Northbound funds | Net purchases of Northern Water reached 29.626 billion, with a single-day net purchase amount hitting a historical high. Domestic funds are rushing to buy TRACKER FUND OF HONG KONG (02800), with nearly 10.4 billion Hong Kong dollars.

In the Hong Kong stock market on March 10, Beishui's net buying was 29.626 billion Hong Kong dollars, setting a new record for single day net buying. Of this, the net buying of Hong Kong Stock Connect (Shanghai) was 17.997 billion Hong Kong dollars, and the net buying of Hong Kong Stock Connect (Shenzhen) was 11.629 billion Hong Kong dollars. The stocks that received the most net buying from Beishui were TRACKER FUND OF HONG KONG (02800), Hang Seng H-Share Index ETF (02828), BABA-W (09988). The stock that received the most net selling from Beishui was Semiconductor Manufacturing International Corporation (00981). Active trading stocks in Hong Kong Stock Connect (Shanghai) Active trading stocks in Hong Kong Stock Connect (Shenzhen) Throughout the day, Beishui funds rushed to buy Hong Kong ETFs, with TRACKER FUND OF HONG KONG (02800) and Hang Seng H-Share Index ETF (02828) receiving net buying of 10.399 billion and 5.534 billion Hong Kong dollars respectively. On the news side, Huatai believes that the two sessions set the tone for continuing stability and progress, and the policy attitude boosts market sentiment. Multiple factors are driving overseas liquidity towards slight easing, and Hong Kong stocks may welcome a phase of "tailwind". Considering the stabilization of the domestic economy, the accelerated implementation of AI applications, strong performance of leading technology companies in their financial reports, among other factors, the short-term outlook for Hong Kong stocks should not be pessimistic, and the medium to long-term outlook remains optimistic about the revaluation trend of Chinese assets. BABA-W (09988) received net buying of 2.918 billion Hong Kong dollars. On the news side, China Securities Co., Ltd. pointed out that DeepSeek's technological innovation with Alibaba is leading the transformation of the domestic AI industry. DeepSeek's open source initiative promotes the development and competition of domestic CSP companies, benefiting Alibaba as a major player in this area. The firm stated that AI is driving the growth of Alibaba Cloud, and Alibaba's collaboration with Apple focuses on enhancing user experience at the end-user side using AI technology, leading to new growth opportunities. The potential of the AI application market is huge, and gradual contributions from it will provide growth momentum. Alibaba is deeply involved in self-developed models, focusing on specific scenarios and intelligent body development, accelerating the implementation of AI applications, while using AI to empower C-end products, establishing an intelligent information business group, driving new traffic entry points through data integration and AI technology, and further enhancing user reach efficiency. Tencent (00700) received net buying of 2.043 billion Hong Kong dollars. On the news side, Huachuang Securities believes that Tencent itself possesses one of the strongest internet scenes, including the core applications WeChat and QQ. This round of DeepSeek and other open source large model initiatives is expected to significantly improve the capacity of the underlying models. It is optimistic about the user experience innovation brought about by 25 years of top-down AI transformation of products, which will open up incremental commercial space and drive valuation improvements. China Mobile Limited (00941) received net buying of 466 million Hong Kong dollars. On the news side, UBS previously stated that telecom operators are beneficiaries of increased AI capital expenditure and demand. Among the three major Chinese telecom companies, China Telecom Corporation has the highest service revenue exposure in the cloud and data center , accounting for 20%, China Mobile Limited and Unicom account for 12% to 13%. The firm believes that the risk of rising capital expenditure in telecommunications stocks is manageable, with China Mobile Limited having the highest combination of 5G capital expenditure, and believes that its capital expenditure or free cash flow is the most defensive against the backdrop of increasing AI capital expenditure. KUAISHOU-W (01024) received net buying of 377 million Hong Kong dollars. On the news side, Citi previously released a research report stating that Kuaishou's stock price rose more than 13% last Thursday. The bank believes that the potential benefits from the Chinese government's commitment to support artificial intelligence this year, combined with the mention of "Ke Ling large model" by central officials at a press conference. Citi noted that Ke Ling's large models are among the best in the world in video generation models, with good growth momentum in global and domestic professional and enterprise user scale. The bank sees Ke Ling's large model as a good entry point for Kuaishou in the field of artificial intelligence. XPENG-W (09868) received net buying of 247 million Hong Kong dollars. On the news side, Xiaopeng Motors announced that the 2025 Xiaopeng Motors Spring Conference will be held on March 13, where the 2025 Xiaopeng G6 and Xiaopeng G9 will be officially launched. It is worth noting that Xiaopeng Motors Chairman He Xiaopeng previously stated that Xiaopeng is looking forward to the mass production of industrial L3 level humanoid Siasun Robot & Automation next year; in 2026, Xiaopeng plans to mass produce a split-type flying car "Land Aircraft Carrier". In addition, MEITUAN-W (03690) and XIAOMI-W (01810) received net buying of 562 million and 278 million Hong Kong dollars respectively. While Semiconductor Manufacturing International Corporation (00981) experienced net selling of 463 million Hong Kong dollars.