On March 9, net buying by northbound capital in the Hong Kong stock market reached HK$37.213 billion, setting a new historical record for single-day net purchases via the Southbound Stock Connect. Specifically, net buying through the Shanghai-Hong Kong Stock Connect was HK$26.064 billion, while net buying via the Shenzhen-Hong Kong Stock Connect amounted to HK$11.149 billion.
The stocks receiving the highest net purchases from northbound funds were the Tracker Fund (02800), the Hang Seng China Enterprises Index Fund (02828), and the CSOP Hang Seng Tech Index ETF (03033). Conversely, the stocks with the highest net selling were Sinopec (00386) and Yangtze Optical Fibre and Cable (06869).
Northbound capital seized the opportunity to buy Hong Kong ETF units at lower prices. The Tracker Fund, the Hang Seng China Enterprises Index Fund, and the CSOP Hang Seng Tech Index ETF received net inflows of HK$12.56 billion, HK$5.323 billion, and HK$4.13 billion, respectively.
Market analysts note that escalating geopolitical tensions in the Middle East continue to weigh on Hong Kong stocks in the short term. Conflicts between the US and Iran have intensified, sparking恐慌 in global markets. Although the Hang Seng Tech Index has already experienced significant corrections, risks remain. While the valuation appeal of Hong Kong stocks is prominent, investors are advised to maintain controlled position sizing. Some analysts suggest that the latter half of March could be a critical window for a potential shift in market sentiment, with a possible mood recovery after the marginal easing of lock-up expiration pressures and the full release of earnings-related risks.
Performance among oil stocks showed significant divergence. CNOOC (00883) attracted net buying of HK$2.105 billion, whereas Sinopec (00386) saw net selling of HK$648 million. This activity comes as the conflict between the US/Israel and Iran entered its second week, driving international oil prices to their highest levels since 2022. A recent report indicated that if long-term oil prices stabilize around $80 per barrel, major oil companies could see substantial upside potential. With the escalation of Middle Eastern conflicts over the weekend, short-term oil prices have already surpassed $100 per barrel. For investors looking to trade oil price volatility, companies historically exhibiting a positive correlation with oil prices include PetroChina and CNOOC.
Tencent (00700) received net purchases of HK$1.666 billion. This follows a surge in popularity for a competing AI platform over the weekend. Tencent Cloud officially announced the launch of its full-scenario AI agent, WorkBuddy. Positioned as fully compatible with the capabilities of the competing platform, WorkBuddy not only retains powerful automation features but also directly addresses user pain points by offering an out-of-the-box experience requiring no deployment, leading industry observers to label it a competitive alternative.
Xiaomi Group-W (01810) garnered net inflows of HK$634 million. The company formally released a mobile agent interaction test product, signaling a key step forward in the field of automated interaction for smart terminals. This product, based on Xiaomi's self-developed large model, is positioned as an AI agent application similar to the competing platform, aiming to deeply understand complex instructions and achieve environmental perception through large models. Xiaomi is accelerating the development of a cross-device AI ecosystem centered on proactive intelligence, pushing the industry toward a new phase transitioning from "generative AI" to "actionable AI."
SMIC (00981) attracted net buying of HK$322 million. This comes amid news that global semiconductor industry sales reached a record high in 2025 and are forecast to maintain double-digit growth in 2026. Analysts express optimism regarding SMIC's long-term growth prospects, driven by the rise of domestic chip design companies and the trend towards localized manufacturing, alongside its improving high-end manufacturing capabilities.
Additionally, Dachong Public Utilities (01635) and Shandong Molong Petroleum Machinery (00568) received net purchases of HK$49.06 million and HK$13.69 million, respectively. In contrast, Yangtze Optical Fibre and Cable (06869) experienced net selling of HK$295 million.
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