Northbound funds | Northbound trading recorded a net purchase of RMB1.856 billion; internet and chip stocks showed divergence; northbound funds added nearly HK$600 million to Meituan (03690).

On November 9 in the Hong Kong stock market, northbound trading recorded a net purchase of HK$1.856 billion. Among this, Hong Kong Stock Connect (Shanghai) recorded a net purchase of HK$1.049 billion, and Hong Kong Stock Connect (Shenzhen) recorded a net purchase of HK$807 million. The stocks with the largest net purchases by northbound funds were MEITUAN-W (03690), China Mobile Limited (00941), and CNOOC (00883). The stocks with the largest net sales by northbound funds were Tencent (00700), Hua Hong Grace Semiconductor (01347), and YOFC (06869). Active stocks under Hong Kong Stock Connect (Shanghai) Active stocks under Hong Kong Stock Connect (Shenzhen) Internet stocks showed divergence. MEITUAN-W (03690) and BABA-W (09988) recorded net purchases of HK$591 million and HK$12.61 million, respectively, while Tencent (00700) recorded a net sale of HK$322 million. Morningstar recently released a research report stating that Chinese chipmakers are currently benefiting from growth in AI capital expenditure, but in the long run, internet companies are the ultimate beneficiaries. It listed Tencent and Alibaba as top picks, noting that Tencent's and Alibaba's existing businesses can generate profits. Even if AI adoption or monetization progresses less than expected, their operating conditions can remain relatively resilient, while AI also helps the development of internet, advertising, and gaming businesses. China Mobile Limited (00941) recorded a net purchase of HK$241 million. China Mobile Limited held its 2026 Mobile Network Conference in Guangzhou from November 5 to 7, clearly shifting toward integrated communications, computing power, and intelligence infrastructure, with AI infrastructure becoming a clear investment priority. China Mobile Limited expects total procurement and investment in 2027 to exceed RMB500 billion, including more than RMB100 billion in computing power investment and more than RMB100 billion in terminal procurement. CNOOC (00883) recorded a net purchase of HK$199 million. CNOOC Limited's net profit attributable to parent for the first three quarters was RMB119.118 billion, up 16.8% year on year; third-quarter net profit attributable to parent was RMB33.300 billion, up 2.7% year on year. Huaan pointed out that impairments in 26Q3 dragged on performance, while cost competitiveness was consolidated. Oil prices rose sharply year on year, and oil and gas sales revenue hit a record high for the same period. The company actively promoted the commissioning of new projects and continued to increase reserves and production. UBTECH ROBOTICS (09880) recorded a net purchase of HK$75.57 million. Recently, at the Artificial Intelligence and Chinese Modernization Forum of the Seventh World Media Summit, the world's first bionic humanoid Siasun Robot&Automation news anchor was officially released. The bionic humanoid Siasun Robot&Automation news anchors released this time are named "Xinyan" and "Xinyu." They were jointly developed by Xinhua News Agency and UBTECH ROBOTICS, with Chinese director Zhang Yimou serving as chief designer of their image, created for news communication scenarios. Semiconductor Manufacturing International Corporation (00981) recorded a net purchase of HK$46.98 million, while Hua Hong Grace Semiconductor (01347) recorded a net sale of HK$73.90 million. Hua Hong Grace Semiconductor's third-quarter operating revenue was RMB6.706 billion, up 13.95% year on year; net profit attributable to parent was RMB835 million, up 136.14% year on year. The announcement showed that third-quarter depreciation and amortization were US$265.8 million, up about 31% year on year; the gross margin improvement was mainly due to higher average selling prices, but the announcement explicitly mentioned that this was "partially offset by higher depreciation costs." In addition, XIAOMI-W (01810) and Zhongji Innolight (03308) recorded net purchases of HK$98.87 million and HK$40.44 million, respectively. YOFC (06869) and KB LAMINATES (01888) recorded net sales of HK$49.96 million and HK$12.46 million, respectively.