智通财经网·2025-09-25 09:59Summary of Key Points Core Viewpoint - The Hong Kong stock market experienced significant net inflows from northbound trading, totaling HKD 110.46 billion on September 25, with notable net purchases in major stocks like Alibaba, Tencent, and SMIC. Group 1: Northbound Trading Activity - Northbound trading saw a net purchase of HKD 110.46 billion, with HKD 48.3 billion from the Shanghai Stock Connect and HKD 62.16 billion from the Shenzhen Stock Connect [1] - The most net bought stocks included Alibaba-W (09988), Tencent (00700), and SMIC (00981) [1] Group 2: Individual Stock Performance - Alibaba-W (09988) had a net inflow of HKD 72.19 billion, with total trading volume of HKD 119.69 billion, indicating strong investor interest [2] - Tencent (00700) recorded a net inflow of HKD 17.25 billion, with a total trading volume of HKD 28.07 billion [2] - SMIC (00981) saw a net inflow of HKD 27.00 billion, with total trading volume of HKD 47.34 billion [2] - Xiaomi Group-W (01810) faced a net outflow of HKD 8.02 billion, indicating a shift in investor sentiment [7] Group 3: Market Trends and Insights - Alibaba's CEO announced at the Alibaba Cloud Summit that the usage of Alibaba tokens is doubling every two to three months, reflecting explosive growth in AI demand [4] - Tencent's recent global digital ecosystem conference emphasized its focus on AI and international expansion, which could enhance its competitive edge [5] - The semiconductor sector is experiencing price increases, with TSMC planning to raise prices for its 3nm and 2nm processes, which may benefit companies like SMIC and Hua Hong Semiconductor [5] - Kuaishou-W (01024) received a net inflow of HKD 4.62 billion, driven by advancements in its AI capabilities [6]