Xin Lang Cai Jing·2025-12-12 10:52Core Viewpoint - Southbound funds experienced a net outflow of approximately 34.43 billion HKD this week, marking the end of a 29-week streak of net inflows since mid-May [2] Group 1: Market Performance - The Hang Seng Index fell below 26,000 points and continued to fluctuate sideways, with technology stocks like Xiaomi and Meituan remaining key trading focuses [2] - The total turnover of southbound trading reached 477.768 billion HKD this week, accounting for 46.16% of the total turnover of the Hang Seng Index, but the absolute trading volume is at a relatively low level for the year due to tightening liquidity as the year-end approaches [2] Group 2: Stock-Specific Movements - Xiaomi Group (01810.HK) saw a significant net buy of 89.49 billion HKD, with a weekly increase of 0.42% and a short-term acceleration in inflow [3][4] - Meituan (03690.HK) had a net buy of 48.20 billion HKD, with a weekly increase of 3.38% and a slight slowdown in short-term inflow [3][4] - Beike (02423.HK) recorded a net buy of 16.44 billion HKD, with a weekly increase of 0.54% and continued short-term inflow [5] - Agricultural Bank of China (01288.HK) experienced a net buy of 13.42 billion HKD, but a weekly decline of 2.12% with accelerated short-term inflow [6] - Alibaba (09988.HK) faced a net sell of 48.98 billion HKD, with a weekly decline of 0.58% and continuous short-term outflow [4][7] - Tencent Holdings (0700.HK) had a net sell of 43.93 billion HKD, with a weekly increase of 0.98% but still primarily experiencing outflow [4][8] - Semiconductor Manufacturing International Corporation (00981.HK) saw a net sell of 16.61 billion HKD, with a weekly decline of 2.94% and ongoing outflow [4][9] Group 3: Daily Trading Insights - On a specific trading day, southbound funds had a net sell of approximately 52.87 billion HKD, with the Shanghai-Hong Kong Stock Connect experiencing a net outflow of 65.95 billion HKD and the Shenzhen-Hong Kong Stock Connect a net inflow of about 13.09 billion HKD [10] - Notable daily net buys included Meituan (24.82 billion HKD), Xiaomi (23.61 billion HKD), and Beike (9.97 billion HKD) [11] - Significant daily net sells included Alibaba (33.68 billion HKD), Tencent (9.96 billion HKD), and Semiconductor Manufacturing International Corporation (5.78 billion HKD) [11]