Beishui Movement | Beishui's net selling reached 5.905 billion, domestic funds further increased their holdings in Alibaba by over 3.1 billion, selling Hong Kong ETFs all day
On September 11th, Beishui net sold HKD 5.905 billion in the Hong Kong stock market, with a net sell of HKD 2.646 billion through the Shanghai-Hong Kong Stock Connect and a net sell of HKD 3.259 billion through the Shenzhen-Hong Kong Stock Connect. Alibaba received a net buy of HKD 3.122 billion, and China Merchants Securities expects that its inclusion in the Hong Kong Stock Connect will bring about a 10-15% increase in liquidity. CNOOC received a net buy of HKD 0.282 billion, while PetroChina suffered a net sell of HKD 0.18 billion. International oil prices plummeted as OPEC lowered its global oil demand growth forecast. Industrial and Commercial Bank of China received a net buy of HKD 0.204 billion
According to the Zhitong Finance APP, on September 11th, in the Hong Kong stock market, Beishui (Northbound funds) had a net selling of HKD 5.905 billion. Among them, the Shanghai-Hong Kong Stock Connect had a net selling of HKD 2.646 billion, and the Shenzhen-Hong Kong Stock Connect had a net selling of HKD 3.259 billion.
The top three stocks with the most net buying by Beishui were Alibaba-W (09988), CNOOC (00883), and ICBC (01398). The top three stocks with the most net selling by Beishui were Yingfu Fund (02800), HSCEI (02828), and Tencent (00700).
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 buying of HKD 3.122 billion. In terms of news, CMB Securities stated that the inclusion in the Hong Kong Stock Connect may bring Alibaba 10-15% incremental trading liquidity. The bank pointed out that Alibaba has multiple drivers to boost its prospects, with the company shifting its focus to GMV growth and the slowdown in the growth rate of live streaming e-commerce GMV, which the bank believes has improved its competitive position marginally.
There was differentiation in oil stocks. CNOOC (00883) received a net buying of HKD 0.282 billion, while PetroChina (00857) suffered a net selling of HKD 0.18 billion. In terms of news, on the evening of September 10th, international oil prices plummeted, with Brent crude oil futures falling by 3.69% to $69.19 per barrel, hitting a new low since December 2021. It is reported that OPEC released its latest monthly report, lowering its forecast for global oil demand growth for this year and next, marking the organization's second consecutive downward revision.
ICBC (01398) received a net buying of HKD 0.204 billion. In terms of news, Galaxy Securities pointed out that the orientation of preventing and resolving financial risks remains unchanged, benefiting the improvement of bank asset quality and risk expectations. In the current environment of asset shortage, there is optimism about the dividend value of the banking sector. CMB Securities noted that the interest rate spread between existing and new mortgage loans is about 87 basis points; it is expected that the adjustment of existing mortgage rates will have a limited impact on bank interest margins Kangfang Biotech (09926) received a net purchase of HKD 60.07 million. On the news front, Kangfang Biotech announced that the data of AK112-303/HARMONi-2 (CTR20222137) has been released at the plenary session of the 2024 World Conference on Lung Cancer (WCLC) hosted by the International Association for the Study of Lung Cancer (IASLC). CICC International pointed out that the first head-to-head Phase III efficacy data of Yivoximab is impressive, and the bank has raised the overseas development success rate and sales forecast for Yivoximab.
Beishui Capital significantly sold off Hong Kong stock ETFs, with NetEase Hang Seng Technology (03033), Hang Seng China Enterprises (02828), and E Fund (02800) experiencing net sales of HKD 3.56 billion, 10.19 billion, and 55.67 billion respectively. On the news front, Zhongtai International pointed out that the current market is entering a period of observing economic data, with no clear investment theme other than trading the Fed rate cut. Guoyuan International stated that as the domestic economy is still in a deleveraging period overall, the valuation repair of Hong Kong stocks in the medium to long term still requires more domestic policy support and improvement in economic fundamentals as a support.
Hong Kong Exchanges and Clearing (00388) saw a net sell-off of HKD 660 million. On the news front, Morgan Stanley released a research report stating a "Underweight" rating for HKEX, maintaining a target price of HKD 223. The bank mentioned that it has lowered the earnings per share forecasts for HKEX in 2024, 2025, and 2026 by 0.9%, 1.8%, and 2.6% respectively. In terms of market capitalization, the daily average turnover forecasts for 2024, 2025, and 2026 have been adjusted downwards by 6.6%, 2.4%, and 2.4% respectively.
In addition, China Resources Power (00836) received a net purchase of HKD 55.98 million. Tencent (00700) and China Mobile (00941) experienced net sales of HKD 8.07 billion and 1.4 billion respectively