Northbound funds | Northbound turnover reached net buying of 11.9 billion yuan, technology stocks received additional holdings, CSOP Hang Seng TECH Index ETF (03033) faced selling pressure from domestic investors.

In the Hong Kong stock market on February 28th, Northbound funds had a net purchase of 11.9 billion Hong Kong dollars, with 5.603 billion Hong Kong dollars through the Shanghai-Hong Kong Stock Connect and 6.298 billion Hong Kong dollars through the Shenzhen-Hong Kong Stock Connect. The stocks with the most net purchases by Northbound funds were Tencent (00700), BABA-W (09988), and China Mobile Limited (00941). The stocks with the most net sales by Northbound funds were CSOP Hang Seng TECH Index ETF (03033), BYD ELECTRONIC (00285), and LI AUTO-W (02015). Active trading stocks in the Shanghai-Hong Kong Stock Connect: Active trading stocks in the Shenzhen-Hong Kong Stock Connect: Tencent (00700) had a net purchase of 1.489 billion Hong Kong dollars. According to reports, several applications under Tencent have started integrating DeepSeek, which is expected to significantly accelerate the penetration rate of AI in China. BABA-W (09988) had a net purchase of 1.488 billion Hong Kong dollars. Honor announced a cooperation with Alibaba in the field of AI to provide services for global users, with various language and visual understanding models already integrated into the Honor YOYO AI assistant. China Mobile Limited (00941) had a net purchase of 469 million Hong Kong dollars. UBS released a research report stating that telecommunications companies are major data center suppliers for large-scale cloud and internet companies, which could benefit from rising internet data center revenue. SUNAC (01918) had a net purchase of 172 million Hong Kong dollars. A political meeting emphasized stabilizing the property and stock markets and preventing and resolving risks in key areas. Huatai also mentioned that concerns about risks from top real estate companies are gradually easing. In the automotive sector, there was divergence with XPENG-W (09868) receiving a net purchase of 83.51 million Hong Kong dollars, while LI AUTO-W (02015) had a net sale of 206 million Hong Kong dollars. CSOP Hang Seng TECH Index ETF (03033) had a net sale of 1.234 billion Hong Kong dollars. Guoyuan International believes that the current uncertainty in the overseas environment may bring volatility to the Hong Kong stock market in the short term. Additionally, XIAOMI-W (01810) and MEITUAN-W (03690) had net purchases of 51.51 million and 16.37 million Hong Kong dollars respectively, while BYD ELECTRONIC (00285) and Semiconductor Manufacturing International Corporation (00981) had net sales of 495 million and 72.72 million Hong Kong dollars respectively.