Summary of Key Points Core Viewpoint - The Hong Kong stock market experienced significant net inflows and outflows from Northbound trading, with a total net buy of HKD 15.51 billion on June 20, 2023, indicating active trading dynamics among various stocks [1]. Group 1: Northbound Trading Activity - Northbound trading saw a net buy of HKD 27.93 billion through the Shenzhen Stock Connect and a net sell of HKD 12.42 billion through the Shanghai Stock Connect [1]. - The most bought stocks included China Construction Bank (00939), SMIC (00981), and Southern Hang Seng Technology (03033) [1]. - The most sold stocks were Tencent (00700), Bank of China (03988), and the Tracker Fund of Hong Kong (02800) [1]. Group 2: Individual Stock Performance - China Construction Bank received a net buy of HKD 6.89 billion, while Bank of China faced a net sell of HKD 6.49 billion [6]. - SMIC had a net buy of HKD 5.32 billion, despite cautious guidance for Q2, and faced product yield fluctuations due to equipment performance issues [6]. - Southern Hang Seng Technology saw a net buy of HKD 4.29 billion, while the Tracker Fund of Hong Kong experienced a net sell of HKD 6.17 billion [7]. Group 3: Market Insights and Trends - Analysts predict that the Hong Kong stock market may face a "liquidity surplus" and limited returns, leading to a structural market environment [7]. - Meituan (03690) received a net buy of HKD 2.18 billion, supported by its strong market position and operational efficiency [7]. - Alibaba (09988) faced a net sell of HKD 4.32 billion, with growth rates slowing compared to previous periods, despite maintaining a 49% market share [8].