The Zhitong Finance App learned that on October 23, in the Hong Kong stock market, Beishui traded net sales of HK$1,670 billion. Among them, Hong Kong Stock Connect (Shanghai) had net sales of HK$2,599 million and Hong Kong Stock Connect (Shenzhen) had net purchases of HK$929 million.
The individual stocks that Beishui Net bought the most were Zhi Spectrum (02513), Tencent (00700), and Southern Hang Seng Technology (03033). The individual stocks sold the most by Beishui Net were Alibaba-W (09988), CNOOC (00883), and SMIC (00981).
Hong Kong Stock Connect (Shanghai) active trading stocks
Hong Kong Stock Connect (Shenzhen) active trading stocks
Smart Spectrum (02513) and MINIMAX-W (00100) received net purchases of HK$1,738 million and HK$306 million respectively. CITIC Construction Investment pointed out that the domestic model is expected to start a new iteration cycle. DeepSeek V4.1-Flash-1017 webpages, apps, and APIs are switched synchronously and open source. Kling 4.0 is officially fully launched. Following the intensive upgrade of overseas core models in September-October, the Q4 domestic model will also usher in a round of intensive iterative upgrades. Looking forward to GLM5.5, M3Pro, K3.1, etc.
Technet stocks continued to diverge. Tencent (00700) and Southern Hang Seng Technology (03033) received net purchases of HK$1,295 billion and HK$580 million respectively, while Alibaba-W (09988) had a net sale of HK$1,405 billion. Citi said that the recent wave of sell-offs in Chinese stocks indicates that market sentiment is close to or has reached an extremely pessimistic level. Major Chinese internet companies' promises to drastically increase capital expenditure have led the market to lower profit forecasts for these companies and heightened pessimism throughout the industry. However, Citi believes that even after factoring in potential further profit cuts of 10%-30%, the valuation of China's Internet industry is still attractive.
AI hardware stocks were re-invested, and Zhongji Xuchuang (03308), Changfei Optical Cable (06869), and Jiantao Laminate (01888) received net purchases of HK$191 million, $53.81 million, and HK$9.39 million respectively. Technology companies such as Zhongji Xuchuang, Xinyisheng, and Tianfu Communications issued recent production and operation announcements to stabilize market confidence. Zhongji Xuchuang said that at present, the company's production and operation are all normal, the supply chain is stable, capacity utilization is sufficient, and customer order demand is strong. Downstream demand remains high, and the company is full of on-hand orders. J.P. Morgan Chase told customers in the latest research report that the recent sell-off in AI-related stocks may be nearing its end.
CNOOC (00883) had a net sale of HK$801 million. According to a research report published by Citigroup, the normalization of crude oil exports in the Arabian Gulf is mainly reflected in quantity rather than logistics, and unprecedented shipping inefficiency has kept the cost of onshore crude oil high. The freight rate for very large tankers (VLCCs) from the Arabian Gulf to China has recently approached 250 US dollars per ton, which is about 35 US dollars per barrel, which is more than 20 times higher than the average of the past ten years.
In addition, Huahong Hongli (01347) and May Day Vision (06651) received net purchases of HK$53.45 million and HK$17.43 million respectively, while SMIC (00981) and Kingsley Biotech (01548) received net sales of HK$798 million and HK$305 million respectively.