According to Zhichuang Finance APP, on November 14, in the Hong Kong stock market, northbound funds had a net buy of 19.656 billion Hong Kong dollars, of which the northbound stock connect (Shanghai) had a net buy of 10.052 billion Hong Kong dollars, and the northbound stock connect (Shenzhen) had a net buy of 9.604 billion Hong Kong dollars. The stocks with the highest net buy from northbound funds were tracker fund of hong kong (02800), tencent (00700), alibaba-W (09988), hang seng h-share index etf (02828), and meituan-W (03690).

Active trading stocks in Hong Kong Stock Connect (Shanghai).

Active trading stocks in Hong Kong Stock Connect (Shenzhen).

Northbound funds are aggressively acquiring Hong Kong etfs, with tracker fund of hong kong (02800), hang seng h-share index etf (02828), and csop hang seng tech index etf (03033) receiving net buys of 4.654 billion, 0.873 billion, and 0.502 billion Hong Kong dollars, respectively. On the news front, the October CPI data from the usa met expectations, which temporarily stabilized the anticipation of a continued rate cut in December, but the usd has not yet reached a turning point for decline. As of the time of writing, the usd index rose to 106.89, hitting its highest level in over a year. CICC believes that the future exchange rates of the renminbi against the usd will be mainly driven by the relative changes in the economic fundamentals of the two countries, and there is no need for excessive concern about foreign capital continuously flowing out of the Hong Kong stock market due to potential trade disruptions. Looking ahead to 2025, with a series of policies gradually being implemented in our country and continuous improvement in investor expectations, the bank determines that the Hong Kong stock market will welcome a reversal.

Network technology stocks are favored by domestic capital, with tencent (00700) receiving a net buy of 1.628 billion Hong Kong dollars after its earnings report. On the news front, tencent holdings released its third quarterly report, showing revenue of 487.811 billion yuan (RMB, the same below) for the first three quarters, an increase of 7% year-on-year; the profit attributable to the company's equity holders was 142.749 billion yuan, an increase of 62% year-on-year. In the third quarter, it achieved revenue of 167.193 billion yuan, an increase of 8% year-on-year; the profit attributable to the company's equity holders was 53.23 billion yuan, an increase of 47% year-on-year. Citigroup believes that tencent's overall performance in the third quarter met expectations, and the adjusted operating profit significantly exceeded expectations, mainly due to a higher contribution from profits of associated companies.

Alibaba-W (09988), meituan-W (03690), xiaomi group-W (01810), and kuai shou-W (01024) received net buys of 0.938 billion, 0.71 billion, 0.415 billion, and 0.161 billion Hong Kong dollars, respectively. This week, internet leaders will successively disclose their third quarterly reports. Goldman sachs released a research report stating that it expects the revenues of internet giants in the third quarter to meet expectations, while investors will focus on the guidance for the fourth quarter due to the policy changes in mainland china at the end of September, as well as management's comments on recent consumer trends, advertising technology progress, ai cloud growth, capital expenditure investments, how companies respond to potential tariffs on cross-border businesses, and any updates regarding shareholder return policies.

Sunac (01918) received a net buy of 0.174 billion HKD. In terms of news, on November 13, the Ministry of Finance and other three departments issued a notice on tax policies to promote the stable and healthy development of the real estate market, clarifying multiple tax incentive policies to support the development of the real estate market. Regarding deed tax, the current area standard that enjoys a low tax rate of 1% will be raised from 90 square meters to 140 square meters; for land value increment tax, the lower limit of tax pre-collection rates will be uniformly reduced by 0.5 percentage points across regions; for value-added tax, individuals selling residential properties purchased for more than two years will be exempt from value-added tax.

Fourth Paradigm (06682) received a net buy of 0.123 billion HKD. In terms of news, on November 7, MSCI announced the results of its semi-annual review of the MSCI series index, and the relevant adjustments will take effect after the close of trading on November 25. The MSCI global small cap index includes 11 stocks from the China region, including Fourth Paradigm. Haitong Sec previously pointed out that the company maintained stable revenue growth in the first half of the year, continued to show a clear trend of reducing losses, and further confirmed the feasibility of the company's current business model. The company is currently focused on utilizing "AI technology productization" and assisting AI implementation across various industries through the "Prophet Inside model", making the company's long-term growth highly anticipated.

In addition, Semiconductor Manufacturing International Corporation (00981) received a net buy of 0.305 billion HKD, and CNOOC (00883) received a net buy of 13.8085 million HKD.