On March 9, Southbound capital flows demonstrated unprecedented momentum, with net inflows into Hong Kong stocks reaching HKD 372.13 billion, setting a new record. This figure surpassed the previous single-day net buying record of HKD 358.76 billion set on August 15, 2025. Year-to-date, Southbound capital has accumulated net purchases of HKD 1,886.65 billion. Since the inception of the stock connect mechanism, cumulative net purchases by Southbound funds have totaled HKD 52,913.0 billion.
The Hong Kong market saw a decline on the same day, with the Hang Seng Index closing down 1.35% at 25,408.46 points. The Hang Seng Tech Index fell 0.12% to 4,941.73 points, while the Hang Seng China Enterprises Index dropped 0.54% to 8,581.46 points. The total market turnover for the day was HKD 3,923 billion.
Oil and gas stocks advanced throughout the session, influenced by Middle East tensions. 百勤油服 surged 40.96%, 山东墨龙 jumped 25.06%, and 中石化油服 gained 2.59%. Oil price increases narrowed slightly due to reports that G7 nations were considering a coordinated release of petroleum reserves. However, some analysts suggest risks around the Strait of Hormuz may persist, potentially pushing New York crude prices toward testing the 2022 high of $130 per barrel.
Gold stocks weakened as rising oil prices put pressure on gold. 中国白银集团 fell 7.02%, 集海黄金 declined 3.7%, and 紫金矿业 dropped 2.84%.
MINIMAX-WP defied the market trend, soaring 23.77%. Market attention returned to large AI model companies following the popularity of Open Claw. Reports indicate a surge in "raising lobsters" trends in China, driven by Open Claw's success, leading to a significant increase in calls to Chinese AI models. In February, Chinese AI models topped the usage charts on OpenRouter, the world's largest AI model aggregation platform. Four of the top five models were from Chinese companies: Minimax, Moonshot AI, Zhipu AI, and DeepSeek. Additionally, the open-sourcing of Step 3.5 Flash by domestic model developer StepFun quickly propelled it to the top of Open Claw's usage rankings within a day.
BYD COMPANY shares rose against the market, gaining 3.54%. A Morgan Stanley research report noted that while BYD COMPANY has a lead in technological breakthroughs, competitors are expected to catch up within 6 to 9 months. However, the bank stated that BYD COMPANY's scale-based ecosystem presents a significant barrier. Morgan Stanley maintained its "Overweight" rating and target price of HKD 126 per share. On March 5, BYD COMPANY launched its second-generation Blade Battery and flash charging technology, achieving 70% charge in 5 minutes and 97% in 9 minutes. The company concurrently initiated a "Flash Charging China" strategy, aiming to build 20,000 flash charging stations by the end of 2026 and launch 10 new vehicle models.
According to Hong Kong Exchanges and Clearing data, the total market capitalization of the Hong Kong stock market reached HKD 49.9 trillion by the end of February 2026, a 28% increase from HKD 39.1 trillion a year earlier. The average daily turnover in February was HKD 2,468 billion. For the first two months of 2026, the average daily turnover was HKD 2,609 billion, up 17% from HKD 2,225 billion in the same period last year.
In the first two months of 2026, there were 24 new listings, a 140% increase from 10 in the same period last year. IPO fundraising amounted to HKD 89.2 billion, a surge of 1015% from HKD 8.0 billion a year ago. Total capital raised reached HKD 1,234 billion, marking a 331% increase compared to HKD 286 billion in the prior year period.
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