According to the Zhitong finance APP, on December 11, in the Hong Kong stock market, northbound capital had a net purchase of 7.285 billion HKD, of which SH->HK Connect had a net purchase of 4.726 billion HKD, and SZ->HK Connect had a net purchase of 2.559 billion HKD.

The stocks with the highest net purchases by northbound capital are TRACKER FUND OF HONG KONG (02800), CHINA MOBILE (00941), and Hang Seng H-Share Index ETF (02828). The stock with the highest net sales by northbound capital is Tencent (00700).

Active trading stocks in SH->HK Connect.

Active trading stocks in SZ->HK Connect.

Northbound flows have once again increased positions in Hong Kong stock ETFs, with TRACKER FUND OF HONG KONG (02800) and Hang Seng H-Share Index ETF (02828) receiving net purchases of 5.22 billion and 0.664 billion HKD respectively. In terms of news, GTJA stated that the domestic policy direction in December is clear, and market risk appetite is expected to rise, with improvement anticipated on the fundamental side. External disturbances still revolve around long-term uncertainties, but domestic expectations are likely to improve by the end of the year, bringing Hong Kong stock allocation strategies back to internal certainties. GTJA's Chief Analyst Chen Ximiao indicated that by 2025, the sensitivity of the Hong Kong stock market to external shocks is expected to decrease, so more attention should be paid to self-focused logic.

CHINA MOBILE (00941) received net purchases of 0.68 billion HKD. According to a research report from Huaxin Securities, benefiting from good cost control, the company's profitability continues to improve, with a net profit margin of 14.02% for the first three quarters, up 0.4 percentage points year-on-year. The report noted that the company has made good technological progress in cloud, AI, and Big Data by strengthening R&D investment, and it will benefit from continued increases in revenue and profit.

The Network Technology stocks continue to show differentiation, with Alibaba-W (09988) receiving net purchases of 0.596 billion HKD, while Tencent (00700) saw net sales of 0.742 billion HKD. According to CITIC SEC, the valuation in the Internet Plus-Related sector has reflected the current conservative expectations, and strong shareholder returns provide sufficient safety margins. The sector's performance is expected to benefit significantly from macro improvements, leading to a double boost in performance and valuation. It is suggested to focus on cyclical sectors such as e-commerce, local services, transportation, freight, online recruitment, and real estate service platforms; for content-oriented companies, attention should be paid to the rhythm of quality content supply and valuation improvements.

CNOOC (00883) received net purchases of 0.179 billion HKD. A research report from Everbright stated that OPEC+ has extended its production cuts, maintaining high oil price demands. The report indicated that on December 2, 2024, the active trading interest rate of the 10-year government bond fell below 2.0%, attracting market attention back to high dividend assets. Since Q3 2024, the expected dividend yield of the 'big three oil' companies has shown a steady increase over the spread against ten-year Treasury bonds. As of December 6, the dynamic dividend yields of Petrochina, China Petroleum & Chemical Corporation, and CNOOC A shares against the 10-year bond rate were 3.74, 3.35, and 3.12 percentage points respectively. The spreads for Petrochina and CNOOC have already exceeded the Q2 2024 levels, highlighting the current position's allocation value.

Suteng JuChuang (02498) received net purchases of 72.64 million HKD. According to Soochow Securities, the company's ADAS shipments are experiencing continuous high growth, with gross margins improving quarter by quarter. Additionally, the company has secured multiple major domestic and international robotics clients, increasing its partners in the robotics field from 2400 to 2600. Several new products have already been designated for mass production by leading robotics companies, and delivery is expected to be completed within 18 months. The company anticipates that its shipment volume in the robotics field will exceed six figures by 2025. The report suggests that the company's robotics products are likely to contribute substantial incremental revenue and gross profit.

SUNAC (01918) received net purchases of 13.22 million HKD. In news, on December 10, SUNAC announced that its two bonds, 'H6融地01' and 'H0融创03', have successfully passed restructuring voting. The other eight bonds still have two weeks for voting, with the overall restructuring voting results for the ten bonds expected on December 23. Moreover, Huajin Securities pointed out that the Politburo meeting has pragmatically and frankly proposed clear requirements for stabilizing the real estate and stock markets, expecting incremental policies on both supply and demand in the real estate market, along with sustained policy encouragement for long-term institutional funds entering the market and listed companies acquiring quality assets.

MICROPORT-B (02252) received net purchases of 12.66 million HKD. In news, Shanghai issued the 'Shanghai Support Listed Companies Mergers and Acquisitions Restructuring Action Plan (2025-2027)'. The plan proposes to introduce professional track market-oriented M&A fund managers to attract and consolidate market-oriented M&A funds, setting up fast-track channels for qualifying equity investment funds. It aims to effectively utilize a 10 billion yuan integrated circuit design industry M&A fund and establish a 10 billion yuan biomedical industry M&A fund. Public data shows that currently, the 'MICROPORT system' includes 6 listed companies: the parent company MICROPORT and its five subsidiaries: Shanghai MicroPort Endovascular MedTech(Group)Co., Ltd., Xinmai Medical, Xintong Medical, Siasun Robot&Automation, and MicroPort NeuroScience.

SenseTime-W (00020) received net purchases of 8.22 million HKD. In news, SenseTime recently announced that the group has completed its strategic organizational restructuring. After the restructuring, SenseTime established a new '1+X' structure, where '1' represents the core business of the group, aiming to create an industry-leading AI cloud that integrates large-scale devices, foundational models, and AI applications seamlessly. In the CV field, the group is focused on building general vision models and deeply exploring various application scenarios. CMB International issued a report estimating that the restructuring will help SenseTime focus on its generative AI business, expedite achieving breakeven, and unlock the value of ecological enterprises.