Northbound funds | Northbound trading recorded a net sell of HKD 3.568 billion. Northbound funds increased their position in AIA (01299) by over HKD 700 million, while continuing to sell off AI hardware stocks.

On October 16 in the Hong Kong stock market, northbound trading recorded a net sell of HKD 3.568 billion. Among this, Shanghai Connect recorded a net sell of HKD 2.066 billion, and Shenzhen Connect recorded a net sell of HKD 1.503 billion. The stocks with the largest net buys by northbound funds were AIA (01299), Tencent (00700), and CHINAHONGQIAO (01378). The stocks with the largest net sells by northbound funds were KB LAMINATES (01888), BABA-W (09988), and CNOOC (00883). Active stocks on Shanghai Connect Active stocks on Shenzhen Connect AIA (01299) received net buys of HKD 763 million. Citi recently stated that it expects AIA's overall new business value to slightly contract by 2.6% year-on-year in the third quarter on a constant currency basis, and to decline by 2% year-on-year on an actual currency basis. It expects the base effect to normalize in the fourth quarter and resume steady growth, and maintains a positive medium-term outlook, benefiting from operational resilience, sustainable growth, and gradual improvement in operating profit after tax per share and dividends. Tencent (00700) received net buys of HKD 388 million. On October 14, two of Tencent's leading office products by user scaleWeCom and WorkBuddyjointly released new versions, achieving deep two-way integration. After this upgrade, WorkBuddy officially entered the WeCom address book and can access WeCom's work context, with the two sharing a single WeCom account system. This update combines Tencent's long-accumulated connectivity capabilities with the understanding and execution capabilities of agents, deeply integrating into actual enterprise scenarios. CHINAHONGQIAO (01378) received net buys of HKD 66.46 million. In recent years, Guinea has become an important source of bauxite imports for China. Citi pointed out that most of the growth in Guinea's bauxite production and exports comes from the SMG/WAP project led by CHINAHONGQIAO, the world's largest aluminum producer. Chinese smelters have effectively achieved "upstream integration," reducing demand for traded bauxite, thereby structurally suppressing bauxite prices, which is favorable for profit margins. YOFC (06869), Semiconductor Manufacturing International Corporation (00981), and KB LAMINATES (01888) were net sold HKD 28.39 million, HKD 55.86 million, and HKD 305 million, respectively. Anthropic disclosed its latest financial data at an IPO investor meeting. Although revenue continues to grow rapidly, the growth rate in the third quarter slowed compared with the second quarter, and some potential investors believe its IPO valuation expectations may need to be lowered. At the same time, the CEOs of Broadcom and Intel both warned on Monday this week that financing issues could become a major obstacle to AI expansion. In addition, BABA-W (09988) and CNOOC (00883) were net sold HKD 250 million and HKD 209 million, respectively.