I'm LongbridgeAI, I can summarize articles.On September 29, in the Hong Kong stock market, southbound capital recorded a net purchase of 15 million HKD. Specifically, the Shanghai-Hong Kong Stock Connect saw a net purchase of 2.314 billion HKD, while the Shenzhen-Hong Kong Stock Connect recorded a net sale of 2.299 billion HKD. Southbound capital significantly increased its positions in AIA by over 800 million HKD, as well as in Xiaomi and Z.AI; it heavily sold off CSOP HS TECH, SMIC, and Alibaba, with Alibaba's net sales exceeding 500 million HKD. Several investment banks released research reports expressing optimism about AIA's Thailand business, Xiaomi's premiumization strategy, and the prospects of KB LAMINATES' AI materials
Zhitong Finance APP learned that on September 29, in the Hong Kong stock market, southbound capital recorded a net purchase of 15 million HKD. Among this, the Stock Connect (Shanghai) recorded a net purchase of 2.314 billion HKD, while the Stock Connect (Shenzhen) recorded a net sale of 2.299 billion HKD.
The stocks with the highest net purchases by southbound capital were AIA (01299), XIAOMI-W (01810), and Z.AI (02513). The stocks with the highest net sales by southbound capital were CSOP HS TECH (03033), SMIC (00981), and BABA-W (09988).
Active Stocks in Stock Connect (Shanghai)
Active Stocks in Stock Connect (Shenzhen)
AIA (01299) received a net purchase of 809 million HKD. Jefferies previously released a research report stating that Thailand is one of AIA's third-largest and highest-quality segments, with over 90% of sales belonging to protection or fee-based businesses. As of the first half of 2026, AIA Thailand accounted for 15% of the group's Value of New Business (VONB) and 12% of its Embedded Value (EV). The firm maintained its "Buy" rating on AIA with a target price of 114 HKD, believing that the Thailand business is undervalued by investors.
Xiaomi Group-W (01810) received a net purchase of 383 million HKD. Citigroup recently stated that Xiaomi launched its latest flagship models, the 18 Pro and Pro Max, with starting prices of 5,999 yuan and 6,999 yuan respectively, which are lower than competitors in the same tier, but with specifications comparable to or better than peers. The bank believes this launch reinforces Xiaomi's premiumization strategy and cost-performance positioning, with the next catalysts being shipment data and the third-quarter results for this year.
KB LAMINATES (01888) received a net purchase of 75.52 million HKD. Citigroup released a research report stating that amid the ongoing shortage of AI materials, KB LAMINATES' profits have upside potential. It assigned a "Buy/High Risk" rating with a target price of 95 HKD. The bank believes that KB LAMINATES can still leverage its high quality and vertical integration advantages to obtain AI-CCL testing certification from GPU and CSP companies in China and the US.
WUXI BIO (02269) received a net purchase of 45.82 million HKD. Goldman Sachs issued a research report indicating that WUXI BIO executives revealed at a recent Goldman Sachs Healthcare and CDMO industry exchange event that the company's overall backlog order performance was strong, growing 24% year-on-year to $25.1 billion. Among this, the backlog orders for the next three years rose approximately 30% year-on-year to $5.5 billion, improving commercial visibility.
YOFC (06869) faced a net sale of 226 million HKD. Fiber optic leader Hengtong Optic-Electric disclosed a private placement plan, proposing to issue no more than 740 million A-shares, raising a total of no more than 6.636 billion yuan, intended for nine projects including optical communications. Specifically, the "New Generation Fiber Optic R&D and Production Project" plans to invest 758 million yuan, and the "Inner Mongolia High-End Optical New Material Construction Project" plans to invest 862 million yuan, both constituting the core of fiber preform and special fiber capacity expansion.
BABA-W (09988) faced a net sale of 551 million HKD. Alibaba comprehensively showcased its end-to-end full-stack AI capabilities at the Yunqi Conference, aiming to operate over 20GW of global data center capacity by 2032. Bank of China International issued a report maintaining a "Buy" rating but lowering the target price from 195 HKD to 166 HKD. The bank raised its capital expenditure estimates for Alibaba's fiscal years 2027 and 2028 to approximately 230 billion yuan and 250 billion yuan respectively, and lowered its adjusted earnings per share forecasts for fiscal years 2027, 2028, and 2029 by 9.6%, 5.6%, and 0.8% respectively.
CSOP HS TECH (03033) faced a net sale of 570 million HKD. Galaxy Securities pointed out that the market needs to reprice the "higher for longer" interest rate environment, and Hong Kong stocks lack trend-driven upward catalysts in the short term. Previously, some funds bet on a rebound once rate hikes were implemented, but the Federal Reserve's September FOMC meeting had a more hawkish tone than market expectations. The bank noted that this means the logic of "bad news priced in" has been broken; uncertainty has not been eliminated but deferred to the fourth quarter.
In addition, Z.AI (02513) received a net purchase of 162 million HKD, while Tencent (00700) and SMIC (00981) faced net sales of 26.66 million HKD and 568 million HKD respectively.