The Zhitong Finance App learned that on November 11, in the Hong Kong stock market, Beishui traded a net purchase of HK$4.572 billion. Among them, Hong Kong Stock Connect (Shanghai) had a net purchase of HK$2,378 billion, and Hong Kong Stock Connect (Shenzhen) had a net purchase of HK$2,195 billion.
The individual stocks that Beishui Net bought the most were Alibaba-W (09988), SMIC (00981), and Yingfu Fund (02800). The individual stocks sold the most by Beishui Net were Tencent (00700), Jiantao Laminated Board (01888), and Huahong Hongli (01347).
Hong Kong Stock Connect (Shanghai) active trading stocks
Hong Kong Stock Connect (Shenzhen) active trading stocks
Alibaba-W (09988) received a net purchase of HK$1.03 billion. Ali Pingtou plans to go public independently in Hong Kong. Damo believes that this spin-off is an important catalyst for releasing valuations, giving a valuation range of 28 billion to 83 billion US dollars. Pingtou aims to increase the computing power contribution from 10% or more to 40%-50%, and is expected to ship about 700,000 GPUs in 2027. In addition, Ali announced that the new generation Qwen4 model will soon be released.
SMIC (00981) received a net purchase of HK$935 million, while Huahong Hongli (01347) received a net sale of HK$304 million. Huahong Hongli's third-quarter revenue was 6.706 billion yuan, up 13.95% year on year; net profit to mother was 835 million yuan, up 136.14% year on year. According to the announcement, the company's depreciation and amortization in the third quarter was US$265.8 million, an increase of about 31% over the previous year; the increase in gross margin was mainly due to rising average sales prices, but the announcement clearly mentioned “partly offset by rising depreciation costs.”
Yingfu Fund (02800) and Hang Seng China Enterprises (02828) received net purchases of HK$926 million and HK$532 million respectively. Dongwu Securities pointed out that the Hang Seng Index and Hang Seng Technology Index rebounded more than expected in Hong Kong stocks last week due to short recovery and the return of some capital to avoid falling US stocks. We are still cautious about Hong Kong stocks. The “odds” are fair, but the “win rate” is still relatively low, and the defensive approach is the main focus.
Smart Spectrum (02513) and MINIMAX-W (00100) received net purchases of HK$471 million and HK$190 million respectively. Anthropic shares are expected to be traded on NASDAQ on November 20. Zheshang Securities pointed out that the implementation of Anthropic pricing will provide the first publicly comparable pricing reference for cutting-edge overseas model companies such as Smart Spectrum and MiniMax, bringing opportunities for sector valuation repair.
Hokusui is once again adding a concept stock for Optical Communications. Zhongji Xuchuang (03308), Cambridge Technology (06166), and Changfei Optical Cable (06869) received net purchases of HK$433 million, 27.28 million, and HK$8.4 million respectively. According to reports, Microsoft is lobbying the Trump administration to abandon plans to restrict imports of China's new optical transceivers. Microsoft and other technology companies and industry organizations believe that once China's optical transceivers are restricted, it may cause a shortage of key components and further slow down the construction of AI data centers in the US.
In addition, Jiantao Laminate (01888) and Tencent (00700) received net purchases of HK$368 million and HK$515 million respectively.