Northbound funds | Northbound trading recorded a net buying of 9.792 billion, with domestic investors increasing their holdings of Hong Kong ETFs on dips. Throughout the day, over 5.1 billion was snapped up in the Tracker Fund of Hong Kong (02800).

On November 12, in the Hong Kong stock market, the net purchase of mainland funds was 9.792 billion Hong Kong dollars. Of this, the net purchase through the Shanghai-Hong Kong Stock Connect was 4.486 billion Hong Kong dollars, and the net purchase through the Shenzhen-Hong Kong Stock Connect was 5.306 billion Hong Kong dollars. The stocks with the highest net purchase by mainland funds were TRACKER FUND OF HONG KONG (02800), Hang Seng H-Share Index ETF (02828), and XIAOMI-W (01810). The stocks with the highest net sale by mainland funds were China Mobile Limited (00941), Semiconductor Manufacturing International Corporation (00981), and SUNAC (01918). The most active traded stocks in the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect were TRACKER FUND OF HONG KONG (02800) and Hang Seng H-Share Index ETF (02828), which received net purchases of 51.15 billion and 8.82 billion Hong Kong dollars respectively. On the news front, on November 12, the offshore renminbi against the US dollar broke through the key levels of 7.23 and 7.24, hitting new lows since early August. Zhongtai International pointed out that Trump's victory and the tendency towards trade protectionism have increased the risk premium of Hong Kong stocks, while strong inflation policies continue to strengthen the US dollar index and US bond yields, further pressuring the liquidity and valuation expansion of Hong Kong stocks. Zhongjin believes that under the benchmark situation, Hong Kong stocks have not fully escaped the range-bound pattern, but the more thorough clearance of valuations and positions, as well as better profit structure, make it more likely to rebound under appropriate catalysts. BABA-W (09988) received a net purchase of 286 million Hong Kong dollars. On the news front, on November 11, the People's Bank of China issued an announcement approving the personal credit business license of Qiantang Credit Information Co., Ltd., which is the third licensed personal credit agency approved in China. It is reported that Qiantang Credit has a registered capital of 1 billion yuan, with Zhejiang Tourism Investment Group Co., Ltd. and Ant Group Co., Ltd. as the largest shareholders, each holding 35%. In addition, rumors of the resumption of the listing of Ant Group have surfaced again, with insiders saying it is "difficult to evaluate." Ping An Insurance (02318) received a net purchase of 141 million Hong Kong dollars. On the news front, Citigroup released a research report, quoting company management as saying that year-on-year NBV growth will be achieved in the first quarter of 2025. At the same time, the company has adjusted the incentive policy for the flagship product "Yuxiang Jinyue" to promote the sale of long-term policies (10 years and above) by agents. In addition, management expects that due to cost savings brought about by the "report and branch unified" agent sales channel since September this year, and the shift in product mix towards longer-term products, profit margins will further improve next year. Tencent (00700) received a net purchase of 70.96 million Hong Kong dollars. On the news front, TENCENT will release its third-quarter financial report on November 13. FIRST SHANGHAI pointed out that game revenue is expected to continue to rise, benefiting from the performance of new and popular products. Advertising business driven by video accounts, revenue will increase year-on-year. Cloud services will pursue high-quality growth, and financial cloud will focus on demand in large model markets. WeChat Pay and Taobao Tmall's interconnection will increase technical service fees. SUNAC (01918) suffered a net sale of 64.29 million Hong Kong dollars. On the news front, according to research data from Ke Rui, it is expected that the supply of new residential properties in 28 key cities in November will be 6.2 million square meters, a decrease of 9% compared to the previous month and 52% year-on-year. The bank believes that as policy stimulus weakens, new housing supply falls, and factors such as reduced marketing activities by real estate companies may have a certain constraint on the rise in November's new housing sales. Zhongyin Securities believes that there is still room for incremental policies. Semiconductor Manufacturing International Corporation (00981) suffered a net sale of 101 million Hong Kong dollars. On the news front, according to media reports, the US Department of Commerce has sent a letter to TSMC, requesting that it stop supplying 7-nanometer and more advanced process AI chips to mainland China customers starting from the 11th. Sources said TSMC has notified affected customers that the shipment of related chips will be suspended from the 11th. There are also reports that the latest control measures only apply to AI/GPU-related chips, and chips used in phones, cars, and communications are not affected. Additionally, XIAOMI-W (01810) received a net purchase of 788 million Hong Kong dollars. China Mobile Limited (00941) and CNOOC (00883) suffered net sales of 751 million and 6.3 million Hong Kong dollars respectively.