In the Hong Kong stock market on September 2nd, the net purchase of northbound funds was 11.939 billion Hong Kong dollars, of which the net purchase of Hong Kong stock connect (Shanghai) was 8.009 billion Hong Kong dollars, and the net purchase of Hong Kong stock connect (Shenzhen) was 3.93 billion Hong Kong dollars.
According to the Zhixin Finance app, on September 2nd, the net purchase of northbound funds in the Hong Kong stock market was 11.939 billion Hong Kong dollars, of which the net purchase of Hong Kong stock connect (Shanghai) was 8.009 billion Hong Kong dollars, and the net purchase of Hong Kong stock connect (Shenzhen) was 3.93 billion Hong Kong dollars.
The stocks with the highest net purchase by northbound funds are Tracker Fund of Hong Kong (02800), CSOP Hang Seng Tech Index ETF (03033), and Hang Seng H-Share Index ETF (02828). The stock with the highest net sale by northbound funds is Tencent (00700).
Active trading stocks for Hong Kong stock connect (Shanghai).
Active trading stocks for Hong Kong stock connect (Shenzhen).
Beishui funds aggressively subscribed to Hong Kong stock ETFs, with the Tracker Fund of Hong Kong (02800), CSOP Hang Seng Tech Index ETF (03033), and Hang Seng H-Share Index ETF (02828) receiving net buy-ins of 6.756 billion, 1.134 billion, and 1.125 billion Hong Kong dollars respectively. In terms of news, China International Capital Corporation pointed out in the research report that, in the short term, with the expectation of a rate cut and policy, Hong Kong stocks may still have better resilience than A shares. The bank pointed out that the market's cyclical opportunities do not mean a trend reversal. Under the current situation, although there may be marginal improvements at the policy level in the third quarter, the focus for the year may be on implementing existing policies. The Ministry of Finance also recently emphasized 'resolutely preventing the adoption of policies that exceed fiscal power' and 'new projects'. Although the internal driving forces for economic growth are still weak, the expectation of a 'strong stimulus' is still not realistic.
China mainland banking is back in favor with domestic funds, with China Construction Bank Corporation (00939) and Industrial and Commercial Bank of China (01398) receiving net buy-ins of 0.352 billion and 69.87 million Hong Kong dollars respectively. In terms of news, there have been recent reports that policy makers are considering further reducing the interest rates on existing home loans, while allowing the conversion of existing loans to mortgage loans and signing contracts at the latest rates. CM Bank President Wang Liang stated at the mid-term performance exchange meeting that CM Bank has only seen the information in the media and has not received the opinions of the macro-prudential mortgage management department, the People's Bank of China, or the China Banking and Insurance Regulatory Commission, nor has it sought the opinion of the banks. This is the first time that a senior bank executive has formally responded to the market rumors last Friday about the regulators allowing the expansion of mortgage loan business.
China Mobile (00941) received a net buy-in of 0.185 billion Hong Kong dollars. In terms of news, Debon Securities pointed out that China Mobile stated that, starting in 2024, the profits distributed in cash over three years will gradually increase to more than 75% of the year’s attributable profits to shareholders, demonstrating a continuous increase in shareholder returns. In addition, data asset entry will be officially implemented as of January 1, 2024. In the 2024 interim report, China Mobile first disclosed the entry of data resources as assets, with an amount of 70 million yuan. This implies the continuous progress of domestic data assetization, and data elements are expected to gradually become a standard accounting item, becoming a new source of revenue for future asset projects. It is recommended to pay attention to the elasticity opportunities brought to company valuations by the entry of data assets.
CNOOC (00883) received a net buy-in of 0.179 billion Hong Kong dollars. In terms of news, DBS Bank's research report stated that CNOOC's position as a leading oil and natural gas company is undisputed, with the main oil cost in the first half of the year being lower than $30, making it highly competitive. Combined with its robust growth strategy and outstanding execution, it drove first-half net profit to a new high, reaching 79.7 billion yuan, 5% higher than market expectations. However, the bank pointed out that CNOOC's business and stock price are highly correlated with oil prices. As OPEC+ has the opportunity to cut production starting in October, it may dampen market sentiment and weaken the outlook for next year's oil prices, presenting resistance to the rise in CNOOC's stock price.
Li Auto Inc-W (02015) received a net buy-in of 0.113 billion Hong Kong dollars. In terms of news, Li Auto announced that in August 2024, it delivered 48,122 new vehicles, a 37.8% year-on-year increase. A total of 2.881 million vehicles were delivered from January to August 2024. As of August 31, 2024, Li Auto has delivered a total of 9.215 million vehicles. Looking ahead to the third quarter, the company expects vehicle deliveries of 0.145-0.155 million vehicles, a year-on-year increase of 38% to 47.5%; revenue is expected to be 39.4 billion to 42.2 billion, a year-on-year increase of 13.7% to 21.6%; with the continued growth in deliveries and ongoing efforts to reduce costs and increase efficiency, the overall gross margin for the third quarter is expected to return to over 20%.
In addition, Meituan-W (03690) received a net buy-in of 0.127 billion Hong Kong dollars, while Tencent (00700) experienced a net sell-off of 0.19 billion Hong Kong dollars.