Zhi Tong Cai Jing·2025-11-24 21:53Core Insights - The Hong Kong stock market saw significant net inflows from northbound trading, totaling HKD 85.71 billion, with notable net purchases in Alibaba, Tencent, and Kuaishou, while SMIC, CNOOC, and Huahong Semiconductor faced the highest net sell-offs [2][8]. Group 1: Northbound Trading Activity - Northbound trading recorded a net purchase of HKD 85.71 billion, with HKD 20.78 billion from the Shanghai Stock Connect and HKD 64.94 billion from the Shenzhen Stock Connect [2]. - The most purchased stocks included Alibaba-W (09988) with a net inflow of HKD 40.66 billion and Tencent (00700) with HKD 11.67 billion [6][7]. - The highest net sell-offs were seen in SMIC (00981) with HKD 10.23 billion and CNOOC (00883) with HKD 3.79 billion [8]. Group 2: Individual Stock Performance - Alibaba-W (09988) had a total transaction amount of HKD 96.85 billion, with a net inflow of HKD 8.82 billion [3]. - SMIC (00981) experienced a total transaction of HKD 43.91 billion, with a net outflow of HKD 4.83 billion [3]. - Kuaishou-W (01024) saw a net inflow of HKD 8.18 billion, supported by strong growth in its AI commercialization efforts [7]. Group 3: Market Sentiment and Future Outlook - Analysts are optimistic about Tencent's growth prospects, particularly in financial technology and enterprise services, despite some concerns regarding its AI application performance [6]. - The banking sector, including China Construction Bank, is viewed as a defensive investment with significant value potential, especially as long-term capital allocation approaches year-end [7]. - The semiconductor sector, particularly companies like SMIC and Huahong Semiconductor, is facing headwinds due to potential changes in U.S. export regulations regarding AI chips [8].