Northbound funds | Northbound trading net sold 4.308 billion, Hang Seng Index broke through the 19,000 mark, Northbound funds scrambled to acquire Hong Kong Stock Exchange (00388) with over 1.1 billion Hong Kong dollars.

On September 24, in the Hong Kong stock market, the net sales of Beishui amounted to 4.308 billion Hong Kong dollars, with a net selling of 3.541 billion Hong Kong dollars in Hong Kong Stock Connect (Shanghai) and 0.768 billion Hong Kong dollars in Hong Kong Stock Connect (Shenzhen). The stocks with the most net purchases by Beishui were BABA-W (09988), Hong Kong Exchange (00388), and KUAISHOU-W (01024). The stocks with the most net sales by Beishui were TRACKER FUND OF HONG KONG (02800), Tencent (00700), and China Mobile Limited (00941). Active turnover stocks in Hong Kong Stock Connect (Shanghai). Active turnover stocks in Hong Kong Stock Connect (Shenzhen). BABA-W (09988) received a net purchase of 3.058 billion Hong Kong dollars. According to Goldman Sachs, Alibaba's Gross Merchandise Volume (GMV) growth is accelerating again, and its growth adjustments and user-first strategy indicate that the priority of developing core business in Taobao and Tmall is on the right track. The upgrade of Alibaba's advertising technology tools and the growth in customer management revenue (CMR) brought by recent software service fees will drive profit stability in the second half of the 2025 fiscal year. The bank continues to expect that Alibaba's earnings per share will undergo a transformation from the third quarter of the fiscal year ending December 2024 to the quarter ending March 2025 and beyond to 2026, while the revenue growth recovery will bring greater valuation repair space. Hong Kong Exchange (00388) received a net purchase of 1.185 billion Hong Kong dollars. On September 24, the State Council Information Office held a press conference. The central bank announced multiple heavyweight policies. Stimulated by the news, the Hang Seng Index surged 4% today, breaking through the 19,000 mark. Central International previously stated that policy expectations are expected to continue to support the performance of Hong Kong stocks in the short term. In addition, the Federal Reserve announced a 50 basis point rate cut, and HSBC expects Hong Kong Exchange revenue, market valuations, fundraising, etc. to benefit from the rate cut cycle. KUAISHOU-W (01024) received a net purchase of 2.84 billion Hong Kong dollars. Macquarie previously stated in a research report that short video business is becoming a new growth driver for Kuaishou, with strong user attraction that can divert users to their platform, forming a closed loop and bringing external growth, Management believes that short videos have significant commercial potential and expects significant growth next year, driving revenue and profit steady growth. Although the market's concerns about live e-commerce have increased, Kuaishou management still believes that GMV and user traffic can maintain resilience, maintaining a target of 17% year-on-year growth in GMV. MNSO (09896) received a net purchase of 1.62 billion Hong Kong dollars. MNSO announced plans to acquire 29.4% of Yonghui Superstores' shares for about 6.3 billion RMB, with the transaction expected to be completed in the first half of 2025. After the acquisition, MNSO will become the largest shareholder of Yonghui Superstores, but will not control the board of directors and therefore will not be consolidated. Huatai pointed out that this acquisition will enable the company to carry out business synergy with Yonghui in multiple dimensions such as products, channels, and supply chains. During this process, the company's management will continue to focus on the core brands Miniso and TOPTOY, rapidly penetrate domestic and foreign stores, optimize store UE, and improve overall OPM. China Construction Bank Corporation (00939) suffered a net selling of 90.23 million Hong Kong dollars. Today, the central bank also announced several heavyweight policies. People's Bank of China Governor Pan Gongsheng said it will reduce the central bank's policy rate, lowering the 7-day reverse repurchase operation rate by 0.2 percentage points from the current 1.7% to 1.5%, guiding loan market quoted interest rates and deposit rates to simultaneously decrease, maintaining stable net interest margins for commercial banks. Pan Gongsheng said that this rate reduction will have a generally neutral impact on bank net interest margins and a neutral impact on bank earnings. TRACKER FUND OF HONG KONG (02800) surged over 4% today, with some domestic investors selling off and a net sale of 3.611 billion Hong Kong dollars throughout the day. In the morning, People's Bank of China Governor Pan Gongsheng, along with National Financial Supervision and Administration Director Li Yunze and China Securities Regulatory Commission Chairman Wu Qingqi, gathered at the State Council Information Office to introduce the relevant situation of financial support for high-quality economic development and issued a series of heavyweight financial policies. Zhongjin said that Hong Kong stocks will benefit in the long term from domestic CKH HOLDINGS policies, focusing on interest rate-sensitive growth stocks. In addition, Tencent (00700), China Mobile Limited (00941), and CNOOC (00883) suffered net sales of 800 million, 544 million, and 133 million Hong Kong dollars, respectively.