Northbound funds | Northbound trading net purchases totaled 1.973 billion, with domestic funds continuing to increase their holdings in technology stocks. They are increasing their positions in Xpeng Motors (09868) before its performance results are released.

On November 19, in the Hong Kong stock market, Beishui had a net buying of 1.973 billion Hong Kong dollars, with a net buying of 0.197 billion Hong Kong dollars in Hong Kong stock connect to Shanghai and a net buying of 1.776 billion Hong Kong dollars in Hong Kong stock connect to Shenzhen. The stocks with the most net buying by Beishui are Tencent (00700), XIAOMI-W (01810), and MEITUAN-W (03690). The stocks with the most net selling by Beishui are TRACKER FUND OF HONG KONG (02800), Hang Seng H-Share Index ETF (02828), and Semiconductor Manufacturing International Corporation (00981). Active stocks in Hong Kong stock connect to Shanghai and Hong Kong stock connect to Shenzhen Beishui continued to increase its holdings in tech stocks, with Tencent (00700), MEITUAN-W (03690), KUAISHOU-W (01024), and BABA-W (09988) receiving net buying of 5.88 billion, 2.68 billion, 1.99 billion, and 1.96 billion Hong Kong dollars respectively. In terms of news, China Securities Co., Ltd. believes that during the correction of Hong Kong stocks, there are both positive and negative factors, so the current correction of Hong Kong stocks should be relatively sufficient. With the recent downward trend of Hong Kong stocks and the divergence between Hong Kong stocks and A-shares, the valuation of Hong Kong stocks and the AH premium once again show high cost performance ratio. Currently, Trump's election victory has had an impact on Hong Kong stocks, but in the medium term, Trump's policy proposals are conducive to the liquidity of Hong Kong stocks. After the short-term impact ends, Hong Kong stocks may usher in a rising market, making it a very cost-effective time to invest in Hong Kong stocks, with the tech sector being the most recommended. XPENG-W (09868) received a net buying of 1.85 billion Hong Kong dollars. In terms of news, XPENG Motors announced its performance after hours, with revenue of 10.1 billion yuan in the third quarter, an 18.4% year-on-year increase and a 24.5% increase from the previous quarter; a net loss of 1.81 billion yuan in the third quarter, compared to a loss of 3.89 billion yuan in the same period last year; a quarterly gross profit margin of 15.3%. In the third quarter of 2024, the non-GAAP net loss was 1.53 billion yuan, compared to a loss of 2.79 billion yuan in the same period last year, and XPENG Motors' total vehicle deliveries in the third quarter of 2024 were 46,533 vehicles, an increase of 16.3% from 40,008 vehicles in the same period last year. CNOOC (00883) received a net buying of 1.46 billion Hong Kong dollars. In terms of news, HAITONG INT'L previously stated that CNOOC achieved operating income of 326.024 billion yuan in the first three quarters of this year, an increase of 6.26% year-on-year; net profit attributable to shareholders of the parent company was 116.659 billion yuan, an increase of 19.47% year-on-year. The bank pointed out that in the third quarter of this year, the average price of Brent crude oil was 78.71 US dollars per barrel, a year-on-year decrease of 8.40%, putting some pressure on the profitability of the oil and gas extraction business. But by reducing costs and increasing production, the company continued to achieve year-on-year growth in net profit. China Mobile Limited (00941) faced a net selling of 48.3 million Hong Kong dollars. In terms of news, it was reported that China Mobile Limited is willing to offer at least 5 Hong Kong dollars per share to acquire the shares held by HKBN's major shareholders, which would value the company at more than 6.5 billion Hong Kong dollars. HKBN recently announced its annual performance up to the end of August this year, with revenue of 10.651 billion Hong Kong dollars, a 9% decrease year-on-year. Shareholders' attributable surplus was 10.277 million Hong Kong dollars, a turnaround from a loss of 1.267 billion Hong Kong dollars in the same period last year. Semiconductor Manufacturing International Corporation (00981) faced a net selling of 37.18 million Hong Kong dollars. According to recent media reports, the U.S. Department of Commerce has sent a letter to TSMC, requesting the suspension of supply of 7-nanometer and more advanced AI chips to mainland Chinese customers starting on the 11th. Sources said that TSMC has informed affected customers that shipments of the relevant chips will be suspended from the 11th onwards. There are also reports that the latest control measures only apply to AI/GPU-related chips, and chips used in mobile phones, cars, and communications are not affected. Hong Kong ETFs were sold off by Beishui, with TRACKER FUND OF HONG KONG (02800) and Hang Seng H-Share Index ETF (02828) facing net selling of 2.453 billion and 1.089 billion Hong Kong dollars respectively. In terms of news, China Galaxy Securities pointed out that Trump's election as U.S. president will increase the risk of reflation in the United States, and the pace of rate cuts by the Federal Reserve may slow down, bringing some pressure on the liquidity of the Hong Kong stock market. However, Hong Kong stock valuations have fallen to relatively low levels, with profitability showing some resilience, and the key to the future market trend lies in the strength of domestic stable growth policies and the pace of economic fundamentals recovery. In addition, XIAOMI-W (01810) received a net buying of 400 million Hong Kong dollars, while SUNAC (01918) faced a net selling of 25.81 million Hong Kong dollars.