Northbound funds | Northbound trading net buying of 7.59 billion yuan, continue to chase the concept of innovative medicine, and sell nearly 1.9 billion Hong Kong dollars of Tencent (00700).

In the Hong Kong stock market on June 10th, Beishui had a net buy of 7.59 billion Hong Kong dollars, with a net buy of 4.795 billion Hong Kong dollars in Hong Kong Stock Connect (Shanghai) and a net buy of 2.796 billion Hong Kong dollars in Hong Kong Stock Connect (Shenzhen). The top stocks with the most net buy from Beishui were MEITUAN-W (03690), CSPC PHARMA (01093), and INNOVENT BIO (01801). The top stocks with the most net sell from Beishui were Tencent (00700), XIAOMI-W (01810), and BABA-W (09988). Active trading stocks in Hong Kong Stock Connect (Shanghai) Active trading stocks in Hong Kong Stock Connect (Shenzhen) MEITUAN-W (03690) received a net buy of 985 million Hong Kong dollars. Tianfeng pointed out that in the long run, the core competitiveness of Meituan lies in its strong merchant base and the accumulation of real user reviews for decades. The company's own moat remains solid. In the future, Meituan's core local business profitability is expected to continue to strengthen, and new businesses are expected to continue narrowing losses. CSPC PHARMA (01093) received a net buy of 761 billion Hong Kong dollars. BOCOM INTL previously mentioned that the company is expected to achieve three large-scale overseas licensing transactions this year, each involving over 5 billion US dollars. With the strengthened promotion of Enbipu, Duomei Special's centralized procurement, and the reduced impact of the company's channel destocking, the bank expects more BD revenue to be confirmed in the future for CSPC. INNOVENT BIO (01801) received a net buy of 761 million Hong Kong dollars. JP Morgan stated that at this year's ASCO meeting, after the data of INNOVENT BIO IBI363 exceeded the expected overall survival period (OS), the bank expects continued clinical catalysts to further drive the performance of INNOVENT BIO. Key catalysts include the clinical data updates of IBI363, especially its US data and new indications data, as well as initial stage data of early innovative drugs. If the preliminary data of these early drugs prove to be outstanding, the market may assign higher value to these candidate drugs, evaluating their potential similarity to IBI363. Credit Suisse aims to have five drugs enter global Phase III multi-regional clinical trials (MRCT) by 2030. XTALPI (02228) received a net buy of 114 million Hong Kong dollars. Soochow previously released a research report stating that policy dividends drive short-term growth, while customer retention and incubation of companies drive medium to long-term growth. In recent years, the country and various local governments have continued to pay attention to the industrial applications of AI and Siasun Robot & Automation. The company's products involve applications in the fields of AI+, Siasun Robot & Automation+ in areas such as pharmaceuticals and materials, which can fully benefit from the opportunities brought by policy dividends, leading to rapid growth in the short term. With continued customer retention and smooth progress in the pipeline of incubated companies, the company's medium to long-term growth ceiling is expected to further open up. Tencent (00700) and BABA-W (09988) were net sold for 1.891 billion and 771 million Hong Kong dollars respectively. HSBC published a research report stating that due to lower-than-expected capital expenditure and cloud revenue growth, market confidence in the AI industry has been shaken. However, with the accelerated growth of cloud business and the gradual integration of AI technology into core business, market confidence is expected to gradually recover. The long-term growth potential of AI is still highly regarded, especially with the drive of cloud services and improving user metrics. Additionally, Bank of China (03988) received a net buy of 31.05 million Hong Kong dollars, while XIAOMI-W (01810) was net sold for 899 million Hong Kong dollars.