Northbound Movement | Northbound net buying of 11.939 billion yuan, domestic funds aggressively buying Hong Kong stocks, ETF net buying Tracker Fund nearly 6.8 billion Hong Kong dollars

According to the Zhitong Finance APP, on September 2nd, in the Hong Kong stock market, Beishui had a net purchase of HKD 11.939 billion. Among them, the net purchase of Shanghai-Hong Kong Stock Connect was HKD 8.009 billion, and the net purchase of Shenzhen-Hong Kong Stock Connect was HKD 3.93 billion. The stocks with the highest net purchases by Beishui were Tracker Fund (02800), Southern Heng Seng Technology (03033), and Heng Seng China Enterprises (02828). The stock with the highest net sales by Beishui was Tencent (00700). Active trading stocks in Shanghai-Hong Kong Stock Connect Active trading stocks in Shenzhen-Hong Kong Stock Connect Beishui funds rushed to buy Hong Kong stock ETFs, with Tracker Fund (02800), Southern Heng Seng Technology (03033), and Heng Seng China Enterprises (02828) receiving net purchases of HKD 6.756 billion, HKD 1.134 billion, and HKD 1.125 billion respectively. On the news front, a research report from CICC pointed out that in the short term, under interest rate cuts and policy expectations, Hong Kong stocks may still have better resilience than A-shares. The bank pointed out that market cyclical opportunities do not mean trend reversals. In the current situation, although there may be marginal improvements in the third quarter at the policy level, the focus for the year may be on implementing existing policies. The Ministry of Finance has recently emphasized "resolutely preventing the introduction of policies beyond fiscal capacity and new projects." Although the internal economic growth momentum is still weak, the expectation of "strong stimulus" is still unrealistic. Domestic bank stocks are once again sought after by domestic funds, with China Construction Bank (00939) and Industrial and Commercial Bank of China (01398) receiving net purchases of HKD 352 million and HKD 69.87 million respectively. In recent news, there have been reports that policy makers are considering further lowering the interest rates on existing home loans, while also allowing existing home loans to be converted to mortgages and signing contracts at the latest rates. Wang Liang, President of China Merchants Bank, stated at a mid-term performance exchange meeting that China Merchants Bank has only seen information in the media and has not received opinions from the macro mortgage management department, the People's Bank of China, or the China Banking and Insurance Regulatory Commission, nor has it consulted with banks. This is the first time a senior bank executive has formally responded to the market rumors last Friday that regulatory authorities will relax mortgage conversion business China Mobile (00941) received a net buy of HKD 185 million. On the news front, Debon Securities pointed out that China Mobile stated that starting from 2024, the profits distributed in cash over the next three years will gradually increase to over 75% of the profits attributable to shareholders that year, with the shareholder return intensity continuing to increase. In addition, the data asset entry table will be officially implemented starting from January 1, 2024. In its 2024 interim report, China Mobile disclosed for the first time that data resources will be included as assets in the table, amounting to 70 million yuan. This indicates the continuous progress of the domestic data assetization process, with data elements expected to gradually become a standard accounting item and a new revenue source under future asset projects. It is recommended to pay attention to the elastic opportunities brought by the data asset entry table to the company's valuation. CNOOC (00883) received a net buy of HKD 179 million. On the news front, DBS published a research report stating that CNOOC's position as a leading oil and gas company is undisputed, with the main cost of oil barrels in the first half of the year being below $30, making it highly competitive. Coupled with its robust growth strategy and excellent execution, it drove the first-half net profit to a record high of 79.7 billion yuan, 5% higher than market expectations. However, the bank pointed out that CNOOC's business and stock price are highly correlated with oil price performance. As OPEC+ has the opportunity to cut production from October, it may dampen market sentiment and weaken next year's oil price outlook, posing resistance to the rise in CNOOC's stock price. Li Auto-W (02015) received a net buy of HKD 113 million. On the news front, Li Auto announced that in August 2024, it delivered 48,122 new vehicles, a year-on-year increase of 37.8%. From January to August 2024, a total of 288,100 vehicles were delivered. As of August 31, 2024, Li Auto has delivered a total of 921,500 vehicles. Looking ahead to the third quarter, the company expects car deliveries to be between 145,000 and 155,000, a year-on-year increase of 38% to 47.5%; revenue is expected to be between 39.4 billion and 42.2 billion, a year-on-year increase of 13.7% to 21.6%; with the continuous increase in delivery volume and the ongoing improvement in cost reduction and efficiency enhancement, it is expected that the overall gross profit margin in the third quarter will return to above 20%. In addition, Meituan-W (03690) received a net buy of HKD 127 million, while Tencent (00700) saw a net sell of HKD 190 million