"Major Banks" Guosen Securities lists the top ten stocks for net inflow and outflow of foreign capital in Hong Kong stocks for the first quarter (Table)

Guotai Junan Securities published a report stating that in the first quarter of this year, the scale of foreign capital outflow from Hong Kong stocks has narrowed marginally, while the pricing power of Hong Kong stocks continues to weaken. According to the stockholding details data from the Central Clearing and Settlement System of the Hong Kong Stock Exchange, foreign capital continued to flow out of Hong Kong stocks at approximately HKD 85 billion in the first quarter of this year, a decrease compared to the outflow scale in the fourth quarter of last year. Structurally, in the first quarter of 2026, foreign capital mainly flowed into non-ferrous metals and pharmaceuticals, while the pricing power in the electrical equipment and semiconductor sectors has increased.

In terms of inflows, long-term foreign capital mainly flowed into non-ferrous metals and biopharmaceuticals in the first quarter of this year, while short-term foreign capital mainly flowed into semiconductors and textiles and apparel in the first quarter of 2026. In terms of outflows, long-term foreign capital mainly flowed out of software services and hardware equipment in the first quarter of 2026, while short-term foreign capital mainly flowed out of consumer discretionary retail and software services in the first quarter of 2026. Additionally, from the marginal changes in pricing power in the first quarter of 2026, the foreign capital's HALO (heavy asset, low elimination) trading model may be more prominent in Hong Kong stocks.

The firm listed the top ten stocks with net inflows and outflows of foreign capital in Hong Kong stocks for the first quarter:

(1) Top 10 stocks with net inflows of foreign capital in Hong Kong stocks for the first quarter

Stock│Net inflow amount of foreign capital

Zijin Mining (02899.HK)│HKD 8.6 billion

China Mobile (00941.HK)│HKD 8.31 billion

Southern Eastern FTSE Hong Kong Stock ETF (03443.HK)│HKD 8.13 billion

SMIC (00981.HK)│HKD 7.86 billion

Southern Eastern Hang Seng Technology ETF (03033.HK)│HKD 5.32 billion

Innovent Biologics (01801.HK)│HKD 5.13 billion

Chalco (02600.HK)│HKD 4.77 billion

China Molybdenum (03993.HK)│HKD 4.19 billion

China Minmetals (01208.HK)│HKD 4.12 billion

China Hongqiao (01378.HK)│HKD 3.99 billion

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(2) Top 10 stocks with net outflows of foreign capital in Hong Kong stocks for the first quarter

Stock│Net outflow amount of foreign capital

Tencent (00700.HK)│-HKD 50.08 billion

Xiaomi-W (01810.HK)│-HKD 35.51 billion

Alibaba-W (09988.HK)│-HKD 16.49 billion

Pop Mart (09992.HK)│-HKD 14 billion

HSBC (00005.HK)│-HKD 12.22 billion

Meituan-W (03690.HK)│-HKD 11.17 billion

Tracker Fund of Hong Kong (02800.HK)│-HKD 7.08 billion

iShares Core MSCI Asia (ex-Japan) Index ETF (03010.HK)│-HKD 6.44 billion

Beike-W (02423.HK)│-HKD 6.21 billion iShares Core MSCI China ETF (02801.HK) │ - HKD 5.99 billion