According to the Zhixin Finance and Economics app, on June 21, the Hong Kong stock market had a net purchase of 4.578 billion Hong Kong dollars from northbound funds. Among them, the Shanghai-Hong Kong Stock Connect had a net purchase of 2.608 billion Hong Kong dollars, and the Shenzhen-Hong Kong Stock Connect had a net purchase of 1.97 billion Hong Kong dollars. In terms of individual stocks, the top three stocks with the most net purchases from northbound funds were China Construction Bank (00939), China Mobile (00941), and CNOOC Limited (00883), with a net purchase of 675 million, 544 million, and 397 million Hong Kong dollars respectively. The top two stocks with the most net sales from northbound funds were Yankuang Energy (01171) and United Energy Group Limited (00467).

China Construction Bank (00939), China Mobile (00941), and CNOOC Limited (00883) were the top three stocks with the most net purchases from northbound funds, while Yankuang Energy (01171) and United Energy Group Limited (00467) were the top two stocks with the most net sales.

Active trading stocks for Hong Kong stock connect (Shanghai).

Active trading stocks for Hong Kong stock connect (Shenzhen).

Northbound funds continued to increase their holdings of Mainland Chinese bank stocks, and China Construction Bank (00939) and Industrial and Commercial Bank of China (01398) respectively received a net purchase of 675 million and 182 million Hong Kong dollars. According to CITIC Securities, although the dividend asset logic and the cyclical growth logic seem to deviate from each other, the underlying logic is highly unified, that is, the high certainty of dividend return requires more fundamental support. The bottom signal of bank fundamental driving factors is beginning to appear, and the policy direction of preventing debt risk will change the debt risk expectations of banks. The valuation of bank stocks will be more supported by fundamentals, while the certainty of bank dividend income space will be strengthened.

China Mobile (00941) received a net purchase of 544 million Hong Kong dollars. According to the announcement by China Mobile, as of the end of May, the cumulative number of 5G network users in China Mobile reached 503 million households, with a net increase of 7.685 million households that month, surpassing the 50-million households threshold for the first time. The penetration rate of 5G network users has reached 50.3%, an increase of 0.7 percentage points from the previous month, officially surpassing the halfway mark. Goldman Sachs stated in a research report that their view on the three major operators remains positive for the second half of the year. They also believe that the company's shares conform to the long-term value evaluation based on the dividend discount model, stable business and profit growth portfolio, and the ability to achieve dividend targets that surpass pure profits from free cash flow from 2021 to 2026. In addition, the performance indicators of state-owned enterprises highlight the company's willingness to promote shareholder returns and management market value.

CNOOC Limited (00883) received a net purchase of 397 million Hong Kong dollars. According to CITIC Securities, CNOOC's performance remained high last year and in the first quarter of this year, and its exploration and development achievements were significant, reflecting its long-term investment value. The bank stated that the steady growth of CNOOC demonstrates its long-term value, with a dividend payout ratio of 43.6% last year. It is expected that the company's cash flow performance will be good for the next three years and the dividend payout ratio is expected to remain at a relatively high level. Changjiang Securities pointed out that compared with American companies represented by Occidental Petroleum, the valuation of CNOOC is similarly relatively low. With the gradual emergence of CNOOC's profit advantage, the company's valuation still has great room for improvement.

Tencent Holdings (00700) received a net purchase of 340 million Hong Kong dollars. According to a research report by Citigroup, Tencent will announce its second quarter results in mid-August. Currently, it is expected that the net profit under non-GAAP will increase by 25% year-on-year to reach 47 billion yuan, and total revenue is expected to increase by 7% year-on-year to reach 159.7 billion yuan. The bank predicts that Tencent's online game revenue in the second quarter will increase by 5.5% year-on-year to 46.9 billion yuan. In addition, Tencent launched a major mobile game, Dungeon and Fighter, on May 21st, which has been the number one game on the iOS platform for four consecutive weeks. Citigroup predicts that the game will contribute approximately 15.3 billion yuan to revenue this year, accounting for 8% of total game revenue.

SenseTime Group Limited (00020) received a net purchase of 33.79 million Hong Kong dollars. According to the announcement by SenseTime, it plans to issue approximately 1.673 billion shares at a price of 1.20 Hong Kong dollars per share, with a net amount of approximately 1.995 billion Hong Kong dollars, mainly for the further development of SenseTime's industry-leading SenseThunder system, further development of generative artificial intelligence (including large model research and product development), and general working capital.

Meituan (03690) received a net purchase of 16.94 million Hong Kong dollars. According to a research report by HSBC, the business structure change and adjustment expectation mentioned at the non-deal roadshow event with the Meituan Capital Markets team recently can promote cross-selling and increase user transaction frequency. Meituan has raised the scale of the new round of repurchases to US$2 billion and expects the amount of this round of repurchases to be sufficient for the next 12 to 18 months. The bank also stated that Meituan has no plans to issue convertible bonds to carry out refinancing for existing debts. Also, the Middle East is the market where Meituan Capital Markets prefers to expand its overseas business.

Unitedenergy gp (00467) suffered a net sell of HKD 2.92 million. On the news front, on the evening of June 18th, Orient Group Inc. revealed that more than CNY 1.6 billion of its deposits were restricted in its affiliated company, Dongfang Financial Holding Co., Ltd. Subsequently, Orient Group Inc. announced that the controlling shareholder and the actual controller intend to support Dongfang Financial Holding Co., Ltd. to resolve the liquidity funding shortage issue. It is reported that this asset disposal plan will involve the disposal of some of the shares of Unitedenergy gp limited held by Orient Group Inc., as well as assets such as equity of UEP Wind Power (Private) Co., Ltd. held by Orient Group Inc.

In addition, Xiaomi Corporation-W (01810) and Semiconductor Manufacturing International Corporation (00981) received a net purchase of HKD 224 million and HKD 4.59 million respectively. On the other hand, Yankuang Energy (01171) suffered a net sell of HKD 947.8 million.