Beishui Movement | Beishui net sold 4.308 billion, HSI broke through the 19,000 mark, Beishui rushed to raise over 1.1 billion HKD for HKEX
On September 24, the net selling of Northbound funds in the Hong Kong stock market amounted to HKD 4.308 billion, with the Hong Kong Exchanges and Clearing Limited receiving a net purchase of HKD 1.185 billion, and Alibaba-W receiving a net purchase of HKD 3.058 billion. The Hang Seng Index surged by 4%, breaking through the 19,000 mark. Goldman Sachs believes that Alibaba's GMV growth is accelerating, and expects its profitability to transform by 2024. The Federal Reserve cut interest rates by 50 basis points, which is expected to benefit the revenue and market valuation of the Hong Kong Exchanges and Clearing Limited
According to the Zhitong Finance and Economics APP, on September 24th, in the Hong Kong stock market, Beishui had a net selling of HKD 4.308 billion. Among them, the net selling of Shanghai-Hong Kong Stock Connect was HKD 3.541 billion, and the net selling of Shenzhen-Hong Kong Stock Connect was HKD 0.768 billion.
The top three stocks with the most net buying by Beishui were Alibaba-W (09988), Hong Kong Exchanges (00388), and Kuaishou-W (01024). The top three stocks with the most net selling by Beishui were Yingfu Fund (02800), Tencent (00700), and China Mobile (00941).
Active trading stocks in Shanghai-Hong Kong Stock Connect
Active trading stocks in Shenzhen-Hong Kong Stock Connect
Alibaba-W (09988) received a net buying of HKD 3.058 billion. In terms of news, Goldman Sachs believes that Alibaba's Gross Merchandise Volume (GMV) growth has re-accelerated. Its growth adjustments and user-centric strategy indicate that the priority of developing core businesses on Taobao and Tmall is on the right track. The upgrade of Alibaba's advertising technology tools and the growth in customer management revenue (CMR) brought by recent software service fees will drive profit stability in the second half of the 2025 fiscal year. The bank continues to expect Alibaba's earnings per share to turn around in the third quarter of December 2024, the quarter ending in March 2025, and until 2026, while the recovery in revenue growth will bring greater valuation repair space.
Hong Kong Exchanges (00388) received a net buying of HKD 1.185 billion. In terms of news, on September 24th, the State Council Information Office held a press conference. The central bank announced a series of heavyweight policies. Stimulated by the news, the Hang Seng Index surged by 4% today, breaking through the 19,000 mark. Zhongtai International previously stated that policy expectations are expected to continue to support the performance of Hong Kong stocks in the short term. In addition, the Federal Reserve announced a 50 basis point rate cut, and HSBC expects Hong Kong Exchanges' revenue, market valuation, fundraising amount, etc., to benefit from the rate cut cycle.
Kuaishou-W (01024) received a net buying of HKD 0.284 billion. In terms of news, Macquarie previously published a research report stating that the short video business is becoming a new growth driver for Kuaishou, with strong user attraction capabilities that can divert users to their own platform, form a closed loop, bring external growth, and management believes that short videos have significant commercial potential, envisioning significant growth next year, driving steady growth in revenue and profit Although the market's concerns about live e-commerce are increasing, Kuaishou's management still believes that GMV and user traffic can maintain resilience, maintaining a target of 17% year-on-year growth in GMV.
Miniso (09896) received a net purchase of HKD 162 million. In terms of news, Miniso announced that it will acquire 29.4% of Yonghui Superstores for approximately RMB 6.3 billion. The transaction is expected to be completed in the first half of 2025. After the acquisition, Miniso will become the largest shareholder of Yonghui Superstores, but it will not control the board of directors and therefore will not be consolidated. Huatai Securities pointed out that through this acquisition, the company is expected to carry out business synergy with Yonghui in multiple dimensions such as products, channels, and supply chains. During this process, the company's management will continue to focus on the core brands Miniso and TOPTOY, rapidly penetrate domestic and international stores, optimize store user experience, and improve overall operating profit margin.
China Construction Bank (00939) faced a net selling of HKD 90.23 million. In terms of news, the central bank today introduced multiple heavyweight policies. Pan Gongsheng, Governor of the People's Bank of China, stated that the central bank will lower the policy interest rate, with the 7-day reverse repurchase operation rate lowered by 0.2 percentage points from the current 1.7% to 1.5%, guiding the simultaneous downward adjustment of loan market quoted interest rates and deposit rates to maintain stable net interest margins for commercial banks. Pan Gongsheng stated that the impact of this interest rate reduction on bank net interest margins is overall neutral, and the impact on bank earnings is neutral.
Ying Fu Fund (02800) surged more than 4% today, with some domestic selling resulting in a net selling of HKD 3.611 billion throughout the day. In terms of news, this morning, Pan Gongsheng, Governor of the People's Bank of China, along with Li Yunze, Director of the China Banking and Insurance Regulatory Commission, and Wu Qingqi, Chairman of the China Securities Regulatory Commission, gathered at the State Council Information Office to introduce the relevant situation of financial support for high-quality economic development and announced a series of heavyweight financial policies. CICC stated that Hong Kong stocks will benefit in the long term from domestic growth and policies, focusing on interest rate-sensitive growth stocks.
In addition, Tencent (00700), China Mobile (00941), and CNOOC (00883) faced net selling of HKD 800 million, 544 million, and 133 million respectively