According to Zhitong Finance APP, on December 6th, in the Hong Kong stock market, northbound capital had a net purchase of HKD 4.978 billion, of which the Shanghai-Hong Kong Stock Connect had a net purchase of HKD 2.83 billion, and the Shenzhen-Hong Kong Stock Connect had a net purchase of HKD 2.148 billion.
The stocks with the highest net purchases from northbound capital are Alibaba-W (09988), Tencent (00700), and CHINA MOBILE (00941).
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Active stocks in the Shanghai-Hong Kong Stock Connect
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Active stocks in the Shenzhen-Hong Kong Stock Connect
Alibaba-W (09988) received a net purchase of HKD 1.143 billion. On the news front, on December 5th, Alibaba International announced the launch of the AI-driven e-commerce design tool Pic Copilot in the United States. This tool is designed to help small and medium-sized enterprises in the U.S. save on shooting and design costs while increasing sales. Additionally, Citigroup previously pointed out that Alibaba's second-quarter performance ending in September met the bank's expectations, with adjusted net profit and EBITA slightly exceeding expectations; entering Alibaba's third quarter of 2025, the bank expects total merchandise transaction volume to accelerate again due to stimulated demand and good performance during Double Eleven.
Tencent (00700) received a net purchase of HKD 774 million. On the news front, First Shanghai pointed out that as of December 3rd, Tencent had repurchased HKD 99.6 billion in 2024, essentially achieving its stock repurchase plan target of HKD 100 billion, with an estimated completion rate exceeding 120%. Furthermore, the pace of share reduction by South African media giant Naspers' internet investment flagship Prosus has significantly slowed. The bank noted that Tencent's large-scale share repurchases have almost offset the market pressure brought by Prosus's share reduction, demonstrating Tencent's strong market confidence.
CHINA MOBILE (00941) received a net purchase of HKD 399 million. On the news front, UBS stated that it expects telecom companies to focus more on the profitability and cash flow of enterprise business rather than just pursuing revenue growth. The bank believes that despite the slowdown in industry service revenue growth, telecom companies are expected to achieve their full-year profit guidance, benefiting from improved operating leverage, demand-driven capital expenditure investments, and prioritizing profitability in enterprise business
UBS maintains a positive outlook on the Chinese telecommunications industry and specifically recommends China Mobile as the preferred stock, as it faces less pressure in terms of mobile market share growth.
SenseTime-W (00020) received a net buy of HKD 132 million. On the news front, SenseTime stated that it has completed a strategic organizational restructuring, establishing a &#34;1+X&#34; new structure. Guotou Securities pointed out that this restructuring is a landmark event for the company in exploring ecological positioning amid the AI wave, which is expected to concentrate resources on the more competitive and faster-growing generative AI sector, positively driving profit acceleration.
CNOOC (00883) received a net buy of HKD 93.43 million. On the news front, on Thursday, OPEC+ stated in a meeting that it has agreed in principle to postpone the planned production increase in January and will gradually lift oil production cuts starting from April 2025 until September 2026. Puyin International noted that under the advancement of energy security strategic plans, the &#34;three oil giants&#34; are deepening their overseas business layout, and the increase in overseas revenue is expected to enhance their profitability. As high-yield stocks, the &#34;three oil giants&#34; are likely to see continued revaluation against the backdrop of state-owned enterprise reform.
Kingsoft Cloud (03896) received a net buy of HKD 89.42 million. On the news front, Kingsoft Cloud previously announced its third-quarter results, with total revenue reaching RMB 1.886 billion, a year-on-year increase of 16.0%; gross profit was RMB 303.4 million, a year-on-year increase of 54.6%; non-GAAP EBITDA was approximately RMB 185 million, turning profitable year-on-year. Everbright Securities believes that as the only strategic cloud platform within the Xiaomi &amp; Kingsoft ecosystem, Kingsoft Cloud's revenue elasticity from the ecosystem is promising, and its profitability is expected to continue improving, with the company's adjusted operating profit margin likely turning positive by 2025.
Geely Automobile (00175) received a net buy of HKD 66.81 million. On the news front, CMB International released a research report stating that by 2025, new energy vehicles are expected to occupy a mainstream position in most price ranges and models, meaning that cost-effectiveness and brand power will become key. Investors may pay more attention to companies' profitability next year. China Merchants Securities pointed out that recently Geely's chairman Li Shufu increased his stake by about HKD 300 million, demonstrating the management's confidence in long-term development and the undervaluation of the stock price.
SMIC (00981) received a net buy of HKD 7.16 million. On the news front, after the U.S. Department of Commerce announced a new round of export control entity lists, on December 3, domestic relevant departments, technology industry associations, and leading market enterprises actively responded to external concerns, quickly assessing the impact and considering countermeasures. Among them, the China Internet Association, China Automobile Industry Association, China Semiconductor Industry Association, and China Communication Enterprise Association all issued statements calling for domestic companies to prudently choose to procure U.S. chips. Everbright Securities believes that China is an important market for global semiconductor products and equipment, and the U.S. move will further fracture the global semiconductor market, forcing the domestic ICT industry to accelerate the localization process

600941

80941

00941

80700

TCEHY

TCTZF

00700

BABA

89988

09988

On December 6th, the Hong Kong stock market saw a net inflow of HKD 4.978 billion from northbound trading, with Tencent receiving a net purchase of HKD 774 million, bringing its total repurchase amount for the year close to HKD 100 billion. Alibaba received a net purchase of HKD 1.143 billion, with reports stating that it launched an AI e-commerce design tool. China Mobile received a net purchase of HKD 399 million, and UBS expects telecom companies to focus on profitability and cash flow

- On December 6, the Hong Kong stock market saw a net inflow of 4.978 billion HKD from northbound trading, with Alibaba, Tencent, and China Mobile being the top net purchases.  
- Notably, Alibaba received a net buy of 1.143 billion HKD following the launch of its AI-driven e-commerce tool, while Tencent's buyback program neared completion, reflecting strong market confidence.  
- China Mobile also attracted 399 million HKD in net purchases, with UBS highlighting its focus on profitability and cash flow in the telecom sector.

Zhitong

China Mobile

CHINA MOBILE-R

CHINA MOBILE

TENCENT-R

Tencent

Tencent Holdings Limited

TENCENT

Alibaba

BABA-WR

BABA-W

CNOOC

ASML

OmniVision Group

CMSC

SENSETIME-W

Naspers

UBS Group AG

sinnet

CHINA TELECOM

KINGSOFT CLOUD

Sunwave

XIAOMI-W

FIRST SHANGHAI

SMIC

TRACKER FUND

GEELY AUTO

Pros

EB SECURITIES

Citigroup

CECport

Northbound Capital Trends | Northbound capital net purchases amounted to HKD 4.978 billion. Tencent's buyback amount this year approaches HKD 100 billion, with domestic capital increasing its holdings in Tencent by nearly HKD 800 million