Core Insights - China Duty Free Group (中国中免) made its first appearance on the Hong Kong Stock Connect active trading list in nearly a month, with a trading volume of 1.698 billion HKD and a net sell of 29 million HKD on November 10 [1] - The total trading volume of active stocks on the Hong Kong Stock Connect reached 30.933 billion HKD, accounting for 29.76% of the day's total trading amount, with a net buying amount of 688 million HKD [1] - Alibaba (阿里巴巴-W) led the trading volume with 5.302 billion HKD, followed by SMIC (中芯国际) and Tencent (腾讯控股) with 4.304 billion HKD and 4.019 billion HKD respectively [1] Trading Activity Summary - The active stocks on November 10 included: - Tencent Holdings (00700): 4.019 billion HKD, net sell of 128 million HKD, 20 appearances in the last month, closing price 649.5 HKD, daily increase of 2.44% [1] - SMIC (00981): 4.304 billion HKD, net sell of 217 million HKD, 20 appearances in the last month, closing price 74.7 HKD, daily decrease of 0.99% [1] - Huahong Semiconductor (01347): 1.306 billion HKD, net sell of 198 million HKD, 20 appearances in the last month, closing price 78.1 HKD, daily decrease of 1.70% [1] - Xiaomi Group (01810): 3.256 billion HKD, net buy of 173 million HKD, 20 appearances in the last month, closing price 42.36 HKD, daily increase of 0.28% [1] - Alibaba (09988): 5.302 billion HKD, net sell of 653 million HKD, 20 appearances in the last month, closing price 163.4 HKD, daily increase of 2.06% [1] - Pop Mart (09992): 3.164 billion HKD, net buy of 519 million HKD, 17 appearances in the last month, closing price 221.4 HKD, daily increase of 8.11% [1] - Meituan (03690): 570 million HKD, net sell of 31 million HKD, 13 appearances in the last month, closing price 103.3 HKD, daily increase of 1.27% [1] - CNOOC (00883): 3.742 billion HKD, net buy of 1.313 billion HKD, 13 appearances in the last month, closing price 22.44 HKD, daily increase of 5.95% [1] - China Mobile (00941): 758 million HKD, net sell of 79 million HKD, 7 appearances in the last month, closing price 87.8 HKD, daily increase of 0.75% [1] - Ganfeng Lithium (01772): 1.142 billion HKD, net sell of 74 million HKD, 4 appearances in the last month, closing price 54.0 HKD, daily increase of 2.47% [1] - Sangfor Technologies (01530): 605 million HKD, net sell of 12 million HKD, 3 appearances in the last month, closing price 29.0 HKD, daily increase of 0.62% [1] - Xpeng Motors (09868): 1.067 billion HKD, net buy of 103 million HKD, 3 appearances in the last month, closing price 92.0 HKD, daily increase of 1.21% [1] - China Duty Free Group (01880): 1.698 billion HKD, net sell of 29 million HKD, 1 appearance in the last month, closing price 81.6 HKD, daily increase of 15.34% [1]

Group 1 - The Hang Seng Index rose by 1.55% on November 10, with total southbound trading amounting to HKD 103.94 billion, including buy transactions of HKD 55.30 billion and sell transactions of HKD 48.64 billion, resulting in a net buy of HKD 6.65 billion [1] - The southbound trading through Stock Connect (Shenzhen) totaled HKD 40.91 billion, with buy transactions of HKD 23.20 billion and sell transactions of HKD 17.70 billion, leading to a net buy of HKD 5.50 billion [1] - The southbound trading through Stock Connect (Shanghai) reached HKD 63.04 billion, with buy transactions of HKD 32.09 billion and sell transactions of HKD 30.94 billion, resulting in a net buy of HKD 1.15 billion [1] Group 2 - Among the actively traded stocks, Alibaba-W had the highest transaction amount at HKD 53.02 billion, followed by SMIC and Tencent Holdings with transaction amounts of HKD 43.04 billion and HKD 40.19 billion, respectively [1] - The stock with the highest net buy was China National Offshore Oil Corporation, with a net buy of HKD 13.13 billion, closing with a price increase of 5.95% [1] - Other notable net buys included Pop Mart with HKD 5.19 billion and Xiaomi Group-W with HKD 1.73 billion [1] Group 3 - Continuous net buying was observed for Xiaomi Group-W and XPeng Motors, with net buying days of 9 and 3 days, respectively, and total net buying amounts of HKD 53.68 billion and HKD 16.80 billion [2] - The stocks with the highest net sell amounts included Alibaba-W and Meituan-W, with net sell amounts of HKD 13.23 billion and HKD 2.45 billion, respectively [2] - The trading data for November 10 shows that China National Offshore Oil Corporation, Pop Mart, and Xiaomi Group-W were among the top stocks in terms of net buy and price increase [2]

Market Overview - On November 10, the Hang Seng Index rose by 1.55%, closing at 26,649.06 points, with a total net inflow of HKD 6.654 billion through the southbound trading channel [1] - The total trading volume for the southbound trading was HKD 103.941 billion, with a net buying amount of HKD 6.654 billion [1] Southbound Trading Details - The Shanghai Stock Exchange's southbound trading had a total transaction amount of HKD 63.035 billion, with a net buying of HKD 1.152 billion [1] - The Shenzhen Stock Exchange's southbound trading recorded a transaction amount of HKD 40.906 billion, with a net buying of HKD 5.502 billion [1] Active Stocks - In the Shanghai Stock Exchange's southbound trading, Alibaba-W had the highest transaction amount of HKD 30.14 billion, followed by SMIC and Tencent Holdings with transaction amounts of HKD 25.38 billion and HKD 23.94 billion, respectively [1] - In terms of net buying, China National Offshore Oil Corporation (CNOOC) led with a net buying amount of HKD 564 million, with its stock price increasing by 5.95% [1] - Alibaba-W recorded the highest net selling amount of HKD 748 million, while its stock price rose by 2.06% [1] Shenzhen Stock Exchange Active Stocks - In the Shenzhen Stock Exchange's southbound trading, Alibaba-W also topped the transaction amount with HKD 22.88 billion, followed by SMIC and CNOOC with transaction amounts of HKD 17.66 billion and HKD 16.28 billion, respectively [2] - CNOOC had the highest net buying amount of HKD 750 million, with its stock price increasing by 5.95% [2] - SMIC recorded the highest net selling amount of HKD 12.6 million, with its stock price declining by 0.99% [2]

南向资金净买入66.54亿港元，中国海洋石油、泡泡玛特、小米集团-W分别获净买入13.13亿港元、5.19 亿港元、1.73亿港元；阿里巴巴-W净卖出额居首，金额为6.53亿港元。 (本文来自第一财经) ...

Core Insights - On November 10, 2025, Alibaba-W (09988), SMIC (00981), and Tencent Holdings (00700) were the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 30.14 billion, 25.38 billion, and 23.94 billion respectively [1][2] - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), SMIC (00981), and China National Offshore Oil Corporation (00883) also ranked as the top three, with trading amounts of 22.88 billion, 17.66 billion, and 16.28 billion respectively [1][2] Southbound Stock Connect - Top Active Companies - Alibaba-W (09988) had a trading amount of 30.14 billion with a net buy of -7.48 billion [2] - SMIC (00981) recorded a trading amount of 25.38 billion with a net buy of -91.6453 million [2] - Tencent Holdings (00700) had a trading amount of 23.94 billion with a net buy of -4.19 billion [2] - China National Offshore Oil Corporation (00883) achieved a trading amount of 21.14 billion with a net buy of +5.64 billion [2] - Xiaomi Group-W (01810) had a trading amount of 20.62 billion with a net buy of +2.62 billion [2] - Pop Mart (09992) recorded a trading amount of 18.74 billion with a net buy of +834.075 million [2] - Hua Hong Semiconductor (01347) had a trading amount of 13.06 billion with a net buy of -1.98 billion [2] - Ganfeng Lithium (01772) recorded a trading amount of 11.42 billion with a net buy of -743.079 million [2] - China Duty Free Group (01880) had a trading amount of 10.92 billion with a net buy of -1.47 billion [2] - Xpeng Motors-W (09868) achieved a trading amount of 10.67 billion with a net buy of +1.03 billion [2] Shenzhen-Hong Kong Stock Connect - Top Active Companies - Alibaba-W (09988) had a trading amount of 22.88 billion with a net buy of +952.690 million [2] - SMIC (00981) recorded a trading amount of 17.66 billion with a net buy of -1.26 billion [2] - China National Offshore Oil Corporation (00883) achieved a trading amount of 16.28 billion with a net buy of +7.50 billion [2] - Tencent Holdings (00700) had a trading amount of 16.25 billion with a net buy of +2.91 billion [2] - Pop Mart (09992) recorded a trading amount of 12.90 billion with a net buy of +4.35 billion [2] - Xiaomi Group-W (01810) had a trading amount of 11.95 billion with a net buy of -883.856 million [2] - China Mobile (00941) achieved a trading amount of 7.58 billion with a net buy of -789.845 million [2] - China Duty Free Group (01880) recorded a trading amount of 6.07 billion with a net buy of +1.18 billion [2] - 3SBio (01530) had a trading amount of 6.05 billion with a net buy of -11.6094 million [2] - Meituan-W (03690) achieved a trading amount of 5.70 billion with a net buy of -306.287 million [2]

Trade and Economic Data - ASEAN has become China's largest trading partner in the first ten months of the year, with a total trade value of 6.18 trillion yuan, an increase of 9.1%, accounting for 16.6% of China's total foreign trade [2] - The EU is the second-largest trading partner, with a trade value of 4.88 trillion yuan, growing by 4.9%, representing 13.1% of total foreign trade [2] - The US ranks third, with a trade value of 3.38 trillion yuan, a decrease of 15.9%, making up 9% of total foreign trade [2] - China's total imports and exports with Belt and Road countries reached 19.28 trillion yuan, an increase of 5.9% [2] Digital Economy and Technology - Beijing's digital economy increased by 9% in the first three quarters, with core digital economy industries growing by 10.7% [3] - The city has released implementation opinions to build a data factor comprehensive experimental zone, focusing on market-oriented data allocation reform [3] - The State Council has issued opinions to promote the integration of new-generation information technologies, including big data and IoT, in medical applications [4] Robotics and AI Developments - Predictions indicate that there may be ten times the number of robots compared to humans working in the future, with a global robot count potentially exceeding 70 billion [5] - Tesla's full self-driving software is expected to receive full approval in China by early 2026 [5] - Ant Group has upgraded its organizational structure, establishing a health business group to accelerate its healthcare strategy [5] - Lens Technology is set to supply key components for Xiaopeng Robotics, although mass production plans are not yet finalized [6] AI and Chip Technology - Google is set to launch its most powerful AI chip, Ironwood, in the coming weeks [7] - Tesla is considering building a large AI chip factory and may collaborate with Intel for chip production [7] - Tesla's humanoid robots are expected to have a production cost of under $20,000 each [8] Funding and Investments - Thunderbird Innovation has completed a Series C financing round, led by CITIC Jinshi, to accelerate AI+AR glasses development [13] - Simple AI, a new player in the embodied AI robotics sector, has raised a total of 200 million yuan in seed funding within three months [13] - Companies like Zhongwei New Materials are pursuing dual listings in Hong Kong and A-shares [14]

Group 1 - Southbound funds net bought Hong Kong stocks worth 6.654 billion HKD today [1] - The top net purchases included China National Offshore Oil Corporation (CNOOC) at 1.313 billion HKD, Pop Mart at 518 million HKD, Xiaomi Group-W at 173 million HKD, and Xpeng Motors-W at 103 million HKD [1] - The top net sales included Alibaba-W at 653 million HKD, SMIC at 217 million HKD, Hua Hong Semiconductor at 197 million HKD, and Tencent Holdings at 127 million HKD [1] Group 2 - Southbound funds have net bought Xiaomi for 9 consecutive days, totaling 5.36835 billion HKD [1] - Southbound funds have net bought Xpeng Motors for 3 consecutive days, totaling 1.68038 billion HKD [1] - Southbound funds have net sold Alibaba for 3 consecutive days, totaling 1.32284 billion HKD [1]

Group 1 - Southbound funds recorded a net purchase of approximately 66.54 billion HKD today [1] - China National Offshore Oil Corporation (CNOOC) and Pop Mart received net purchases of about 13.13 billion HKD and 5.19 billion HKD respectively [1] - Alibaba-W experienced a net sell-off of 6.53 billion HKD [1] Group 2 - Southbound funds have maintained a net inflow for 14 consecutive trading days, with a cumulative purchase of 927.72 billion HKD during this period [1]

Group 1 - The Hong Kong stock market saw significant gains on November 10, with the Hang Seng Index rising by 1.55% to close at 26,649.06 points, the Hang Seng Tech Index increasing by 1.34% to 5,915.56 points, and the National Enterprises Index up by 1.90% to 9,443.24 points [1] - The Hang Seng Index opened at 26,319.40 points, fluctuated around this level in the morning, and surged in the afternoon, ultimately gaining 407.23 points with a total turnover exceeding 214.7 billion HKD [1] - The southbound trading under the Stock Connect saw a net inflow of over 6.6 billion HKD on the same day [1] Group 2 - Most sectors experienced upward movement, including biopharmaceuticals, technology, real estate, gold, banking, insurance, brokerage, and new consumption, while sectors like coal, lithium batteries, and building materials showed mixed results, and chips and electricity sectors mostly declined [1] - Notable individual stock performances included Pop Mart rising by 8.11%, China Resources Land increasing by 4.45%, BYD gaining 3.98%, and Ideal Auto up by 2.39%, while SMIC fell by 0.99% [1] - Among the top three stocks by trading volume, Tencent Holdings rose by 2.44% with a turnover exceeding 9.3 billion HKD, Alibaba increased by 2.06% also with over 9.3 billion HKD in turnover, and Xiaomi Group saw a slight increase of 0.28% with a turnover exceeding 6.9 billion HKD [2]

Group 1 - The core viewpoint of the news highlights a strong performance in the new consumption sector in Hong Kong and A-shares, driven by multiple favorable policies and market dynamics [2] - Key stocks in the Hong Kong market, such as "沪上阿姨" (Hushang Auntie) and "泡泡玛特" (Pop Mart), saw significant gains, with increases of over 16% and 6% respectively, indicating robust investor interest [2] - In the A-share market, the consumer sector also experienced a strong rally, with stocks like "欢乐家" (Huanle Jia) and "会稽山" (Kuaijishan) hitting the daily limit, reflecting a broad-based enthusiasm for consumer goods [2] Group 2 - Guojin Securities identifies four main themes in the new consumption sector: 1) Brand expansion into emerging markets, 2) Growth in emotional value sectors such as toys and pet products, 3) Functional value driven by AI applications in e-commerce and education, and 4) Channel transformation focusing on instant retail and cost-effective dining [3] - According to Everbright Securities, the market is likely in a bull phase but may enter a period of wide fluctuations, with a focus on defensive and consumer sectors in the short term, while maintaining interest in TMT and advanced manufacturing sectors for the medium term [3]