Zhi Tong Cai Jing·2025-12-05 11:12Summary of Key Points Core Viewpoint - The Hong Kong stock market experienced significant net buying from Northbound funds, with a total net inflow of 1.48 billion HKD on December 5, 2025, indicating a positive sentiment towards certain stocks while others faced net selling pressure [1]. Group 1: Northbound Fund Activity - Northbound funds recorded a net buying of 1.48 billion HKD, with the Shanghai Stock Connect showing a net selling of 394 million HKD and the Shenzhen Stock Connect showing a net buying of 1.735 billion HKD [1]. - The stocks with the highest net buying included Xiaomi Group-W (01810), Meituan-W (03690), and Li Auto (09863) [1]. - The stocks with the highest net selling included Alibaba-W (09988), Tencent Holdings (00700), and ASMPT (00522) [1]. Group 2: Individual Stock Performance - Xiaomi Group-W (01810) received a net buying of 3.013 billion HKD, supported by a bullish report from Goldman Sachs predicting future AI developments to enhance its ecosystem [5]. - Li Auto (09863) saw a net buying of 392 million HKD, with a record delivery of 70,327 vehicles in November, achieving its annual sales target ahead of schedule [5]. - BYD Company (01211) had a net buying of 339 million HKD, reporting a record monthly sales figure of 480,186 vehicles in November, with a year-to-date sales increase of 11.3% [5]. Group 3: Insurance and Banking Sector - China Ping An (02318) received a net buying of 151 million HKD, with Morgan Stanley raising its target price by 27% to 89 HKD, citing growth opportunities in wealth management and healthcare [6]. - Industrial and Commercial Bank of China (01398) had a net buying of 287 million HKD, while China Construction Bank (00939) saw a net buying of 184 million HKD, indicating continued interest from institutional investors [7]. - The banking sector is viewed positively due to ongoing reforms and improved profitability, with expectations of continued dividend payouts [7]. Group 4: Technology Sector Trends - Semiconductor stocks faced significant selling pressure, with Huahong Semiconductor (01347) experiencing a net selling of 56.97 million HKD, and SMIC (00981) facing a net selling of 119 million HKD [7]. - Alibaba-W (09988) faced a substantial net selling of 1.776 billion HKD, while Tencent Holdings (00700) saw a net selling of 1.445 billion HKD, reflecting a bearish sentiment towards major tech stocks [7].