Zhi Tong Cai Jing·2026-02-03 10:04Summary of Key Points Core Viewpoint - The Hong Kong stock market experienced significant net buying and selling activity, with notable movements in major stocks driven by market sentiment and external news. Group 1: Net Buying and Selling Activity - Northbound trading recorded a net buying of 9.52 billion HKD, with the Shanghai-Hong Kong Stock Connect contributing 17.33 billion HKD in net buying and the Shenzhen-Hong Kong Stock Connect showing a net selling of 7.81 billion HKD [1] - The most bought stocks included Tencent (00700), Southern Hang Seng Technology (03033), and China Mobile (00941), while the most sold stocks were the Tracker Fund of Hong Kong (02800), SMIC (00981), and Alibaba-W (09988) [1] Group 2: Individual Stock Performance - Tencent Holdings saw a net inflow of 22.02 billion HKD, with total trading volume of 106.98 billion HKD, while Alibaba-W had a net outflow of 5.87 billion HKD from a total of 63.97 billion HKD [2] - China Mobile recorded a net buying of 4.08 billion HKD, with a total trading volume of 16.10 billion HKD, indicating strong investor interest [3] - Xiaomi Group-W received a net inflow of 3.29 billion HKD, supported by strong electric vehicle delivery numbers and positive market sentiment [5] Group 3: Market Sentiment and External Factors - Market rumors regarding potential tax rate adjustments for the financial and internet sectors led to a decline in stock prices for companies like Tencent, although tax experts clarified that current VAT rates remain unchanged [4] - The semiconductor sector showed mixed results, with Hua Hong Semiconductor receiving a net inflow of 2.56 billion HKD, while SMIC faced a net outflow of 15.77 billion HKD amid rising prices in the chip industry [5] - The Tracker Fund of Hong Kong experienced a significant net outflow of 37.62 billion HKD, attributed to global risk-off sentiment and liquidity pressures in the market [6]