Beishui Movement | Beishui's net buying reached 26.04 billion, domestic investors continue to grab Alibaba while selling Tracker Fund all day

According to the Zhitong Finance and Economics APP, on September 19th, in the Hong Kong stock market, Beishui had a net purchase of HKD 2.604 billion. Among them, the Shanghai-Hong Kong Stock Connect had a net sell of HKD 0.233 billion, and the Shenzhen-Hong Kong Stock Connect had a net purchase of HKD 2.837 billion.

The stocks with the highest net purchases by Beishui were Alibaba-W (09988), Hong Kong Exchanges and Clearing Limited (00388), and Xiaomi Corporation-W (01810). The stocks with the highest net sales by Beishui were Tracker Fund (02800), CNOOC Limited (00883), and China Mobile Limited (00941).

Active trading stocks in the Shanghai-Hong Kong Stock Connect

Active trading stocks in the Shenzhen-Hong Kong Stock Connect

Alibaba-W (09988) received a net purchase of HKD 3.682 billion. On the news front, CICC International stated that the physical e-commerce online retail sales in August increased by 4.1% year-on-year after adjustment, compared to 8.1% and 6.4% increases in July and the second quarter, respectively. The bank pointed out that Alibaba's market share under Taobao remains stable, and the bank expects a high single-digit growth in GMV in September quarter, considering the gradual realization of the overall promotion effect and the collection of technical service fees from Taobao/Xianyu merchants starting in September, monetization will continue to advance over the next few quarters. It is worth noting that last week, a total of HKD 16.42 billion of southbound funds flowed into Alibaba.

Hong Kong Exchanges and Clearing Limited (00388) received a net purchase of HKD 0.4 billion. On the news front, Charles Li, CEO of Hong Kong Exchanges and Clearing Limited, pointed out after the listing ceremony of Meituan in the US that a wave of large new listings will follow, with Hong Kong's fundraising size reaching USD 20 billion so far this year. There are currently about 100 listing applications waiting to be processed, including applications planning to raise USD 1 billion. In addition, Bank of America Securities previously stated that it is estimated that the Fed's rate cut will have a positive impact on trading volume.

Li Auto-W (02015) suffered a net sell of HKD 0.196 billion. On the news front, TF Securities pointed out that concerns about subsequent consumption momentum at the trading level led to an oversold situation after the financial report. In fact, automobile consumption showed a slight recovery trend in July under the stimulus of the old-for-new policy. The continuity of market demand thereafter is difficult to judge, but the company's fundamentals in the third and fourth quarters are expected to gradually improve. In addition, with the accelerated introduction of subsidies and preferential policies in various regions, it is expected to enhance the overall demand side momentum. The bank expects the automobile gross profit margin to further release, judging that Li Auto is expected to release elasticity from gross profit and net profit in the second half of the year China Construction Bank (00939) suffered a net sell-off of HKD 283 million. On the news front, on September 19, the Federal Reserve announced a 50 basis point rate cut. Analysis indicates that the probability and magnitude of LPR rate cuts from September to the end of the year will increase; the possibility of a reduction in existing home loan rates will also increase. Credit Suisse stated that the rate cut in the United States may slightly benefit high-quality value stocks in Hong Kong; they are waiting for details on the mainland's mortgage rate cuts, with experts estimating that it should be implemented soon. If policies can effectively alleviate the net interest margin losses of state-owned banks.

CNOOC Limited (00883) suffered a net sell-off of HKD 562 million. On the news front, the Federal Reserve chose to cut rates significantly by 50 basis points at the September rate decision, but also lowered growth expectations for several economic indicators, triggering a return of recession trading in overseas markets. Citigroup pointed out that with the deterioration of the global oil supply-demand balance in most scenarios by 2025, it still expects new price weakness in 2025, with Brent crude oil prices heading towards $60 per barrel. Li Yunxu, an energy analyst at Guotai Junan Futures, pointed out that total U.S. crude oil and petroleum product inventories have risen so far this year. Data also shows that U.S. oil products have not effectively reduced inventory since the third quarter.

Tracker Fund (02800) suffered a net sell-off of HKD 1.442 billion. On the news front, the Federal Reserve cut rates for the first time since March 2020. Ping An Securities stated that the key to further sustained upside in Hong Kong stocks lies in the degree of domestic policy easing and the recovery of domestic economic momentum. If domestic policies continue to strengthen, it will be beneficial for more funds to flow into Hong Kong stocks, providing more support for a rebound in Hong Kong stocks; if the easing is limited, Hong Kong stocks may still experience more of a volatile market.

In addition, Xiaomi Corporation-W (01810) saw a net buy-in of HKD 118 million. While China Mobile (00941) and Tencent (00700) suffered a net sell-off of HKD 144 million