According to the Zhitong Finance APP, on September 10th, in the Hong Kong stock market, Beishui had a net purchase of HKD 9.289 billion. Among them, the net purchase of Shanghai-Hong Kong Stock Connect was HKD 4.121 billion, and the net purchase of Shenzhen-Hong Kong Stock Connect was HKD 5.168 billion.
The stocks with the highest net purchases by Beishui were Alibaba-W (09988), China Construction Bank (00939), and CNOOC (00883). The stocks with the highest net sales by Beishui were Hong Kong Exchanges and Clearing (00883), Tencent (00700), and ASMPT (00522).
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Active trading stocks in Shanghai-Hong Kong Stock Connect
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Active trading stocks in Shenzhen-Hong Kong Stock Connect
Alibaba-W (09988) received a net purchase of HKD 8.47 billion. On the news front, Alibaba was included in the list of Hong Kong Stock Connect today. Morgan Stanley estimates that in the next year, there will be a net inflow of USD 17 billion to USD 37 billion of southbound funds, with a shareholding ratio ranging from 8% to 17%. They also mentioned that there are several short-term catalysts for Alibaba's stock price, including the completion of a 3-year rectification, the introduction of WeChat Pay on the Taobao platform, and the upcoming launch of software services, which are expected to help increase customer management revenue in the second half of the year and narrow the gap in transaction volume growth.
Beishui increased its holdings in domestic bank stocks, with China Construction Bank (00939) and Industrial and Commercial Bank of China (01398) receiving net purchases of HKD 442 million and HKD 290 million, respectively. On the news front, Morgan Stanley pointed out that while the decline in LPR may put pressure on China's banking industry's interest income from loans, the interest costs paid to depositors by banks are also decreasing, which helps alleviate the pressure on net interest margins. Morgan Stanley predicts that the banking industry will outperform the broader market in the next 12 months. China Merchants Securities released a research report stating that the impact of adjustments in existing mortgage rates on bank interest margins is limited.
China Mobile (00941) received a net purchase of HKD 289 million. On the news front, Zhongtai Securities stated that the three major telecom operators achieved positive revenue growth in the first half of 2024, further optimizing their revenue structure. The bank pointed out that the three major telecom operators are expected to further increase dividends in the future, and their capital expenditure reduction, decrease in depreciation and amortization as a percentage of revenue, etc., will help improve profit margins. Currently, the dividend yield of Hong Kong-listed telecom operators is higher than that of A-share dividend yields
Kuaishou-W (01024) received a net purchase of HKD 183 million. On the news front, TF Securities issued a research report pointing out that in Q2 24, the company's gross profit margin both increased compared to the previous quarter and year-on-year. This is mainly due to the improvement in the company's revenue structure and the decrease in the proportion of company bandwidth costs and server costs. The bank believes that the company's core business revenue growth is stable, cost reduction and efficiency improvement results are significant, and recommends continued attention to the company's profit margin improvement trend.
Kangfang Biotech (09926) received a net purchase of HKD 27.74 million. On the news front, Kangfang Biotech announced that the data of AK112-303/HARMONi-2 (CTR20222137) has been released at the plenary session of the 2024 World Conference on Lung Cancer (WCLC) hosted by the International Association for the Study of Lung Cancer (IASLC). CICC pointed out that the first head-to-head Phase III efficacy data of Ivosidenib is impressive, and the bank has raised Ivosidenib's overseas development success rate and sales forecast.
ASM Pacific Technology (00522) suffered a net sale of HKD 85.66 million. On the news front, ASMPT was included in the Hang Seng Tech Index. According to CICC's previous estimates, it is expected to bring about USD 238 million in passive fund inflows to ASMPT. In addition, Nomura released a research report stating that the OW TCB project will not make a decision until mid-October this year. However, ASMPT and K&amp;S are still competing for orders, and both have the opportunity to win the project. The bank believes that it is currently difficult to judge who the ultimate winner will be. Nomura pointed out that the momentum of regular packaging orders in the fourth quarter of 2024 may still be weak.
Hong Kong Exchanges and Clearing (00388) suffered a net sale of HKD 768 million. On the news front, Morgan Stanley issued a research report giving HKEX a &#34;reduce&#34; rating and maintaining a target price of HKD 223. The bank stated that it has lowered its earnings per share forecasts for HKEX for 2024, 2025, and 2026 by 0.9%, 1.8%, and 2.6% respectively. In terms of market value, the daily average turnover forecasts for 2024, 2025, and 2026 have been reduced by 6.6%, 2.4%, and 2.4% respectively.
In addition, CNOOC (00883), WuXi AppTec (02269), and China Shenhua Energy (01088) received net purchases of HKD 360 million, HKD 58.42 million, and HKD 8.22 million respectively. Tencent (00700) and Li Auto-W (02015) suffered net sales of HKD 345 million and HKD 70.82 million respectively

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In the Hong Kong stock market on September 10th, Beishui (Northbound funds) had a net purchase of HKD 9.289 billion. Alibaba-W attracted a net purchase of HKD 8.47 billion and is officially included in the Hong Kong Stock Connect list starting today. Morgan Stanley expects to attract USD 17 billion to USD 37 billion of southbound funds in the next year. Construction Bank and Industrial Bank also received net purchases, indicating a trend of Beishui increasing positions in domestic bank stocks

- On September 10th, in the Hong Kong stock market, Northbound funds net bought HK$92.89 billion, with HK Stock Connect (Shanghai) at HK$41.21 billion and HK Stock Connect (Shenzhen) at HK$51.68 billion. Top buys included Alibaba-W (09988), Construction Bank (00939), and CNOOC (00883), while top sells were HKEX (00883), Tencent (00700), and ASMPT (00522).
- Morgan Stanley predicts a potential net inflow of $17 billion to $37 billion in Southbound funds over the next year, with Alibaba's inclusion in the Stock Connect list. They anticipate catalysts like regulatory compliance, new payment platforms, and service launches to boost Alibaba's stock.
- Additionally, banks like Construction Bank (00939) and ICBC (01398) saw increased Northbound buying, with positive outlooks despite potential pressure on loan interest income. China Mobile (00941) and Kuaishou-W (01024) also attracted net buying, reflecting market sentiments and growth prospects.

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Beishui Movement | Beishui's net purchase volume reached 9.289 billion, Alibaba-W officially entered the Hong Kong Stock Connect, Beishui rushed to raise nearly 8.5 billion Hong Kong dollars throughout the day