Zhi Tong Cai Jing·2025-10-22 17:11Core Viewpoint - The Hong Kong stock market experienced significant net inflows from northbound trading, with notable buying activity in specific stocks such as Pop Mart and Xiaomi, while other stocks like Alibaba faced substantial net selling [2][6]. Group 1: Stock Performance - Pop Mart (09992) received a net inflow of HKD 11.2 billion, with a projected revenue growth of 245%-250% year-on-year for Q3 2025, driven by strong domestic and international sales [6]. - Xiaomi Group-W (01810) saw a net inflow of HKD 4.81 billion, following a share buyback of 10.7 million shares at prices between HKD 45.9 and HKD 46.76, totaling approximately HKD 4.94 billion [6]. - Semiconductor stocks, including Huahong Semiconductor (01347) and SMIC (00981), attracted net inflows of HKD 4.41 billion and HKD 1.28 billion, respectively, amid positive sentiment regarding the semiconductor industry's growth driven by AI [6]. Group 2: Company Earnings and Projections - China Mobile (00941) reported Q3 service revenue of HKD 216.2 billion, a year-on-year increase of 0.8%, with EBITDA declining by 1.7% to HKD 79.4 billion, slightly below market expectations [7]. - China Life (02628) projected a net profit of approximately HKD 156.79 billion to HKD 177.69 billion for the first three quarters, reflecting a year-on-year growth of 50% to 70% [7]. - The report indicated that the net profit for Q3 could grow by 75% to 106% year-on-year, driven by improved investment returns and optimized asset allocation [7]. Group 3: Market Sentiment and Trends - The overall market sentiment showed a divergence in fund flows, with significant net selling in stocks like Alibaba (09988) and Tencent (00700), indicating cautious investor sentiment amid global economic uncertainties [8]. - The report highlighted that the current market volatility is influenced more by emotional factors rather than fundamental reversals, suggesting a need for careful timing in investment strategies [7].