Ge Long Hui·2025-12-10 13:21Group 1 - Southbound funds recorded a net sell of HKD 1.018 billion on December 10, with notable net buys in Xiaomi Group (HKD 619 million), Agricultural Bank (HKD 394 million), Alibaba (HKD 342 million), Meituan (HKD 320 million), China National Offshore Oil Corporation (HKD 269 million), and Pop Mart (HKD 179 million) [1] - The net sell included significant amounts in the Tracker Fund (HKD 1.559 billion), Tencent Holdings (HKD 605 million), China Construction Bank (HKD 123 million), and SMIC (HKD 118 million) [1] Group 2 - Southbound funds have continuously net bought Xiaomi for 9 days, totaling HKD 7.39843 billion, and Agricultural Bank for 3 days, totaling HKD 993.02 million [3] - In November, the sales volume of new energy passenger vehicles reached 1.321 million units, a year-on-year increase of 4.2% and a month-on-month increase of 3.0%; Xiaomi's automotive sales reached 46,249 units, with a year-on-year increase of 99.7% [4] - Morgan Stanley highlighted concerns regarding the asset quality risk related to Vanke's bond extension, noting that Vanke's bank loans account for only 0.10% of total loans in China's banking sector [4] Group 3 - Alibaba has established a new C-end business group, aiming to develop a super app as the primary entry point for users in the AI era [4] - Tencent repurchased approximately 1.06 million shares for about HKD 636 million, with repurchase prices ranging from HKD 595.5 to HKD 603 [4] - China Construction Bank announced a capital increase from RMB 250.011 billion to RMB 261.6 billion through a specific issuance of approximately 11.589 billion A-shares [5] - SMIC's monthly wafer production capacity is expected to exceed 1 million pieces by Q3 2025, with a utilization rate increase of 3.3 percentage points to 95.8%, indicating strong industry demand [5]