On June 25, the Hong Kong stock market showed a net buying of 3.23 Hong Kong dollars by northbound capital, of which the net buying of the Shanghai-Hong Kong Stock Connect was 503 million Hong Kong dollars and the net selling of the Shenzhen-Hong Kong Stock Connect was 180 million Hong Kong dollars.
According to the Zhixin Financial APP, on June 25, northbound capital of the Hong Kong stock market showed a net buying of 3.23 Hong Kong dollars, of which the net buying of the Shanghai-Hong Kong Stock Connect was 503 million Hong Kong dollars and the net selling of the Shenzhen-Hong Kong Stock Connect was 180 million Hong Kong dollars.
The stocks with the most net buying by northbound capital are China Construction Bank (00939), Industrial and Commercial Bank of China (01398), and Meituan-W (03690), while the stocks with the most net selling are Tracker Fund of Hong Kong (02800), China National Offshore Oil (00883), and China Shenhua Energy (01088).
Active trading stocks for Hong Kong stock connect (Shanghai).
Active trading stocks for Hong Kong stock connect (Shenzhen).
Northbound capital continues to increase its stake in mainland banking stocks, with China Construction Bank (00939) and Industrial and Commercial Bank of China (01398) receiving a net buying of 388 million and 293 million Hong Kong dollars respectively. According to Goldman Sachs analysts, China's dividend assets have not received sufficient attention, and factors such as policies, free cash flow, and interest rate cuts are likely to drive the high dividend concept higher, making dividend assets a structural long-term trend. Citic Securities pointed out that the bottom signal of the driving factors of bank fundamentals has begun to appear, and the policy direction to prevent debt risks will change the debt risk expectations of banks, and bank stock valuations will be more supported by fundamentals, while bank dividend income space will be firmly established.
Meituan-W (03690) received a net buying of 171 million Hong Kong dollars. According to the announcement by Meituan, the company repurchased 4.3787 million shares for about HKD 500 million on the 24th. Since June 7, the company has repurchased shares on the open market for a total of 45.8794 million shares, with a total repurchase amount of HKD 5.273 billion. It is reported that Meituan announced a new repurchase plan, which will occasionally repurchase no more than 2 billion US dollars of shares in the open market. Fu Rui believes that the announced $2 billion stock buyback plan by the group is a positive factor, reflecting the confidence in the future and creating value for shareholders.
Tencent (00700) received a net buying of 43.56 million Hong Kong dollars. According to the official announcement of Dungeon and Fighter: Origin on June 19, due to the expiration of the contract, DNF mobile game will no longer be available on the application stores of some Android platforms from June 20. Citic Securities pointed out that the delisting from some Android application stores is expected to have no significant impact on the game's revenue, and the reduced channel split fee is expected to promote the improvement of Tencent's game gross margin.
Chip stocks were sold off by northbound capital, with Hua Hong Semiconductor (01347) and Semiconductor Manufacturing International Corporat(00981) receiving a net selling of 47.32 million and 159 million Hong Kong dollars respectively. On the news front, the 165-page "Proposed Rulemaking" draft published on June 21 on the US Treasury Department's official website aims to restrict Americans from investing in China's semiconductor and microelectronics, quantum information technology, and artificial intelligence industries. CSCI believes that external restrictions would stimulate more policy support and funding from China's domestic investors, ultimately reflecting a β opportunity for investment in the industry.
China Shenhua Energy (01088) received a net selling of 162 million Hong Kong dollars. On the news front, HSBC expects Shanxi coal production to gradually recover as the annual production target has been reached. The province's output rose 8% month-on-month but fell 7% year-on-year. The bank expects domestic coal production to recover in the second half of the year, though it will still decrease year-on-year for the full year. The bank raised its profit forecast for Shenhua this year by 1%, raised its target price for Shenhua-H shares from RMB 31 to RMB 35, and maintained a "hold" rating. The bank pointed out that the short-term pressure on coal spot prices limits the upside potential of the stock price.
Tracker Fund of Hong Kong (02800) received a net selling of 582 million Hong Kong dollars. Guoyuan Securities believes that although the Hong Kong stock market still lacks stable long-term support for growth, the end of the current US interest rate hike process and the increased overall risk appetite in overseas markets have provided relatively little pressure on the Hong Kong stock market. In addition, the domestic economy currently has a certain de-leveraging feature, especially the weak leverage willingness of the resident sector due to factors such as real estate, which is expected to become an important support for repairing confidence in leveraged securities, and thus a long-term trend beyond the market.
In addition, Kingkey Fin Int (01468), China Mobile (00941), and CNOOC (00883) were net sold for 6.12 million, 31.61 million, and 475 million Hong Kong dollars, respectively.