Summary of Key Points Core Viewpoint - The Hong Kong stock market experienced significant net inflows from northbound trading, with a total net buy of 33.87 billion HKD on April 24, 2023, indicating strong investor interest in certain stocks while others faced net sell-offs [1]. Group 1: Stock Performance - Alibaba-W (09988) saw a net buy of 16.1 billion HKD, driven by positive news regarding the cancellation of "refund only" policies across multiple e-commerce platforms, which is expected to enhance competition [4]. - Meituan-W (03690) received a net buy of 13.12 billion HKD, supported by Citigroup's report indicating no risk of ADR delisting and a stable revenue outlook, with UBS predicting a 10% growth in food delivery orders this year [5]. - Xpeng Motors-W (09868) had a net buy of 2.56 billion HKD, following the launch of its new P7+ model and the introduction of its humanoid robot, which is set for mass production by 2026 [5]. - China Mobile (00941) faced a net sell of 3.57 billion HKD, with a slight revenue growth of 0.02% in Q1, indicating a slowdown in the telecom sector [7]. - CNOOC (00883) experienced a net sell of 2.83 billion HKD, attributed to a significant drop in international oil prices and concerns over OPEC+ production increases [6]. Group 2: Market Trends - The overall northbound trading activity reflects a shift in investor sentiment, with notable buying interest in technology and e-commerce sectors while traditional sectors like telecommunications and energy face challenges [1][6]. - The cancellation of "refund only" policies in e-commerce is expected to lead to healthier competition among platforms, potentially benefiting companies like Alibaba [4]. - The outlook for gold-related stocks, such as Chifeng Jilong Gold Mining (06693), remains optimistic due to anticipated production growth and lower costs, despite fluctuations in gold prices [6].

据了解，此前，淘宝天猫早在去年7月就率先松绑"仅退款"规则，打响行业"反内卷"，其后京东、快手 等电商平台相继进行规则优化。今年，淘宝持续优化营商环境，宣布治理AI假图、羊毛党和违规店 群，上线店铺真实体验分、佣金激励等相关举措，进一步促进行业回归良性竞争。 根据北京商报记者观察，目前电商平台售后一般设有"退款无需退货"和"退款退货"入口，"仅退款"政策 取消之后，平台或将只保留"退款退货"，"收到货"情形下退款是否退货将由商家与消费者协商决定。 在业内人士普遍看来，取消无序的"仅退款"有助于电商行业从低价竞争回归良性竞争，保障商家的经营 公平，释放消费活力，促进平台健康发展。 （文章来源：北京商报） 4月22日，北京商报记者独家获悉，拼多多、淘宝、抖音、快手、京东等多个电商平台将全面取消"仅退 款"，消费者收到货后的退款不退货申请，将由商家自主处理。 这意味着，"仅退款"在2021年时被拼多多率先推出，后在2024年时被京东、淘宝、抖音、快手等相关平 台相继引入，历时四年正式迎来落幕。北京商报记者还获悉，上述电商平台已就全面取消"仅退款"的相 关细节与管理部门进行了多轮商讨和修改，一旦审核完成即对社会公开宣 ...