Trends in Beishui | Beishui's net purchase of 1.54 billion yuan in technology and domestic bank stocks clearly diverged, and Beishui raised more than HK$1.1 billion for Xiaomi (01810)
The Zhitong Finance App learned that on December 8, the Hong Kong Stock Exchange had a net purchase of HK$1.54 billion, of which Hong Kong Stock Connect (Shanghai) had a net purchase of HK$1,108 billion and the Hong Kong Stock Connect (Shenzhen) transaction made a net purchase of HK$432 million.
The individual stocks that Beishui Net bought the most were Xiaomi Group-W (01810), SMIC (00981), and Bubble Mart (09992). The individual stocks sold the most by Beishui Net were Tencent (00700), Huahong Semiconductor (01347), and Alibaba-W (09988).
Hong Kong Stock Connect (Shanghai) active trading stocks
Hong Kong Stock Connect (Shenzhen) active trading stocks
Xiaomi Group-W (01810) received a net purchase of HK$1,173 billion. According to the news, Goldman Sachs released a research report saying that it is expected that more AI results will be announced in the next few quarters and applied to the Xiaomi Group ecosystem and its largest AIoT connected device in the world, which will drive differentiated development and support the upgrade strategy of Xiaomi's “human driver” ecosystem. It gave Xiaomi a “buy” rating, and the target price was HK$53.5.
Chip stocks diverged. SMIC (00981) received a net purchase of HK$466 million, while Huahong Semiconductor (01347) received a net sale of HK$208 million. According to the news, Dongguan Securities believes that looking ahead to 2026, artificial intelligence will still be the main line of innovation in the technology industry, and various aspects such as computing power, memory, equipment, and advanced packaging are expected to benefit. Take computing power chips as an example. In recent years, domestic AI chip companies have developed rapidly and achieved phased results in domestic substitution. Companies such as Moore and Mu Xi have accelerated their capital market layout, and Internet vendors such as Tencent are actively adapting to domestic computing power chips, and the formation of a domestic computing power ecosystem in the industry is expected to accelerate.
Bubble Mart (09992) received a net purchase of HK$432 million. According to the news, Citi said in a research report last month that the value of the company's core IP Labubu has not been fully released. Labubu 4.0 is confirmed to be launched in 2026, and Sony Pictures has obtained the rights to adapt the IP to the film. Citi pointed out that multiple IP matrices such as SKULLPANDA and overseas expansion progress together form a growth engine.
Domestic bank stocks are also now divided. Agricultural Bank (01288) received a net purchase of HK$291 million, while China Construction Bank (00939) received a net sale of HK$31.55 million. According to the news, Western Securities believes that the current negative impact of bank asset risk on its financial indicators has been marginally reduced. Furthermore, under the trend of concentrated credit facilities in the public sector, the government-bank linkage mechanism is expected to continue to deepen, which is expected to ease the bank's “asset shortage” dilemma. Based on these two major factors, we believe that current bank stocks as a whole are not fully priced by the market, and there is still some room for subsequent valuation increases.
Technology Network shares are clearly divided. Meituan-W (03690) received a net purchase of HK$122 million, while Alibaba-W (09988) and Tencent (00700) had net sales of HK$103 million and HK$762 million respectively. According to the news, Dongwu Securities pointed out earlier that the market expects the probability that the Fed will cut interest rates in December will increase significantly, but it suggests that the Fed will not rule out hawkish interest rate cuts. If this is the case, the market may adjust the pricing of interest rate cuts, and the rebound in Hong Kong stocks may not be as strong as expected. However, in the medium to long term, Hang Seng Technology currently has configuration significance. On the one hand, concerns about the AI technology narrative in US stocks have abated; on the other hand, the AI technology narrative of Hong Kong stocks still lacks hot catalysts.
In addition, CNOOC (00883) received a net purchase of HK$36.68 million, while Cinda Biotech (01801) and Changfei Optical Cable (06869) were net sold at HK$103 million and HK$409 million respectively.