MEITUAN(HK:03690) 智通财经网·2025-05-27 10:01Summary of Key Points Core Viewpoint - The Hong Kong stock market experienced significant net inflows from Northbound trading, with a total net buy of HKD 119.75 billion on May 27, 2023, indicating strong investor interest in certain stocks while others faced net sell-offs [1]. Group 1: Northbound Trading Activity - Northbound trading saw a net buy of HKD 81.67 billion through the Shanghai Stock Connect and HKD 38.08 billion through the Shenzhen Stock Connect [1]. - The most bought stocks included the Tracker Fund of Hong Kong (盈富基金, 02800), Meituan (美团-W, 03690), and Hang Seng China Enterprises Index (恒生中国企业, 02828) [1]. - The most sold stocks were Tencent (00700), Alibaba (阿里巴巴-W, 09988), and Li Auto (理想汽车-W, 02015) [1]. Group 2: Individual Stock Performance - The Tracker Fund of Hong Kong (盈富基金, 02800) had a net buy of HKD 36.63 billion, while Meituan (美团-W, 03690) saw a net buy of HKD 36.62 billion [2]. - Xiaomi Group (小米集团-W, 01810) recorded a net buy of HKD 24.96 billion, while Alibaba (阿里巴巴-W, 09988) faced a net sell of HKD 3.89 billion [2]. - China Mobile (中国移动, 00941) received a net buy of HKD 5.93 billion, contrasting with the net sells of Tencent (11.78 billion) and Li Auto (2.01 billion) [8]. Group 3: Market Insights and Analyst Reports - Analysts from Huatai Securities noted that despite concerns over supply shocks and rising overseas interest rates, the liquidity in the Hong Kong market remains robust, which could support large IPOs and attract new capital [4]. - Meituan's first-quarter earnings exceeded expectations, with management committed to maintaining market share despite anticipated increases in subsidies and marketing expenses [5]. - Bubble Mart (泡泡玛特, 09992) received a positive outlook from Bank of America, raising its target price by 17% to HKD 275, reflecting confidence in its growth trajectory [6].