Core Viewpoint - Southbound funds recorded a net sell of HKD 39.52 billion in Hong Kong stocks on November 26, indicating a shift in investment sentiment towards certain stocks [1]. Group 1: Southbound Fund Activity - Net purchases included Alibaba-W at HKD 15.28 billion and Changfei Optical Fiber at HKD 1.77 billion [2]. - Significant net sells were observed in the following stocks: Tracker Fund of Hong Kong at HKD 22.59 billion, Tencent Holdings at HKD 11.8 billion, Meituan-W at HKD 3.66 billion, SMIC at HKD 2.51 billion, Hua Hong Semiconductor at HKD 2.27 billion, and Xiaomi Group-W at HKD 1.24 billion [2]. - Alibaba has seen a continuous net buy from southbound funds for 10 days, totaling HKD 245.31 billion, while SMIC has experienced a net sell for 5 consecutive days, amounting to HKD 16.6032 billion [2]. Group 2: Company Developments - Alibaba: Singapore's National AI Program has shifted its Southeast Asian language model project to utilize Alibaba's Qwen open-source architecture instead of Meta Platforms' model [4]. - Meituan: The company is set to release its Q3 financial report on November 28. It has signed a strategic cooperation agreement with Chongqing Cultural Tourism Group to enhance online booking and AI integration in local travel services. Additionally, Meituan's LongCat team has launched the WOWService model interaction system to improve customer service across various business scenarios [4]. - Tencent Holdings: The company has launched the international version of its mixed reality 3D creation engine, enabling creators to generate high-quality 3D assets quickly through multi-modal inputs, significantly reducing production time [4]. Group 3: Industry Insights - Zijing Mining: Morgan Stanley reports that the Chinese government is taking measures to limit excess capacity in the copper smelting industry, which is expected to positively impact copper prices and major copper companies [6]. - ZTO Express: Zhongyou Securities anticipates that ZTO Express will continue to focus on balancing service quality, business scale, and profitability, projecting net profits of RMB 9.28 billion, RMB 10.09 billion, and RMB 10.91 billion for 2025-2027, representing year-on-year growth of 5.3%, 8.7%, and 8.1% respectively [5][6]. - Xiaomi Group: A company representative clarified that Xiaomi does not currently have an M7 model for its automotive line, addressing rumors and misinformation circulating online [6].