Northbound funds | The Northbound trading recorded a net purchase of 3.72 billion. Baidu (09888) received strong interest from domestic investors after its inclusion. Throughout the day, Northbound investors aggressively bought over 1.7 billion Hong Kong dollars.

On September 9, the Hong Kong stock market saw a net purchase of 3.72 billion HKD by northbound capital. Among this, the net purchase by the Shanghai-Hong Kong Stock Connect was 2.817 billion HKD, and the net purchase by the Shenzhen-Hong Kong Stock Connect was 904 million HKD. The stocks with the highest net purchases by northbound capital are BIDU-W (09888), CNOOC (00883), and BABA-W (09988). The stocks with the highest net sales are INNOVENT BIO (01801), CSPC PHARMA (01093), and KB LAMINATES (01888). Active trading stocks in the Shanghai-Hong Kong Stock Connect Active trading stocks in the Shenzhen-Hong Kong Stock Connect BIDU-W (09888) received a net purchase of 1.734 billion HKD. Baidu was officially included in the Stock Connect starting September 7. Citigroup previously published a research report stating that if Baidu is allowed to enter the Stock Connect, it could become a key catalyst for attracting substantial capital inflows and buying interest. According to third-party predictions, in the next 2 to 4 months, Baidu's net new southbound capital could reach 6 billion USD, or about 47 billion HKD. CNOOC (00883) received a net purchase of 451 million HKD. On September 9, Brent oil reached 100 USD per barrel for the first time since July 24. Bank of America analysts indicated that if small-scale conflicts restricting oil supplies persist until year-end, Brent oil could trade between 95 and 120 USD per barrel. Furthermore, if a broader conflict erupts and significant energy infrastructure is damaged, oil prices could soar to as high as 150 USD per barrel. BABA-W (09988) and Tencent (00700) received net purchases of 437 million and 265 million HKD, respectively. Jefferies stated that in the second quarter, China's CSP capital expenditure was equivalent to 176% of cloud business revenue, compared to 130% for their American counterparts; however, for the past four quarters, China's figure was 111%, which is 8 percentage points lower than the 119% of U.S. peers. This indicates that China's CSP capital expenditure intensity remains significantly lower than that of U.S. AI peers. XIAOMI-W (01810) received a net purchase of 308 million HKD. Morgan Stanley released a research report stating that at Xiaomi Group's autumn launch event, it officially launched the Pengcheng, which recorded strong new orders. Customer feedback has been very strong, with the order volume surpassing 10,000 units within 4 minutes of the launch. The Pengcheng is highly likely to succeed, and strong new order flow is expected to boost Xiaomi's electric vehicle shipments in the coming months. INNOVENT BIO (01801) and CSPC PHARMA (01093) experienced net sales of 736 million and 351 million HKD, respectively. According to Caixin, around noon today, as the last corporate representative left the National People's Congress meeting center, the live negotiations for the national medical insurance directory for 2026 and the pricing negotiation for innovative drugs under commercial insurance officially concluded all agenda items. The last day of national talks, held this morning, involved pricing negotiations for the commercial insurance innovative drug directory, with representatives from over ten companies attending, and the first company left the venue in just about half an hour. Additionally, Cig Shanghai (06166) had a net purchase of 209 million, while YOFC (06869), Semiconductor Manufacturing International Corporation (00981), and KB LAMINATES (01888) faced net sales of 211 million, 225 million, and 292 million HKD, respectively.