Group 1 - Southbound funds net bought Hong Kong stocks totaling 33.4 billion HKD on March 26 [1][3] - The top net purchases included: - 1.37 billion HKD in the Tracker Fund of Hong Kong - 1.10 billion HKD in CNOOC - 910 million HKD in Kuaishou-W - 710 million HKD in Yangtze Optical Fibre and Cable - 679 million HKD in Meituan-W - 339 million HKD in Tencent Holdings - 331 million HKD in Southern Hang Seng Technology [1] - The top net sales included: - 998 million HKD in Alibaba-W - 522 million HKD in SMIC - 372 million HKD in China Mobile [1] Group 2 - Southbound funds have net bought Yangtze Optical Fibre and Cable for four consecutive days, totaling 1.83625 billion HKD [1] - Southbound funds have net sold SMIC for nine consecutive days, totaling 3.88926 billion HKD [1]

Group 1: Market Overview - Southbound funds traded approximately 165.56 billion HKD today, an increase of 21.8 billion from the previous day, accounting for 47.18% of the total turnover of the Hang Seng Index [1] - The Hong Kong stock market continued its rebound, with a net inflow of southbound funds amounting to 22.32 billion HKD, including a net inflow of about 14.23 billion HKD from the Shanghai-Hong Kong Stock Connect and approximately 8.09 billion HKD from the Shenzhen-Hong Kong Stock Connect [1] Group 2: ETF Activity - After a significant outflow the previous day, funds reversed to buy three major ETFs: the Tracker Fund of Hong Kong (02800.HK) received 11.38 billion HKD, the Southern China Technology ETF (03033.HK) received 3.40 billion HKD, and the Hang Seng China Enterprises Index ETF (02828.HK) received 1.32 billion HKD [1] Group 3: Individual Stock Performance - Pop Mart (09992.HK) saw a net buy of 2.31 billion HKD despite a drop of 22.51% today, with funds increasing their holdings by 3.07 million shares over the past five days [4] - Meituan-W (03690.HK) experienced a net buy of 1.72 billion HKD, with a price increase of 13.92%, although funds reduced their holdings by 1.04 million shares in the last five days [9] - Alibaba-W (09988.HK) had a net buy of 1.51 billion HKD, with a price increase of 4.63% and an increase in holdings by 4.34 million shares over the past five days [9] - Xiaomi Group-W (01810.HK) saw a net buy of 0.97 billion HKD, with a slight decrease of 0.49% today and an increase in holdings by 7.27 million shares over the past five days [5] Group 4: Notable Outflows - China National Offshore Oil Corporation (00883.HK) experienced a significant net outflow of 1.06 billion HKD, with a price drop of 3.19% and a decrease in holdings by 1.78 million shares over the past five days [3][6] - Tencent Holdings (0700.HK) had a net outflow of 0.62 billion HKD, with a price drop of 1.65% and a decrease in holdings by 0.86 million shares over the past five days [3][7]

Group 1 - Southbound funds net bought Hong Kong stocks worth 22.323 billion HKD today [1][4] - The top net purchases included: - Tracker Fund of Hong Kong (113.8 million HKD) - Hang Seng China Enterprises (33.99 million HKD) - Pop Mart (23.09 million HKD) - Meituan-W (17.19 million HKD) - Alibaba-W (15.08 million HKD) - Southern Hang Seng Technology (13.17 million HKD) - Xiaomi Group-W (9.73 million HKD) [1][4] - The top net sales included: - China National Offshore Oil Corporation (10.57 million HKD) - Tencent Holdings (6.24 million HKD) [1][4] Group 2 - Southbound funds have net bought Pop Mart for three consecutive days, totaling 3.44988 billion HKD [1][4]

Group 1 - The Hong Kong stock market saw a net inflow of 14.997 billion HKD from northbound trading, with 7.716 billion HKD from Shanghai and 7.281 billion HKD from Shenzhen [1] - The most bought stocks included the Tracker Fund of Hong Kong (02800), Hang Seng China Enterprises (02828), and Southern Hang Seng Technology (03033) [1] - The most sold stocks were Yangtze Optical Fibre and Cable (06869), Hua Hong Semiconductor (01347), and Semiconductor Manufacturing International Corporation (00981) [1] Group 2 - The Tracker Fund of Hong Kong (02800) had a net inflow of 6.819 billion HKD, while Tencent Holdings (00700) saw a net inflow of 1.5 billion HKD [2] - Alibaba Group (09988) experienced a net inflow of 1.274 billion HKD, while Yangtze Optical Fibre and Cable (06869) faced a net outflow of 944 million HKD [2] - The net inflow for Hang Seng China Enterprises (02828) was 1.817 billion HKD, indicating strong interest in this stock [2] Group 3 - Tencent's net inflow of 1.232 billion HKD is attributed to its performance in the AI sector, with its "Yuanbao" platform achieving 114 million monthly active users [5] - Alibaba's AI assistant "Qianwen" is set to launch its first AI glasses at the Mobile World Congress, with plans for additional AI products throughout the year [5] - Semiconductor companies like Hua Hong Semiconductor (01347) and SMIC (00981) faced net outflows due to market pressures and demand shifts in the AI sector [6]

Group 1 - The Hong Kong Stock Connect (Shanghai) saw significant net purchases in the Yingfu Fund and Hang Seng China Enterprises, amounting to HKD 67.77 billion and HKD 18.16 billion respectively [1] - On the other hand, Changfei Optical Fiber Cable recorded the highest net sell-off, totaling HKD 4.47 billion [1] Group 2 - In the Hong Kong Stock Connect (Shenzhen), the Southern Hang Seng Technology and Yingfu Fund experienced net purchases of HKD 20.39 billion and HKD 16.08 billion respectively [1] - Conversely, Huahong Semiconductor had the highest net sell-off, amounting to HKD 2.72 billion [1]

Core Viewpoint - Southbound capital flow decreased significantly today, with a total transaction of approximately HKD 925.13 billion, accounting for 39.07% of the total turnover of the Hang Seng Index [1] Group 1: Southbound Capital Flow - Southbound capital outflow amounted to approximately HKD 40.57 billion today, with net outflow from the Shanghai-Hong Kong Stock Connect at about HKD 54.95 billion and net inflow from the Shenzhen-Hong Kong Stock Connect at approximately HKD 14.38 billion [1] - Major ETFs such as the Tracker Fund of Hong Kong, Hang Seng China Enterprises, and Southern Hang Seng Technology experienced significant sell-offs, with net sales of HKD 44.1 billion, HKD 11.36 billion, and HKD 3 billion respectively [1] Group 2: Individual Stock Performance - Tencent Holdings saw a net buy of HKD 8.18 billion, with a price increase of 0.48% [2][3] - Meituan-W recorded a net buy of HKD 6.78 billion, with a price increase of 1.60% [2][3] - Alibaba-W had a net buy of HKD 6.06 billion, with a price increase of 0.20% [2][3] - Xiaomi Group-W experienced a net buy of HKD 5.38 billion, but saw a price decrease of 0.39% [2][3] - Changfei Optical Fiber Cable had a net buy of HKD 1.82 billion, with a price increase of 1.63% [2][3] - China Merchants Energy had a net outflow of HKD 3.58 billion, with a price increase of 0.96% [2][3]

Group 1 - Tencent Holdings and China Mobile received net purchases of HKD 22.02 billion and HKD 4.08 billion respectively through the Hong Kong Stock Connect (Shanghai) [1] - The Tracker Fund of Hong Kong had the highest net selling amount, totaling HKD 25.58 billion [1] - Southern Hang Seng Technology and Xiaomi Group-W received net purchases of HKD 6.69 billion and HKD 3.29 billion respectively through the Hong Kong Stock Connect (Shenzhen) [1] - The Tracker Fund of Hong Kong also led in net selling on this platform, with a total of HKD 12.05 billion [1]

Group 1 - Southbound funds recorded a net purchase of 9.52 billion HKD [1] - Tencent Holdings, Southern Hang Seng Technology, and China Mobile were the top three net purchases, with net buys of 19.55 billion HKD, 6.69 billion HKD, and 4.08 billion HKD respectively [1] - On the sell side, the Yingfu Fund, SMIC, and Alibaba-W experienced net sales of 37.63 billion HKD, 15.77 billion HKD, and 11.98 billion HKD respectively [1]

Group 1: Market Overview - The Hong Kong stock market showed a positive sentiment with all three major indices rising, led by the Hang Seng Tech Index which increased by 1.11% [1] - The market exhibited characteristics of "policy-driven technology" and "strengthening of safe-haven assets," with total market turnover rising to HKD 250.5 billion [1] - Southbound capital saw a significant rebound, with a net inflow of HKD 13.9 billion, indicating renewed investor interest [1] Group 2: Sector Performance - The technology sector was the main driver of the rebound, particularly stocks related to robotics, which surged following favorable policies from the Ministry of Industry and Information Technology [2] - Semiconductor stocks also performed well, reflecting a recovery in investor confidence towards hard technology sectors [2] - In contrast, the domestic demand and real estate sectors showed weakness, with sportswear stocks declining due to disappointing quarterly results from leading companies [2] Group 3: Company Analysis - Trip.com Group - Trip.com Group is under investigation for potential anti-competitive practices, specifically regarding its "price adjustment assistant" feature, which automatically adjusts hotel prices based on market data [5][6] - Following the announcement of the investigation, the company's ADR fell by 17% and its Hong Kong stock price dropped by 19% [5] - The potential financial impact of the investigation could result in fines ranging from HKD 400 million to HKD 4 billion, which may affect the company's adjusted net profit for 2026 [7] Group 4: Competitive Landscape and Valuation - The investigation's timeline is estimated to be around 4-6 months, with potential penalties based on previous cases indicating fines of 1%-10% of the previous year's sales [7] - Despite the investigation, Trip.com is expected to maintain its leading position in the OTA market, although there may be slight adjustments in commission rates [7] - The target price for Trip.com has been adjusted to HKD 551 (9961.HK) / USD 71 (TCOM.US) based on a revised valuation of 16 times the 2026 earnings, down from 20 times [8]

Group 1 - Southbound funds net bought Hong Kong stocks worth 13.93 billion HKD today [1] - The top net purchases included: - Tracker Fund of Hong Kong: 4.153 billion HKD - Hang Seng China Enterprises: 1.817 billion HKD - Alibaba Group: 1.078 billion HKD - China Life: 1.008 billion HKD - Kuaishou Technology: 733 million HKD [1] - Southbound funds have net bought Alibaba for 8 consecutive days, totaling 5.83455 billion HKD, and have net bought Xiaomi for 4 consecutive days, totaling 2.01881 billion HKD [1] Group 2 - In the Shanghai Stock Connect, Alibaba saw a net purchase of 9.45 billion HKD with a price increase of 2.2% [4] - Xiaomi experienced a slight decline of 0.2% with a net purchase of 3.08 billion HKD [4] - Tencent Holdings had a net sell of 3.01 billion HKD with a price increase of 0.3% [4] Group 3 - China Mobile faced a net sell of 9.21 billion HKD with a price decrease of 0.1% [4] - China National Offshore Oil Corporation had a net purchase of 3.64 billion HKD with a price increase of 3.1% [4] - Shandong Gold experienced a price increase of 5.5% with a net purchase of 3.03 billion HKD [4]