Zhi Tong Cai Jing·2025-11-19 10:10Summary of Key Points Core Viewpoint - The Hong Kong stock market experienced significant net inflows from northbound capital, with a total net buy of HKD 65.91 billion on November 19, 2023, indicating a positive sentiment towards certain stocks and sectors. Group 1: Stock Performance - Xiaomi Group-W (01810) received the highest net buy of HKD 42.52 billion, with a total transaction volume of HKD 63.43 billion, reflecting strong investor interest [2][5] - Alibaba Group-W (09988) saw a net buy of HKD 26.50 billion, driven by the successful launch of its AI application "Qianwen APP," which quickly rose to the second position in the Apple App Store free apps chart [5] - Tencent Holdings (00700) faced a net sell of HKD 7.81 billion, indicating a decline in investor confidence [2][5] Group 2: Sector Trends - The technology sector, particularly companies like Xiaomi and Alibaba, is experiencing a resurgence, with Xiaomi's revenue growing by 22% year-on-year and adjusted net profit increasing by 81% [5] - The semiconductor industry is also gaining traction, with companies like SMIC (00981) and Hua Hong Semiconductor (01347) receiving net buys of HKD 1.01 billion and HKD 3.61 billion, respectively, due to rising global memory chip prices [6][7] - The energy sector, represented by CNOOC (00883), attracted a net buy of HKD 2.52 billion, supported by favorable oil price forecasts [7] Group 3: Market Sentiment - The overall market sentiment is improving, with expectations of a turning point in the Chinese economic cycle, leading to increased capital expenditure and R&D investments in the technology sector [6] - The divergence in ETF performance, with Southbound Hang Seng Technology (03033) gaining HKD 6.67 billion while the Tracker Fund of Hong Kong (02800) faced a net sell of HKD 14.84 billion, reflects varying investor confidence across different segments [6]