Ge Long Hui·2025-11-25 11:25Group 1: Southbound Capital Inflows - Southbound capital net bought Hong Kong stocks worth 11.166 billion HKD on November 25, with notable purchases including Alibaba-W (5.616 billion HKD), Kuaishou-W (571 million HKD), and Ganfeng Lithium (246 million HKD) [1] - Southbound capital has continuously net bought Alibaba for 9 days, totaling 23.003 billion HKD, and Kuaishou for 3 days, totaling 1.98355 billion HKD [1] Group 2: Company Insights - Citic Securities believes that the profitability of electric vehicle companies is still limited, and the Chinese EV industry is entering a critical phase of consolidation, where profitability will be the core competitive indicator [3] - Kuaishou repurchased 2 million shares at a price range of 45.100 to 46.650 HKD, with a total repurchase amount of 91.8768 million HKD, and the stock closed at 46.350 HKD, up 4.51% [3] - Ganfeng Lithium expressed optimism about long-term lithium demand despite recent price volatility, expecting lithium carbonate prices to gradually return to reasonable levels, with potential improvements in supply-demand dynamics next year [3]