Northbound funds | Northbound trading recorded a net buying of 3.387 billion yuan, e-commerce expected to return to a healthy competition, Northbound trading increased its position in Alibaba (09988) by over 1.6 billion Hong Kong dollars.

In the Hong Kong stock market on April 24th, Beishui had a net buying of 3.387 billion Hong Kong dollars, with a net buying of 3.89 billion Hong Kong dollars through the Shanghai-Hong Kong Stock Connect, and a net selling of 0.503 billion Hong Kong dollars through the Shenzhen-Hong Kong Stock Connect. The stocks with the most net buying by Beishui were BABA-W (09988), MEITUAN-W (03690), and XPENG-W (09868). The stocks with the most net selling by Beishui were China Mobile Limited (00941), CNOOC (00883), and Tencent (00700). Active trading stocks in the Shanghai-Hong Kong Stock Connect: Active trading stocks in the Shenzhen-Hong Kong Stock Connect: BABA-W (09988) had a net buying of 1.61 billion Hong Kong dollars. According to financial media reports, various e-commerce platforms such as Pinduoduo, Taobao, Douyin, Kuaishou, and JD.com will comprehensively cancel the "refund only" policy, allowing consumers to apply for refunds without returning the goods, which will be handled independently by merchants. Industry insiders believe that the comprehensive cancellation of "refund only" by e-commerce platforms in the future will lead to healthy competition and significant implications. In addition, recently, Chinese cross-border e-commerce apps have seen a rapid increase in popularity, with Dunhuang.com's transaction volume increasing by over 100% in 97 countries, and the download volume of Taobao and Alibaba International Station ranking among the top three free shopping apps on the US App Store. MEITUAN-W (03690) had a net buying of 1.312 billion Hong Kong dollars. Citigroup released a research report stating that Meituan does not face the risk of ADR delisting, and its business revenue does not rely on the US market, providing the company with more stability and certainty for development. UBS predicts that Meituan's food delivery orders will grow by 10% this year to 66 million per day, which may require increased user subsidies to defend market share, with expected additional spending of about 5 billion yuan, equivalent to about 10% of adjusted net profit. XPENG-W (09868) had a net buying of 256 million Hong Kong dollars. On April 23rd, He Xiaopeng, Chairman and CEO of Xiaopeng Motors, announced at the 2025 Shanghai Auto Show that the Xiaopeng P7+ Long Range Max flagship version was officially launched at a price of 208,800 yuan. At the same time, the Xiaopeng Siasun Robot & Automation IRON with 60 movable joints made its debut at the event. It was reported that the Xiaopeng humanoid Siasun Robot & Automation had entered the factory training stage, aiming for mass industrial production by 2026. Chifeng Jilong Gold Mining (06693) had a net buying of 40.25 million Hong Kong dollars. According to recent announcements by the Shanghai and Shenzhen Stock Exchanges, Chifeng Jilong Gold Mining has been included in the Hong Kong Stock Connect list, effective from April 7th. Guosen pointed out that considering the company's firm pace of international development, gold production is expected to continue to grow, with potential for lower production costs and high profit elasticity from gold prices. CITIC Futures stated that it remains optimistic about gold in the long run. This week, the focus will be on US April PMI data and signals from the Federal Reserve, with weak economic data or strengthening rate cut expectations likely to drive gold prices back to highs. CNOOC (00883) had a net selling of 283 million Hong Kong dollars. On the news front, international oil prices fell sharply on Wednesday, with WTI June crude oil futures closing down 2.20% at $62.27 per barrel, and Brent June crude oil futures closing down 1.96% at $66.12 per barrel. It was reported that several OPEC+ countries are seeking further expansion of production quotas in June, while Kazakhstan has expressed negative comments on cuts. BOC International stated that due to an 8% year-on-year drop in the average price of Brent oil in the first quarter of this year, PetroChina's top three sectors are expected to see a year-on-year profit decline during the same period. China Mobile Limited (00941) had a net selling of 357 million Hong Kong dollars. China Mobile Limited reported operating revenue of 263.8 billion yuan in the first quarter, a year-on-year increase of 0.02%; net profit attributable to shareholders was 30.6 billion yuan, a year-on-year increase of 3.45%. Sinolink believes that the incremental growth in the telecom industry by February 2025 did not increase revenue, as the Ministry of Industry and Information Technology reported that telecom revenue only increased by 0.9% year-on-year, far below the industry's total volume growth rate of 7.6% during the same period. The company's main operating income growth rate has also slowed down, with first-quarter 2025 main operating income of 222.4 billion yuan, a year-on-year increase of 1.4%. The company's net cash flow from operating activities in the first quarter of 2025 fell by 45% year-on-year, mainly due to the company accelerating payments to small and medium-sized enterprises and migrant workers, fulfilling social responsibilities. In addition, INNOVENT BIO (01801) had a net buying of 58.27 million Hong Kong dollars, while Tencent (00700), Semiconductor Manufacturing International Corporation (00981), and XIAOMI-W (01810) had net sellings of 283 million, 250 million, and 105 million Hong Kong dollars respectively.