CCB(601939) Ge Long Hui·2025-05-08 11:46Core Viewpoint - Recent trading activities indicate a significant net buying of China Construction Bank and net selling of several tech companies, highlighting shifts in investor sentiment and market dynamics [1][4]. Group 1: Trading Activities - China Construction Bank saw a net buy of 8.73 billion HKD, while Tencent Holdings experienced a net sell of 11.8 billion HKD [1]. - Other notable net sells included Pop Mart at 8.78 billion HKD, Xiaomi Group at 8.41 billion HKD, and Semiconductor Manufacturing International Corporation (SMIC) at 6.97 billion HKD [1][3]. - Southbound funds have continuously net bought Meituan for 9 days, totaling 87.3642 billion HKD, and have net bought China Construction Bank for 4 days, totaling 25.8661 billion HKD [3]. Group 2: Company-Specific News - China Construction Bank: The People's Bank of China and other regulatory bodies announced a set of financial policies aimed at stabilizing the market, with Morgan Stanley indicating limited impact on net interest margin forecasts [4]. - Tencent Holdings: Expected to release Q1 earnings on May 14, with projections of stable core business performance and a 15% year-on-year growth in online AR/VR game revenue [4][5]. - Pop Mart: Recent reports indicate significant share sales by Fengqiao Capital, totaling over 2.1 billion HKD, as the company anticipates a rise in stock prices in 2024 [4][5]. - Xiaomi Group: Responded to recent controversies regarding its SU7 Ultra model, adjusting marketing language to comply with regulatory requirements [5]. - SMIC: Reported Q1 revenue of 16.301 billion HKD, a 29.4% year-on-year increase, with a projected revenue decline of 4% to 6% in Q2 [5]. - Li Auto: Analysts recommend focusing on companies with strong cost structures and new vehicle cycles, highlighting potential opportunities in the electric vehicle sector [5].