Northbound funds | Northbound trading saw a net sell of 4.057 billion yuan. Northbound investors once again aggressively bought tech stocks, selling Hong Kong-listed ETFs like TRACKER FUND OF HONG KONG (02800).

On February 25th, the net selling of Northbound funds in the Hong Kong stock market amounted to 4.057 billion Hong Kong dollars. Among them, the net selling of the Hong Kong Stock Connect (Shanghai) was 5.495 billion Hong Kong dollars, while the net buying of the Hong Kong Stock Connect (Shenzhen) was 1.438 billion Hong Kong dollars. The stocks with the most net buying by Northbound funds are Tencent (00700), MEITUAN-W (03690), and BABA-W (09988). The stocks with the most net selling by Northbound funds are TRACKER FUND OF HONG KONG (02800), Hang Seng H-Share Index ETF (02828), and COSCO Shipping Energy Transportation (01138). Active trading stocks for the Hong Kong Stock Connect (Shanghai) and (Shenzhen) are as follows: Tencent (00700) received a net buying of 0.818 billion Hong Kong dollars. In terms of news, the data from the Spring Festival AI battle finale showed that Tencent focused on ecological positioning in the Spring Festival AI battle: the monthly active users of Yuanbao reached 114 million, with a peak daily active users exceeding 50 million. FIRST SHANGHAI stated that although Yuanbao did not achieve a huge traffic explosion, it relatively cautiously avoided the low ROI of extensive buying consumption. Its core logic is to deposit familiar relationships as AI assets, laying the foundation for the large-scale deployment of WeChat's native Agent in the future, and building a solid ecological barrier. BABA-W (09988) received a net buying of 0.606 billion Hong Kong dollars. In terms of news, on February 25th, after open sourcing Qwen3.5-397B-A17B on New Year's Eve, Alibaba continued to open source the Qwen 3.5 series models. This time, three new models of medium size were open sourced, including Qwen3.5-35B-A3B, Qwen3.5-122B-A10B, and Qwen3.5-27B. Currently, Qwen3.5-Flash has been launched on Alibaba Cloud Bailing, with a token input of as low as 0.2 yuan per million tokens. YOFC (06869) received a net buying of 0.182 billion Hong Kong dollars. In terms of news, driven by the evolution of global AI large models from "parameter competition" to "productivity competition", the core component of the computing power hardware infrastructure, the optical module, has seen a sharp increase in demand. Huaxi stated that the sharp increase in capital expenditures from cloud vendors is positively affecting the entire industry chain. According to "China Optics Valley" news, during the Spring Festival, top companies such as Hgtech and Yangtze Optical Fibre And Cable Joint Stock continued production without stopping. Semiconductor Manufacturing International Corporation (00981) received a net buying of 0.168 billion Hong Kong dollars. In terms of news, Semiconductor Manufacturing International Corporation expects that by 2026, the company's sales revenue growth rate will be higher than the industry average, and capital expenditures will be roughly flat compared to 2025. According to Semiconductor Manufacturing International Corporation's disclosure, the company's capital expenditures in 2025 were $8.1 billion, exceeding the initial expectations for the year. Zhao Haijun stated that this was mainly due to responding to strong customer demand, changes in the external environment, and longer delivery times for equipment. Northbound funds sold Hong Kong stock ETFs, with TRACKER FUND OF HONG KONG (02800), Hang Seng H-Share Index ETF (02828), and CSOP Hang Seng TECH Index ETF (03033) experiencing net selling of 4.41 billion, 1.136 billion, and 0.3 billion Hong Kong dollars respectively. In terms of news, Tianfeng pointed out that in the short term, after the valuation repair in the previous period, the Hong Kong stock market continued its high-level oscillation pattern, with the continuous net inflow of Southbound funds and structural activity providing some support to the market, and the index still showing some resilience and structural opportunities. However, external constraints still exist. In the medium term, the overall judgment of the Hong Kong stock market remains cautious and optimistic, and the structural characteristics superior to the index may continue. COSCO Shipping Energy Transportation (01138) rose and fell today, with Northbound funds net selling 0.357 billion Hong Kong dollars throughout the day. In terms of news, during the Spring Festival, VLCC freight rates rose higher than expected, and overseas oil shipping stocks continued to rise. Guosheng pointed out that if sanctions tighten further, Far East oil importers may further switch to compliant market oil, and sanctioned vessels face the risk of continued decline in operational efficiency and income, benefiting compliant markets. In addition, MEITUAN-W (03690), XIAOMI-W (01810) received net buying of 0.677 billion and 0.538 billion Hong Kong dollars respectively, while CNOOC (00883) experienced net selling of 87.59 million Hong Kong dollars.