


Summary of Key Points Core Viewpoint - The Hong Kong stock market experienced significant net inflows from northbound trading, with a total net buy of 78.95 billion HKD on June 23, 2023, indicating strong investor interest in certain stocks while others faced net sell-offs [1]. Group 1: Net Buying and Selling Activities - The top net bought stocks included Meituan-W (03690) with 15.14 billion HKD, China Construction Bank (00939) with 8.43 billion HKD, and SMIC (00981) with 6.78 billion HKD [4][5]. - The stocks with the highest net selling included Alibaba-W (09988) with 12.85 billion HKD, CNOOC (00883) with 3.26 billion HKD, and Xiaomi Group-W (01810) with 3.18 billion HKD [5]. Group 2: Company-Specific Developments - Meituan announced a strategic transformation to expand its instant retail business, which includes exploring a "next-day delivery + self-pickup" model and shutting down operations in certain regions while retaining key markets like Guangdong and Hangzhou [4]. - China Construction Bank's stable asset quality and strong dividend yield were highlighted in a report by Zhongtai Securities, which recommended the banking sector due to its resilience in a "weak cycle" environment [4]. - SMIC's net buying was influenced by reports of potential changes in U.S. policy regarding technology exemptions for major semiconductor companies operating in China [5]. - Alibaba's net selling was attributed to its restructuring efforts, integrating Ele.me and Fliggy into its e-commerce division to enhance synergies in the instant retail sector [5].