In "Major Banks," China International Capital Corporation lists the active trading stocks of "southbound funds" for this year (table)
Bank of China International published a report indicating that as of November 11, 2025, southbound funds have net inflows of RMB 1.2147 trillion this year (up 109% year-on-year), significantly higher than RMB 581 billion in the same period last year. Southbound funds play a key role in improving the investment atmosphere and stock selection strategies in the Hong Kong stock market. Over the years, related enterprises from the mainland have gradually dominated the Hong Kong stock market. According to the Hong Kong Stock Exchange data, as of the end of October 2025, the market capitalization of mainland-related enterprises accounted for 80.59% of the total market capitalization of Hong Kong stocks, and their trading volume accounted for 90.97%. As of November 11, 2025, this year's southbound funds accounted for 23.6% of the average daily trading volume of Hong Kong stocks, higher than 17.3% in 2024, 14.1% in 2023, and 11.8% in 2022.
The bank expects net inflows of southbound funds to reach RMB 1.3 trillion in 2025. Looking ahead, it is anticipated that the strong demand from mainland investors for Hong Kong stocks through southbound funds will be maintained in the fourth quarter, mainly due to the increasing selection of high-quality technology/high-end manufacturing sectors, attractive valuations of Hong Kong stocks, and high dividend yields. The Stock Connect between the mainland and Hong Kong will be a key driver for the long-term revaluation of Hong Kong stocks.
The bank listed the actively-traded stocks of "southbound funds" this year (as of November 11):
Stock│Net Buy│Price Change This Year
Alibaba-W (09988.HK)│HKD 157.308 billion│+97.9%
Meituan-W (03690.HK)│HKD 63.761 billion│-32.8%
China Construction Bank (00939.HK)│HKD 32.4 billion│+37.4%
Tencent (00700.HK)│HKD 26.225 billion│+57.2%
China Mobile (00941.HK)│HKD 24.661 billion│+22.6%
SMIC (00981.HK)│HKD 16.157 billion│+128.5%
Kuaishou-W (01024.HK)│HKD 9.801 billion│+69.2%
Li Auto-W (02015.HK)│HKD 8.575 billion│-15.2%
Innovent Biologics (01801.HK)│HKD 6.668 billion│+132.9%
Pop Mart (09992.HK)│HKD 3.299 billion│+150%
CanSino Biologics (09926.HK)│HKD 3.122 billion│+88.5%
Guotai Junan International (01788.HK)│HKD 2.404 billion│+184.4%
ZTE Corporation (0763.HK)│HKD 2.377 billion│+31.3%
UBTECH (09880.HK)│HKD 2.272 billion│+142.6%
Huahong Semiconductor (01347.HK)│HKD 1.48 billion│+247.6% JingTai Technology (02228.HK) │ HKD 1.011 billion │ +88.6%
Shandong Molong (00568.HK) │ HKD 179 million │ +238%
Xiaomi Group (01810.HK) │ Net outflow HKD 248 million │ +24.6%
XPeng (09868.HK) │ Net outflow HKD 2.549 billion │ +132.6%
