Northbound funds | Northbound trading volume net purchases of 33.99 billion yuan, domestic capital buys Alibaba (09988) again with over 38 billion yuan, two-week net purchases nearly 24 billion Hong Kong dollars.

On September 20th, the Hong Kong stock market saw a net purchase of 3.399 billion Hong Kong dollars by mainland institutional investors, with a net purchase of 222 million Hong Kong dollars through the Shanghai-Hong Kong Stock Connect and a net purchase of 3.177 billion Hong Kong dollars through the Shenzhen-Hong Kong Stock Connect. The stocks with the most net purchases by mainland institutional investors were BABA-W (09988), Hong Kong Exchanges and Clearing Limited (00388), and KUAISHOU-W (01024). The stocks with the most net sales by mainland institutional investors were Tencent Holdings Limited (00700), China Construction Bank Corporation (00939), and LI AUTO-W (02015). Among the active trading stocks through the Shanghai-Hong Kong Stock Connect were BABA-W (09988), which saw a net purchase of 3.811 billion Hong Kong dollars. Alipay Cloud released a new open source model, Qwen2.5, at the 2024 Cloud Eco Summit, which includes various language, multimodal, mathematical, and code models, with flagship model Qwen2.5-72B outperforming Llama 405B. With Alibaba entering the Hong Kong Stock Connect list, mainland institutional investors have cumulatively invested nearly 24 billion Hong Kong dollars. Hong Kong Exchanges and Clearing Limited (00388) saw a net purchase of 376 million Hong Kong dollars. HKEX CEO Charles Li stated that large IPOs are expected in the coming months, with Hong Kong's fundraising volume reaching 20 billion US dollars this year and around 100 listing applications pending, including some looking to raise 1 billion US dollars. In addition, the Fed's decision to cut interest rates by 50 basis points is expected to benefit HKEX's revenue, market valuation, and fundraising in the long run. KUAISHOU-W (01024) saw a net purchase of 288 million Hong Kong dollars. Morgan Stanley released a report stating that short video business is driving Kuaishou's growth, attracting users and driving growth in revenue and profits. Despite concerns about live streaming e-commerce, Kuaishou's management believes in the resilient growth of GMV and user traffic. WUXI BIO (02269) saw a net purchase of 263 million Hong Kong dollars. According to reports, the US Senate has released the final NDAA. Citigroup believes that WuXi AppTec and WUXI BIO's stock prices are undervalued. CSPC PHARMA (01093) saw a net purchase of 91.22 million Hong Kong dollars. China National Offshore Oil Corporation (00883) saw a net sale of 75.33 million Hong Kong dollars. LI AUTO-W (02015) saw a net sale of 145 million Hong Kong dollars. China Construction Bank Corporation (00939) saw a net sale of 347 million Hong Kong dollars. In addition, China Mobile Limited (00941) and Tencent Holdings Limited (00700) saw net sales of 52.39 million and 1.046 billion Hong Kong dollars, respectively.