27% to HKD 41.44) [1] - Alibaba has reportedly launched a secret project called "Qianwen," aimed at developing a personal AI assistant app to compete directly with ChatGPT, leveraging the Qwen model [1] - JPMorgan's latest research indicates that despite ongoing concerns about an AI bubble, the semiconductor upcycle driven by AI is far from peaking, with expectations for global semiconductor revenue to grow by 18% in 2026 and 11% in 2027 [1]

Core Viewpoint - The Hang Seng Index rose by 0.85% to close at 26,922.73 points on November 12, with a net inflow of HKD 4.286 billion through the southbound trading channel [1] Group 1: Market Activity - The total trading volume for the southbound trading on November 12 was HKD 105.405 billion, with a net buy of HKD 4.286 billion [1] - The Shanghai Stock Exchange's southbound trading accounted for HKD 66.456 billion in trading volume and a net buy of HKD 3.397 billion, while the Shenzhen Stock Exchange had HKD 38.949 billion in trading volume and a net buy of HKD 0.889 billion [1] Group 2: Active Stocks - Alibaba-W was the most actively traded stock on the Shanghai Stock Exchange with a trading volume of HKD 70.00 billion, but it experienced a net sell of HKD 23.26 billion, closing down by 2.24% [1][2] - Xiaomi Group-W followed with a trading volume of HKD 36.36 billion and a net buy of HKD 9.41 billion, closing up by 1.68% [1][2] - On the Shenzhen Stock Exchange, Alibaba-W also led with a trading volume of HKD 42.72 billion and a net sell of HKD 11.07 billion, closing down by 2.24% [2] - Other notable stocks included Tencent Holdings with a trading volume of HKD 27.24 billion and a net buy of HKD 6.18 billion, and SMIC with a trading volume of HKD 16.61 billion [2]