Zhi Tong Cai Jing·2025-11-13 09:59Core Insights - The Hong Kong stock market experienced a net sell-off of 35.21 million HKD from northbound trading, with the Shanghai Stock Connect contributing a net sell of 21.28 billion HKD and the Shenzhen Stock Connect a net sell of 13.93 billion HKD [1] Group 1: Stock Performance - Alibaba-W (09988) saw a net inflow of 16.97 billion HKD, with a total trading volume of 99.09 billion HKD, comprising 58.03 billion HKD in buying and 41.06 billion HKD in selling [2] - Xiaomi Group-W (01810) recorded a net inflow of 8.91 billion HKD, with total trading of 23.28 billion HKD, including 16.09 billion HKD in buying and 7.19 billion HKD in selling [2] - Tencent (00700) faced a net outflow of 8.68 billion HKD, with total trading volume of 31.35 billion HKD, consisting of 11.33 billion HKD in buying and 20.01 billion HKD in selling [2] Group 2: Sector Trends - Northbound trading showed increased investment in semiconductor stocks, with Hua Hong Semiconductor (01347) and SMIC (00981) receiving net inflows of 868.1 million HKD and 760.6 million HKD, respectively [5] - Morgan Stanley's report indicates that the AI-driven semiconductor cycle is expected to extend beyond typical patterns, with global semiconductor revenue projected to grow by 18% and 11% in 2026 and 2027, respectively [5] Group 3: Market Sentiment - The market sentiment remains cautious, with significant net sell-offs in ETFs like the Tracker Fund of Hong Kong (02800) and Hang Seng China Enterprises (02828), which saw net outflows of 62.26 billion HKD and 22.89 billion HKD, respectively [7] - Analysts from Zheshang International suggest that despite short-term fluctuations, the overall market outlook remains cautiously optimistic, focusing on technology innovation and domestic demand expansion [7]