According to the Zhitong Finance and Economics APP, on September 13th, in the Hong Kong stock market, Beishui had a net purchase of HKD 239 million. Among them, the Shanghai-Hong Kong Stock Connect had a net sell of HKD 622 million, and the Shenzhen-Hong Kong Stock Connect had a net purchase of HKD 861 million.
The stocks with the highest net purchases by Beishui were Alibaba-W (09988), China Mobile (00941), and Industrial and Commercial Bank of China (01398). The stocks with the highest net sales by Beishui were Yingfu Fund (02800), Southbound Heng Seng Technology (03033), and PetroChina (00857).
Active trading stocks in the Shanghai-Hong Kong Stock Connect
Active trading stocks in the Shenzhen-Hong Kong Stock Connect
Alibaba-W (09988) received a net purchase of HKD 1.316 billion, and the cumulative net purchase by Beishui this week has reached HKD 16.42 billion. In terms of news, Alibaba was included in the Hong Kong Stock Connect list. Morgan Stanley estimates that it will attract USD 17 billion to USD 37 billion of southbound funds in the next year, with a shareholding ratio ranging from 8% to 17%. They also pointed out that there are many short-term catalysts for Alibaba's stock price recently. JP Morgan stated that the comprehensive impact of Alibaba's inclusion in the Hong Kong Stock Connect and the inflow of southbound funds will take several months to show, but they believe that based on the basic development of domestic e-commerce, Alibaba will become a key stock price driver in the next 6 to 12 months.
Industrial and Commercial Bank of China (01398) received a net purchase of HKD 135 million. In terms of news, China Merchants Securities released a research report stating that the adjustment of existing mortgage rates has limited impact on bank interest margins. Morgan Stanley pointed out that although the LPR reduction may put pressure on China's banking industry's loan interest income, the interest costs paid to depositors by banks are also decreasing, which helps alleviate the pressure on net interest margins.
There was differentiation in oil stocks, with CNOOC (00883) receiving a net purchase of HKD 130 million, and PetroChina (00857) experiencing a net sell of HKD 197 million. In terms of news, Galaxy Futures stated that in the medium term, OPEC's postponement of production cuts provides some support to the crude oil market. After the low-level volatility in the crude oil market, a rebound is not ruled out, but due to the increased possibility of OPEC exiting production cuts after the rebound, the upside is limited. In the long term, under the pressure of increased production in non-OPEC countries and the slowdown in international crude oil demand growth, especially the possibility of OPEC exiting production cuts, the crude oil market may still decline
Zijin Mining (02899) received a net purchase of HKD 70.66 million. On the news front, Goldman Sachs released a report stating that Zijin Mining's management attended an investor conference held by the bank. The company's cost reduction measures have yielded positive results, with the expected total unit production cost of copper concentrate in 2024 at HKD 18,500 per ton, and the unit production cost of mineral copper at HKD 22,400 per ton, representing a 7% and 4% annual decrease, respectively. Zijin's unit production cost of copper concentrate in the first half of this year decreased by 8.8% on a semi-annual basis, mainly from overseas projects. In terms of dividend policy, Zijin has set the minimum payout ratio at 30% and will balance capital expenditures to increase the dividend yield. The bank believes that Zijin Mining is one of the few mining companies that can benefit from production growth and rising commodity prices.
Kangfang Bio (09926) received a net purchase of HKD 50.94 million. According to a research report by Morgan Stanley, Kangfang Bio's self-developed AK112 monoclonal antibody injection (AK112) as a monotherapy in the Phase III clinical trial for treating PD-L1-positive non-small cell lung cancer (NSCLC) patients outperformed pembrolizumab 1L, with a risk ratio of 0.51. The success of the global Phase III trial of this product and increased confidence in gaining more market share in China have led to an upward revision of Kangfang Bio's sales forecast by over 40%.
Hong Kong ETFs were sold off, with Heng Seng China Enterprises (02828), CSOP Hang Seng Tech Index (03033), and Value Partners High-Dividend Stocks (02800) experiencing net sales of HKD 1.5 million, HKD 287 million, and HKD 777 million, respectively. According to Zhongtai International, as market expectations for expanding consumption in the areas of trade-ins for new products, accelerating real estate inventory and affordable housing construction, and potential structural policies such as reducing existing home loans gradually heat up against the backdrop of weak economic recovery in fundamental data, the market is gradually warming up. With Hong Kong stocks currently at extremely low valuations, the marginal policy benefits are expected to bring about a rebound, but sustained upward momentum still requires the continuous improvement of economic fundamentals. Guotai Junan International pointed out that the initiation of an interest rate cut cycle is beneficial for the performance of emerging markets and Hong Kong stocks. Hong Kong stock valuations are still at a low level, and it is expected that funds will gradually flow back.
In addition, China Mobile (00941) received a net purchase of HKD 2.09 billion, while Tencent (00700) and China Shenhua Energy (01088) experienced net sales of HKD 192 million and HKD 26.22 million, respectively

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In the Hong Kong stock market on September 13th, Beishui had a net purchase of HKD 239 million, with Alibaba being the stock with the highest net purchase, accumulating a total net purchase amount of HKD 16.42 billion. The Shanghai-Hong Kong Stock Connect had a net sell of HKD 622 million, while the Shenzhen-Hong Kong Stock Connect had a net purchase of HKD 861 million. Morgan Stanley expects Alibaba to attract USD 17 billion to USD 37 billion of southbound capital inflow in the next year. ICBC received a net purchase of HKD 135 million

- On September 13th, in the Hong Kong stock market, Northbound trading saw a net purchase of 2.39 billion HKD, with the Shanghai-Hong Kong Stock Connect net selling 6.22 billion HKD and the Shenzhen-Hong Kong Stock Connect net buying 8.61 billion HKD. Key stocks bought by Northbound investors include Alibaba-W (09988), China Mobile (00941), and ICBC (01398), while top sold stocks are GF Fund (02800), Southbound HS Tech (03033), and CNOOC (00857).
- Noteworthy is Alibaba's inclusion in the Hong Kong Stock Connect list, with Morgan Stanley estimating potential net inflows of 17 to 37 billion USD in the next year. Industrial and Commercial Bank of China (ICBC) received a net buy of 1.35 billion HKD, with analysts predicting limited impact from mortgage rate adjustments on banks' interest margins.
- In the oil sector, CNOOC gained 1.3 billion HKD in net purchases, while PetroChina (00857) faced net selling of 1.97 billion HKD. Analysts suggest OPEC's delayed production cuts could support oil prices in the short term, but long-term pressures remain due to increased production outside OPEC and declining global demand.

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Beishui Trends | Beishui's net buying volume reached 2.39 billion, domestic funds continue to increase their holdings in Alibaba, with a total of over 16.4 billion Hong Kong dollars accumulated this week